Singapore ranks 6th in Savill's prime office costs index for Q42024

Singapore saw 0.5% growth, marking a 0.1% increase from Q3 2024.

Singapore placed sixth in Savill’s Prime Office Costs report for the fourth quarter of 2024 (Q4 2024) after it posted a 0.5% growth, a slight 0.1% increase from Q3 2024.

“The rise in Singapore’s office cost continued in 2024 as supply of Grade A offices was relatively tight and fit-out costs have been pressured by higher labour costs,” said Alan Cheong, executive director of research & consultancy at Savills Singapore.

The top three locations in the report were London (West End), Hong Kong, and New York (Midtown).

Savills also shared that rents for prime office space across the globe rose by 0.3% and fit-out costs by 0.2% in Q4 2024, as demand for top-quality office space continues to grow in many markets globally.

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