SINGAPORE OFFICE RENTAL RATES GUIDE BY DISTRICT

When looking for an office space in Singapore, office rental cost is often a huge deciding factor. Singapore Office rental rates vary significantly between districts and even locations within the same district, particularly in Singapore CBD, so it can be difficult to know how much you should be paying when come to office leasing in Singapore. This Singapore Office Rental Rates Guide provides businesses an idea of the average rent of office space in each district helping businesses narrow down the areas they should be focusing with their rental budget.

HOW IS OFFICE RENTAL IN SINGAPORE CALCULATED?

We know that when hunting for a residential property, real estate agents will often tell you the total rent you need to pay monthly. For instance, for a house with land size of 8,000 square feet, the property agent may tell you the asking monthly rent is $12,000.

Whereas, for office rental in Singapore, commercial real estate agents will usually quote you the rent in per square foot per month. If you enquire for an office space of 5,000 square feet, the office leasing agent may tell you that the office rental rate is $11.00 per square foot per month instead of $55,000 per month.

Why is that so? In residential real estate, the properties we are visiting or renting have fixed land area and built up area. However, for office leasing in Singapore, the landlord may consider subdividing the space to a smaller floor area if you do not need that much space or amalgamate two or even multiple adjoining office units into one large office space to meet your needs.

That is why when come to office rental, tenant is charged per square foot per month depending on the floor area acquired. So, the rent is calculated by taking the rental rate (i.e. per square foot per month) multiplying the total floor area of your rental space. That gives you the monthly rent.

WHAT IS THE AVERAGE OFFICE RENTAL RATES IN SINGAPORE?

The average Singapore office rental rates  varies between buildings, locations and districts, averaging from $4.62 to $9.80 per square foot per month among the 28 districts as of 1 March 2020. Comparing to the last updates on 28 December 2019, we are seeing healthy take up rates and upswing of office rental rates across most districts.

The most affordable locations for rental office space in Singapore are Serangoon in District 19, Tampines in District 18, and Geylang in District 14. At the other end of the scale, the most expensive areas include grade A office buildings in Marina Bay and Raffles Place of District 01 within the CBD, where office rental rates reach $19.80 per square foot per month on average.

Within the Singapore CBD, there are areas where you can secure an affordable office lease. While Raffles Place and Marina Bay new financial district remain the most expensive office areas, you can find great deals in Tanjong Pagar and Cecil Street.

Apart from location, there are a number of other factors that affect office leasing rate in Singapore, including age and maintenance of building (i.e. grade A, grade B and grade C buildings), specifications of office space, size of office space, tenant mix in the building and amenities.

Not sure about the differences between grade A, grade B and grade C buildings? What about the ideal floor area and lease term, and the rental rates of each building? To better understand the complexities of the office space rental process, check out our article – The Singapore Office Rental Guide For New Tenants and let us recommend an office real estate agent to assist you.

Related Article: Singapore Office Space in CBD with The Latest Rental Rates

SINGAPORE OFFICE RENTAL RATES ACROSS 28 DISTRICTS

The table below shows the office rental rates in term of per square foot per month across the 28 districts in Singapore. The rental rates shown are at the 75th percentile level of each district. This means that 75 percent of the rental transactions were at or below that level.

Singapore district code was originally used as postal districts but have been widely used by real estate professionals and property seekers when referring to a location or an area.

District 01 and 02 have the highest concentration of office buildings in Singapore. The Singapore CBD is also found at the southern part of District 01 and South Eastern part of District 02.

Data Updated on 1 March 2020

The data in these tables are for reference only. We suggest you consult a real estate professional before making a transaction. for a recommendation of an office space finding expert, please click here. The service is absolutely FREE.

AVERAGE OFFICE LEASING RATE BY AREA 

If you have no idea about the Singapore District Code, we have included another table of office leasing rate by area. These areas are the most popular office locations in Singapore. These areas are subdivided from each business district hence offering more precise rental rates. A good example is District 01, this district has the most concentration of office buildings in Singapore. It has been broken down into 6 areas including marina bay, Raffles Place, Shenton Way, Robinson Road, Cecil Street and marina Centre.

As of 1st of March 2020, Marina bay recorded the highest average rental rates of $12.53 per square foot per month across the country, following marina Centre which consist of Suntec City, Centennial Tower and Millenia Tower with an average rental rate of $12.15 per square foot per month.

Areas where the most affordable rental office spaces are available include Bugis, Jurong East, Chinatown, Marine Parade, Tampines and some of the old buildings in City hall.

To view the available office space in each location, hit “click here” on the extreme column of each row.

Data Updated on 1 March 2020

The data in these tables are for reference only. We suggest you consult a real estate professional before making a transaction. for a recommendation of an office space finding expert, please click here. The service is absolutely FREE.