Office Market Snapshot
November 2025
The market remains steady, with most leasing activity still focused within the CBD and tenants continuing to show interest in fitted and move-in-ready spaces to avoid capital expenditure.
The biggest headline this month comes from HarbourFront Centre, where Mapletree has announced plans to close the building in the second half of 2026 for redevelopment — another sign of the ongoing transformation of Singapore’s office landscape.
Read below for our full market update and the latest insights on rental trends and selected recent relocations.
IN BRIEF
New office supply remains constrained, reinforcing tight vacancy rates across key business districts, which continues to enhance the desirability of prime central locations.
Demand for smaller, move-in-ready offices persists as companies prioritise flexible space solutions that support agile working styles and reduce upfront fit-out costs.
Corporate occupiers with larger space needs are increasingly opting to relocate to buildings that offer enhanced employee-centric facilities and robust sustainability credentials.
A growing number of landlords are accelerating upgrades for aging and secondary office assets to meet tenant expectations for green certifications, smart building technology and health-focused amenities.
Recent Relocations and Upcoming Supply
Major occupiers are on the move across Singapore’s CBD, with several high-profile tenants reshaping their footprint or consolidating space. Industries showing the most expansion include logistics, fund management, commodities and insurance.
Buildings with upcoming supply include Millenia Tower (BNY Mellon moving out), MBFC Tower 1, Asia Square Tower and Capital Square (Amazon relocated), Marina One West Tower and 158 Cecil Street (Airbnb relocating), and SGX Centre 2 (Singlife relocating). Below is a selection of other notable recent moves by leading global and regional companies.
- Logistics: DP World Asia Pacific (Collyer Quay Centre)
- Fund Management: Feng He (6 Battery Rd), Polynomial Partners (Asia Square Tower 1), Brookfield (CapitaGreen), Quadria Capital (158 Cecil St)
- Insurance: Specialist Risk Group (Hong Leong Building)
- Commodities: Stavian (Hong Leong Building), Incommodities (MYP Centre), Kataman (SBF Center)
Combined, these relocations will release over 300,000 sq ft of office space into the market. Contact Corporate Locations to learn more about which buildings will have new space coming available.
HarbourFront Centre Set for 2026 Closure and Landmark Redevelopment
HarbourFront Centre is scheduled to close in 2H 2026, with the new development expected to be completed by 1H 2031.
The new 123,000 sq m, 33-storey landmark pairs upscale retail with premium best-in-class office space at an established waterfront address with full-fledged amenities. It comprises 26 floors of Grade A office specifications (Levels 8 to 33) and five floors dedicated to retail and community spaces (Basement 2 to Level 3).
Read more
Clifford Centre: A New Chapter for Raffles Place
Clifford Centre, a long-standing presence in Singapore’s CBD, is being reimagined as a 50-storey Grade A office tower that will reshape the Raffles Place skyline. When completed in 2028, it will mark the first major new office development in Raffles Place in more than 16 years, following Ocean Financial Centre and One Raffles Place Tower 2 in 2011.
Check out our latest article providing a full overview of the development’s key features, sustainability focus and its impact on the Raffles Place office market.
Market Forecast: November 2025
Rental rates are expected to firm by around 5–6% over the next 12 months, with most leasing activity still concentrated within the Financial District. Demand for premium buildings is likely to remain strong as occupiers focus on workplace quality to attract and retain staff.
At the same time, tenants are leaning toward smaller office sizes to offset higher rentals, while open-plan layouts continue to gain traction as companies look to maximise efficiency. A lack of new supply could start to limit movement in the months ahead.
Market Statistics
For a full update, check out our Q4 Market Review
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