Singapore’s office market stable with 5.2% vacancy rate: Colliers

Demand for prime office spaces in Singapore remains strong.

Singapore’s office market remains one of the most stable in the Asia-Pacific (APAC) region, with a vacancy rate of just 5.2%, lower than many other key markets, Colliers reported.

Demand for prime office spaces in Singapore remains strong, with limited new supply contributing to sustained rental growth, Colliers said in its report.

Meanwhile, average office rents in the city are $123 (US$92.4) per square metre per month.

Singapore’s office sector continues to see a flight-to-quality trend, with businesses prioritising modern, flexible, and sustainable workspaces.

As multinational corporations and regional headquarters expand their presence, leasing activity has remained resilient, ensuring stability in both occupancy and rental rates.

Whilst some APAC cities are experiencing rising vacancies or rental pressures, Colliers noted Singapore has maintained a balanced supply-demand environment, allowing for moderate rental appreciation without major disruptions.

With Singapore’s GDP projected to grow by 3.1% in 2025, economic resilience is expected to support continued demand for office space.

Easing lending rates and stable market conditions may further boost leasing activity as companies look to secure long-term locations.

However, rental growth in Singapore’s premium Central Business District locations is likely to remain muted, as most of the demand is centered on existing, high-quality spaces rather than new developments.

Whilst other APAC markets such as India and Australia have seen sharp increases in demand, Singapore’s office sector has maintained a steady, long-term growth trajectory.

Experts predict that corporate expansions and business-friendly policies will continue to make the city a top destination for global businesses, reinforcing its position as a key financial and commercial hub in the region.

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