Singapore Office Rental Rates 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).

$PSF X SQFT = Monthly Rent ($SGD)

 

WHAT ARE THE AVERAGE OFFICE RENTAL RATES IN SINGAPORE?

Looking at average office rental rates across all office buildings within a district is too general to provide a good understanding of the offices in the district. So 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 (not the final closing prices).  The data includes office buildings, shophouses, business parks and B1 offices(excludes warehouses). Accurate as of October 2020.

Map of Singapore by Districts

Raffles Place, Downtown (District 01)

This district forms the core of Singapore’s CBD, with locations encompassing Cecil Street, Church Street, Collyer Quay and Marina Bay area. Office rentals in this area can range quite widely, depending on the office grade.

Lowest Rental Rate (PSF per month)Average Rental Rate (PSF per month)Highest Rental Rate (PSF per month)
$4.80$9.40$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 rents in the shophouse offices here can go as low as $4 PSF, while in the newest Grade A buildings such as Guoco Tower, rents go up to $14 PSF.

Lowest Rental Rate (PSF per month)Average Rental Rate (PSF per month)Highest Rental Rate (PSF per month)
$4.00$9.00$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. Rents 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)
$6.30$7.25$8.20

 

Explore our top picks of office buildings for rent in Harbourfront here!

Alexandra, One North & Buona Vista (District 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 $8.50 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)
$2.00$5.00$8.50

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 Pomenade areas command high 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.

Lowest Rental Rate (PSF per month)Average Rental Rate (PSF per month)Highest Rental Rate (PSF per month)
$5.50$8.00$13.80

 

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 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)
$5.00$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)
$5.00$7.50$10.00

 

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)
$4.80$6.50$8.20

 

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 rents 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)
$2.50$5.25$8.00

 

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 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 rents 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)
$2.50$4.50$6.00

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)
$2.30$4.50$6.50

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.

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