How Much Does It Cost To Rent an Office in Singapore?
Cost of Office rents in Singapore range from $6.50 per sq ft. to $12.00 psf per month (gross incl service charge)
For a small team of 5-7 pax the rent will range from $8,000 - $20,000 per month.
The cost of an office is the largest expense for most businesses after staff salaries, so it is critical that you make the right decision and choose an office space which is the right fit for your team, future strategy and your budget. Getting this balance right is not easy, so to get you started we have listed the seven key areas you need to consider when working out the total monthly cost. And if you have any questions, we’d love to hear from you.
There is now a widening rental gap (per sq ft per month) within The Financial District between the very top tier of the market - Premium Grade A, upper mid-range and economy range.
Guide Office Rental Asking rates
- Top Grade A $12.00 to $14.50 per sq ft
- Upper mid-range $9.50 to $11.50 per sq ft
- Mid-Range $7.75 to $9.00 per sq ft
- Economy range $6.00 to $7.75 per sq ft
When assessing your rental budget, tenants should consider how flexible can they be on district. Provided the location has convenient transport for staff, do they really need to be in a100% prime building? Sometimes, there is a significant difference between asking rates and bottom-line average ‘effective rates’ after negotiations. However, in a firming market like Q4 2022, there is less room for manoeuvre and the difference is narrowing.
Average Monthly Effective Rentals (per sq ft) Grade A Office Space
| Location | Est Gross Effective Rate |
Location | Est Gross Effective Rate |
|---|---|---|---|
| Financial District | Outside CBD East | ||
| Raffles Place | $10.00 - $13.00 | City Fringe East/ Paya Lebar | $6.50- $8.50 |
| New Downtown | $11.00 - $14.00 | Suburban East | $4.50 - $5.50 |
| Shenton Way / Robinson Rd | $8.50 - $12.00 | Outside CBD West | |
| Beach Road / Suntec | $8.00 - $11.00 | City Fringe West/ Alexandra Rd | $6.30 - $7.50 |
| CBD Rest | Suburban West | $5.00 - $7.50 | |
| Orchard Road/ Novena | $7.50 - $9.00 | ||
| Chinatown / River Valley Road | $6.00 - $7.50 |
Click Here for Full Office Rental Guide
Related
- Work out exactly how much space you need for your business
Office Space Calculator - Everything you need to know about the additional costs for office tenants
Associated Leasing Costs - The latest rental rates for all Singapore office buildings by district
Singapore Office Rental Rates
