The Singapore core CBD grade A office market rose by 0.8% q-o-q to $12.20 psf per month in 3Q2025. This is the fifth consecutive quarter of rent growth, underpinned by resilient occupier demand and tightening supply. Core CBD office rents are up 2.1% year-to-date. CBRE expects rental growth of 3% for the full year.
CBRE points to “robust leasing activity” in the Marina Bay and Raffles Place CBD, and also in sub-markets such as Marina Centre, Beach Road and City Hall. Vacancy rates in the Marina Centre, Beach Road and City Hall area fell to 5% in 3Q2025. CBRE says with many transactions are expected to close in 4Q2025, vacany rates could dip below 5%.
For retail, CBRE points to still positive leasing momentum in 3Q2025. Although the media reported closures, CBRE says demand was positive. In 3Q2025, retail rents rose by 0.5% q-o-q. Prime retail rents have risen by 1.8% year-to-date. CBRE is expecting prime retail rents to rise by 2.3% this year.
Although manufacturing output and exports have weakened, prime logistics rents rose by 1.1% q-o-q but factories and warehouse rents remained flat.
Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, commented, “Despite the prevailing global economic uncertainties, the market has demonstrated remarkable resilience. Vacancy rates in the Core CBD (Grade A) have steadily tightened from 5.9% in Q1 2025 to 5.1% in Q3 2025, reflecting sustained leasing momentum and a relentless flight to quality.” The market’s strength was illustrated in IOI Central Boulevard’s strong performance. This development is the last major Grade A completion in the Core CBD until 2028 and achieved approximately 90% commitment by 3Q2025 Song says.
