Singapore Office Rental Rates 2023 Guide
Sourcing for a new office space can be a lot of work. Cost of rental is often a huge deciding factor. As the business scales, companies will eventually face the hassle of moving to a new office to accommodate growing needs. If you are in the market for a new office, this guide to office rental rates in Singapore will help make your search much easier.
How to calculate monthly rental cost?
The monthly rent is calculated by taking the $ PSF rental rate (i.e. per square foot per month) multiplying by the total floor area of your rental space (in square foot).
Price per square foot ($ psf) X Size(sqft) = Monthly Rent ($SGD)
HOW MUCH DOES IT COST TO RENT AN OFFICE IN SINGAPORE?
When renting an office, the first consideration is location – prices generally differ with location, with the central business district commanding the highest prices, while offices outside the central areas have lower rents.
The second consideration is the type and “grade” of the office. While there is no official grading system, in general we categorise the nicer and newer buildings grade A; these buildings naturally come with a higher price tag.
In this article, we are going to dive deeper and look at the lowest, average and highest rental rates in each district.
* All rental rates are on a per sqft per month basis, based on asking prices by the landlords which are usually slightly negotiable. The data includes office buildings, shophouses, business parks and B1 offices.
Raffles Place, Downtown (District 01)
This district forms the core of Singapore’s Central Business District (CBD), with locations encompassing Cecil Street, Church Street, Collyer Quay and Marina Bay area. Office rental rates in this area can range quite widely, depending on the office grade. This is also the district in which office tenants get a chance to find offices that enjoy fantastic views of the Marina Bay, Marina Bay Sands and the Singapore Flyer.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $5.50 | $9.00 | $14.00 |
Explore our top picks of office buildings for rent in Raffles Place here!
Tanjong Pagar, Chinatown (District 02)
Also part of the Central Business District, the Tanjong Pagar and Shenton Way district is a popular location well-connected with several MRT stations and various bus routes close by. More tech, media and telco tenants dominate this area, along with flexible workspace operators such as WeWork and JustCo.
The rental rates in the older office buildings here can go as low as $4 PSF, while office rental rates in the newest Grade A buildings such as Guoco Tower, rents can go up to $14 PSF.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $5.50 | $8.00 | $14.00 |
Explore our top picks of office buildings for rent in Tanjong Pagar here!
Harbourfront (District 04)
At the fringe of Singapore’s CBD, Harbourfront is a well-located hub with excellent accessibility via Harbourfront MRT. Office rental rates are fairly affordable for Grade A office buildings such as Harbourfront Towers, and some offices even come with sea views.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $6.50 | $7.80 | $8.50 |
Explore our top picks of office buildings for rent in Harbourfront here!
Alexandra, One North & Buona Vista (District 03/05)
District 5 consists of mostly Business Parks, and B1 industrial buildings with only a handful of office buildings. One North Business Park is popular with many research & development (R&D) companies, pharmaceutical companies and high-tech companies. The area is known to be both affordable and well connected via public transport. The Singapore Science Park also houses a concentration of R&D and tech companies. However, do note that only certain industries are allowed in the Business Parks. Learn more here.
This district is so popular that a Grade A office building such as The Metropolis at Buona Vista is asking as high as $8.90 PSF, a price that could get you something in the CBD as well.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $4.80 | $6.80 | $9.50 |
CityHall, Clarke Quay, Promenade (District 06)
The historical city centre, City Hall is still considered a commercial hub densely populated with commercial and office buildings today.
Due to its central location, CityHall and Promenade areas command high office rental rates. This is especially so for premium buildings such as Centennial and Millennial Towers. Suntec City is also a popular office location for many companies. The office tenants of these buildings also get to enjoy excellent views of the Marina Bay, Singapore Sports Hub, Marina Bay Sands or city views, depending on which direction the office is facing.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $7.50 | $10.00 | $14.20 |
Explore our top picks of office buildings for rent in this district here!
Bugis, Rochor (District 07)
Apart from its central location, this commercial hub offers plenty of its amenities and entertainment options within walking distance of the office buildings. As with a lot of the other districts, there is a huge difference in office rental rates between the older and newer office buildings.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $5.20 | $8.50 | $12.00 |
Orchard Road, River Valley (District 09)
While Orchard Road may be Singapore’s premier shopping destination, it is also a recognised commercial area due to its close proximity to CBD and its broad range of shops and amenities.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $4.50 | $9.00 | $10.50 |
Novena, Newton, Thomson (District 11)
This is a quieter district close to the CBD, with a mix of office spaces alongside private housing areas.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $5.00 | $6.50 | $8.50 |
Paya Lebar, Geylang (District 14)
Paya Lebar has been transformed in the recent years into a commercial hub of the East. Most of the office buildings are concentrated around Paya Lebar MRT. The highest office rental rates are for Grade A office buildings near the MRT.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $5.50 | $7.00 | $9.50 |
East – Changi, Tampines, Pasir Ris (District 16, 17 and 18)
Located in the East of Singapore, away from the city centre, prices of offices are becoming increasingly attractive with office rental rates almost half of those in the CBD.
Changi Business Park is a popular choice for tenants in banking and finance, with many financial institutions choosing to set up their IT or backend offices here. Average office rental rates at Changi Business Park are approximately $4.50PSF.
Other companies choose to be located in Tampines Central (eg, Tampines Plaza, CPF Tampines), where most of the office buildings are located without business park restrictions.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $3.90 | $4.50 | $5.50 |
West – Jurong, Tuas (District 22)
From a large swampland, this area was developed into Singapore’s largest commercial and industrial estate. Jurong East is the commercial hub of the West, with offices centred around the MRT. Furthermore, Singapore’s International Business Park is located here.
Office options here range from Grade A office to various building such as Westgate Tower to various B1 and Business Park options in the area.
| Lowest Rental Rate (PSF per month) | Average Rental Rate (PSF per month) | Highest Rental Rate (PSF per month) |
| $3.80 | $5.00 | $8.20 |
For the latest statistics on office rental prices, supply and vacancies, check out the latest office market outlook.
The data provided in the above tables are for reference only. We suggest you consult a real estate professional before making a transaction. For a recommendation of an office space consultant, contact us here with your office requirements. The service is absolutely FREE.