What's Shaping Singapore’s Office Leasing Market in 2026
Office Market Snapshot
The market has seen a flurry of activity since tenants at HarbourFront Centre and 79 Anson Road received notice of redevelopment plans in the final quarter of 2025. In many cases, tenants have opted to relocate to nearby buildings to minimise disruption to employees’ commuting patterns and lifestyle routines.
2026 will also see the completion of Shaw Tower, which is expected to obtain TOP by mid-year. In addition to the previously announced pre-commitment by co-working operator The Great Room, which will occupy 36,000 sq ft across two floors, landlord Shaw Realty is collaborating with the National Council of Social Service to dedicate space within the development for social service agencies, including Montfort Care. Other notable tenants relocating to Shaw Tower include Sanofi Aventis and Adyen, each taking two floors.
For a full Q1 2026 update, read our latest market review covering rental trends, future developments and selected recent relocations.
IN BRIEF
Large space users are likely to find it increasingly difficult to secure suitable options in the near term and may need to rely on stop-gap solutions, such as swing or temporary space, until a new wave of supply comes on stream from 2028.
While there has been some resistance to rising rents, resulting in softer demand, more landlords are responding by offering fitted-out solutions. These typically involve a base gross rent, plus approximately S$2.00 psf to amortise fit-out costs.
Consolidation among business centres and serviced office operators continues. Several operators are scaling back, including Ucommune at Bugis Junction and Prudential Tower, O2Work at Collyer Quay Centre, and CityHub at 20 Collyer Quay.
Recent Relocations
Elsewhere in the market, ANZ Group Holdings plans to bring its Singapore staff together under one roof in the second half of the year, consolidating employees from two offices into a new city-centre location at Marina One.
New to Shaw Tower
- Adyen (from Funan)
- Sanofi Aventis (from South Beach Tower)
Relocations from major redevelopments
- From 79 Anson:
Wan Hai Lines (Keppel South Central), Inchcape Shipping Services (Keppel South Central), OOCL (Keppel South Central) - From Harbourfront Centre:
Wavv Technology (Harbourfront Tower 1), MKS Global (Harbourfront Tower 1), Logitech Singapore (Harbourfront Tower 1), Bemac Star Asia (Keppel Bay Tower)
Other notable relocations
- Financial Sector: Nasdaq (20 Collyer Quay), Hopu (Asia Square Tower 2), Conda Capital (Asia Square Tower 2), Validus (Asia Square Tower 2), Lumen Capital (CapitaGreen), Fides (Parkview Square), Tickrs Financial Global (Grace Global Raffles), HSBC (Expansion in Singapore Land Tower), J-Will (Singapore Land Tower), Fintopia (One Raffles Place Tower 2), AIMT Express (Suntec Tower 1)
- Services: Finova (Expansion in Fraser Tower), Sirva/Allied Movers (Hong Leong Building), Quadiant (Hong Leong Building), Raindrop Resources (Hong Leong Building), Bohai Ocean Shipping (Asia Square Tower 2), Yulily (IOI Central Boulevard Towers), Drama Box (Raffles City Tower), Samsung Reinsurance (Expansion in Samsung Hub), Mimecast (Suntec Tower 4), Climate Impact X (Tokio Marine Centre)
- FMCG: Cosmostar (Duo Tower)
- Legal Services: Quinn Emanuel Urquhart & Sullivan (Guoco Tower)
- Commodities: Zhesheng Development (IOI Central Boulevard Towers), Sinar Alam (Suntec Tower 1), Rystad Energy Asia (UIC Building), Tico Energy (SGX Centre 2)
In Other News
Robert Kuok’s Allgreen Properties nears deal to buy Singapore office block at 78 Shenton Way
Allgreen Properties, part of Malaysian billionaire Robert Kuok’s Kuok Group, is said to be nearing a deal to buy 78 Shenton Way. Market watchers expect the price to be in the low-S$600 million range.
Read more (The Business Times)
Khazanah, Temasek seen putting Marina One up for sale at S$5 billion to S$6 billion
Malaysian sovereign wealth fund Khazanah Nasional and Singapore’s Temasek are mulling a sale of Marina One’s office and retail components, which market watchers expect to be put up for sale soon with a total asking price in the S$5 billion to S$6 billion range.
Read more (The Business Times)
Market Forecast: February 2026
We anticipate office rents could rise by around 3% in 2026, despite a quieter leasing market.
As tenant displacement from HarbourFront Centre and 79 Anson Road gathers pace, occupancy across competing buildings is expected to edge higher. This is likely to intensify competition for available space, supporting rental levels in select locations.
For a full update, check out our Q1 2026 Market Review
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