October 2022

How Much Does It Cost To Rent an Office in Singapore?

Cost To Rent an Office in Singapore

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 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

For more information, view our latest
Office Market Update

Market Review