Office markets in Singapore stable in Q3: Realion Research

Leasing activity during the period was predominantly driven by renewal contracts.

Office rental growth in Singapore’s Central Region remained stable in the third quarter, as leasing activity was predominantly driven by renewal contracts whilst new demand was limited.

According to the Urban Redevelopment Authority (URA), the office rental index in the Central Region declined marginally by 0.1% QoQ, Realion (OrangeTee & ETC) Research said in its Q32025 digest.

Island-wide occupancy rates eased slightly by 0.2 percentage points to 94.8% in Q32025, with a negative net absorption of about 130,000 sq. ft. NLA, it added.

The majority of the decline was seen in the CBD, where occupancy dipped to 93.8% alongside negative net absorption of 87,000 sq ft NLA due to tenant relocations.

However, CBD occupancy remains tight amidst limited quality space, the research added.

Non-CBD areas saw a slight 0.1-percentage-point decline in occupancy and negative net absorption of approximately 12,000 sq. ft. NLA.

Here, the market remained largely stable with subdued activity and minimal tenant movements.

According to the Monetary Authority Singapore, growth momentum is expected to be strong through the rest of 2025 due to sustained global demand and continued artificial intelligence-related investments, Realion said.

Economic uncertainty has eased following the conclusion of several trade agreements between the US and its trading partners, it added.

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Realion Group

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