🇸🇬Singapore·Southeast AsiaASEAN

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Market Intelligence

Singapore Market Overview

Comprehensive district-by-district analysis of Singapore's commercial real estate market. Updated quarterly with data from CBRE, Savills, URA, and MAS.

S$12.4

Grade A CBD Rent

per sqft/month

5.3%

CBD Vacancy Rate

CBRE Q1 2026

3.25% – 3.8%

Cap Rate (Core)

CBD Grade A

S$100B+

S-REIT Market Cap

SGX March 2026

Tier 1 — Core CBD

Core CBD

Marina Bay / Marina Centre

Trophy Assets. Premium Returns. Limited Supply.

Singapore's most prestigious commercial district. Marina Bay Financial Centre, Asia Square, and MBFC Tower 3 represent the pinnacle of Grade A office stock. Grade AAA rents at S$13.00+ psf/month with vacancy at 11.1% — elevated due to IOI Central Boulevard Towers absorption, but trending down.

Grade A RentS$13.00+

Vacancy Rate11.1%

Supply PipelineLimited until 2028

View District Report

Core CBD

Raffles Place / Shenton Way / Robinson Road

The Financial Heart. Banking HQs. Institutional Core.

The historic CBD core with the densest concentration of banking headquarters and financial institutions. CBD Incentive Scheme 2.0 is enabling selective redevelopment of older stock into mixed-use assets, creating value-add opportunities.

Grade A RentS$9.86 avg

Core CBD Vacancy5.3%

Rent Growth (YoY)+2.1%

View District Report

Core CBD

Tanjong Pagar

Historic District. Rejuvenation Pipeline. Value-Add.

A district in transformation. Guoco Tower proved the mixed-use thesis, and The Skywaters (formerly Fuji Xerox Towers) will become Southeast Asia's tallest building. CBDI 2.0 supports residential and hotel conversion, creating 24/7 activation.

Grade A RentS$8.66

Vacancy Rate11.2%

Supply Pipeline1.5M+ sq ft

View District Report

Tier 2 — Prime Fringe

Prime Fringe

Beach Road / Bugis

Guoco Midtown Effect. Live-Work-Play. Tight Supply.

The most transformed CBD precinct in recent years. Guoco Midtown and South Beach Tower have created a vibrant mixed-use cluster. Vacancy at just 2.2% — the tightest in Singapore. No major new supply planned.

Orchard Road

Premier Retail. Luxury Positioning. Full Occupancy.

Singapore's iconic retail boulevard with select Grade A commercial stock. Office vacancy at 1.6% — effectively zero available space. Retail rents averaging S$27.80 psf/month (2025), among Asia's highest.

Office Vacancy1.6%

Retail RentS$27.80 psf/mo

Grade A RentS$8.98

View District Report

Prime Fringe

Paya Lebar Central

URA Growth Area. Decentralisation Play. 10-15 Year Horizon.

One of URA's designated growth areas, positioned as an alternative commercial node to the CBD. Paya Lebar Green achieved full occupancy in 2025 following Visa's relocation. Vacancy in decentralised locations fell to 6.5% in Q3 2025.

Decentralised Vacancy6.5%

Paya Lebar Green100% Occupied

MRT ConnectivityEWL + CCL Interchange

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Tier 3 — Emerging

Emerging

Jurong Lake District

The Second CBD. 7.8M sqm. The Next Growth Frontier.

Singapore's most ambitious decentralisation project. 7.8 million sqm of new commercial space planned. The new High-Speed Rail terminus (if revived) and Jurong East MRT interchange provide regional connectivity.

Planned Commercial7.8M sqm

Timeline2040+ full build-out

HSR ConnectionPotential terminus

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Emerging

Greater Southern Waterfront

30-Year Masterplan. Waterfront Living. Keppel-Brani Relocation.

A 30-year vision to transform Singapore's southern coastline from Keppel to Pasir Panjang. The relocation of Keppel and Brani port terminals will free up 2,000 hectares — six times the size of Marina Bay.

Total Land Area2,000 hectares

Timeline30-year masterplan

Size vs Marina Bay6x larger

View District Report

Regulatory Framework

URA Master Plan 2025

Key planning initiatives that will reshape Singapore's commercial landscape over the next decade.

Impact: High

CBDI Scheme 2.0

Extended to 06 February 2030 with enhanced sustainability requirements. Allows up to 25-30% bonus GFA for qualifying mixed-use redevelopments.

AnsonCecil StreetRobinson RoadShenton WayTanjong Pagar

Impact: Medium-High

SDI Scheme 2.0

Strategic Development Incentive for Orchard Road, CBD Fringe, and Marina Centre. Minimum 2 adjacent sites required. Adaptive reuse now recognised as positive public contribution.

Orchard RoadMarina CentreBeach Road

Impact: Very High (Long-term)

Greater Southern Waterfront

2,000 hectares — six times Marina Bay. 30-year masterplan to transform Singapore's southern coastline. Keppel and Brani port terminals relocating to Tuas.

KeppelBraniTanjong Pagar Terminal

Impact: High (Long-term)

Jurong Lake District

Singapore's largest development project at 7.8M sqm of commercial space. Second CBD vision with HSR terminus potential. Full build-out by 2040+.

Jurong EastJurong Lake

Impact: Medium

Paya Lebar Central

Designated growth area and alternative commercial node. Paya Lebar Green fully occupied. Ongoing URA infrastructure investment.

Paya LebarMacPherson

Impact: High

Cross Island Line (CRL)

Singapore's longest MRT line at 50km+. Phase 1 opens 2030. Key stations: Marina South, Jurong Lake District, Aviation Park.

Marina SouthJurongChangi

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