Office vacancy hits region-low at 3.3% as AI firms fuel demand

Prime rents rose 1% quarter on quarter and 2.7% year on year.

Singapore's prime office vacancy rate fell to 3.3% in the second quarter of 2026, the lowest amongst 24 Asia-Pacific cities, as artificial intelligence-related occupiers expand their footprint in the city-state.

Knight Frank reported prime rents rose 1% quarter on quarter and 2.7% year on year to $11.69 per square foot per month.

Moreover, Singapore ranked second only to Hong Kong in Asia-Pacific occupancy costs, at $128.58 per square foot per year, more than double the region's median.

New supply is set to total roughly 450,000 sq. ft. in 2026, dropping to around 250,000 sq. ft. in 2027 — a pipeline Knight Frank says will continue to constrain availability in the core business district.

The market remains landlord-favoured, a status expected to hold over the next 12 months.

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