Resilient economy and broadening business recovery drive office market activity

• CBD office demand gained further momentum in Q4 2025, supported by Singapore’s economic resilience and broadening business recovery. Notable leasing activity included BNY securing space at Marina One and Pandora at Asia Square Tower 1.
• New market entrants, software company monday.com and digital marketing firm Global One Media Group, established their first Singapore offices in flexible workspace facilities at 21 Collyer Quay and Marina Bay Financial Centre Tower 1, respectively.

Office supply constraints persist through 2027

• The quarter saw no major office completions or withdrawals. Office supply stays limited in the near term with Shaw Tower scheduled for completion in 2026, followed by Solitaire on Cecil and Newport Tower in 2027.
• The refurbished 39 Robinson is expected to return to the market in late 2026.

Rental and capital value growth accelerate amid tightening market conditions

• Supported by falling vacancy rates, CBD investment grade office rents recorded their second consecutive quarter of over 1% quarterly growth in Q4 2025. This is following five straight quarters of sub-1% rise from Q2 2024 to Q2 2025.
• Capital value growth picked up pace alongside rents in Q4 2025, encouraged by the lower interest rates and improved economic prospects.

Outlook: Improving market conditions to drive continued rental and capital value growth

• While concerns persist about global growth momentum and the potential market-specific effects of US tariffs, the business outlook has improved since mid-2025, supported by favourable financing conditions and robust underlying fundamentals.
• Singapore’s office market is shifting to favour landlords in 2026, driven by declining vacancy rates and limited new supply that should enable continued rental growth and more aggressive asset pricing strategies.