CBD office rents rise in Q1 as Raffles Place/Marina Bay occupancy hits 97%

Occupancy in the area sat at 94.7% in the same period.

Office rents in Singapore rose in Q1 2026 as central business district (CBD) occupancy held at 94.7%, according to Knight Frank Singapore.

Prime office rents in the Raffles Place / Marina Bay precinct increased 0.7% quarter on quarter (QoQ) to $11.57 per square foot per month, with occupancy in the precinct rising 1.3 percentage points QoQ and 2.0 percentage points year on year (YoY) to 97.0%.

Knight Frank reported continued leasing activity focused on Grade A buildings, with occupiers concentrating demand on newer stock in Raffles Place and Marina Bay, driven by renewals, upgrades, and consolidation.

The report estimated around 3.5 million sq ft of gross floor area in CBD office supply between 2026 and 2029.

Planned completions include Shaw Tower and Solitaire on Cecil in 2026, Newport Tower in 2027, and The Clifford, SingTel Comcentre redevelopment, The Skywaters, and Union Square Central in 2028. One Sophia is scheduled for 2029.

Demand conditions reflected cautious leasing activity following geopolitical tensions linked to conflict in the Middle East.

Decentralised office locations showed early vacancy pressure as some occupiers considered moves into CBD Grade A space, whilst Buona Vista and the Alexandra corridor retained demand from cost-focused occupiers.

Knight Frank forecast office rents to grow 3% to 5% in 2026, citing external risks from energy price increases and supply additions in 2028, though Singapore’s role as a regional headquarters base continues to support demand.

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