Office Space

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Office Space in Raffles Place, effective rents now average around $8.50 to $10.00 psf, except buildings such as 6 Battery Road and 20 Collyer Quay which are closer to $12.00 per sq ft effective. On the fringe of Raffles Place rentals range from $7.50 to $9.50 per sq ft. Rates on Robinson Road / Shenton Way are also firming up because there has been so much activity. Before there was ample choice around $6.50 per sq ft, but now options range from $7.00 to $8.50 per sq ft.

Office Space in Tanjong Pagar has quite a wide spread of rates ranging from $6.50 per sq ft to $8.50 psf effective. Beach Road / Marina Bay / Suntec has the widest spread of all locations, ranging from $6.25 per sq ft for The Concourse and The Gateway to $12.00 per sq ft for Centennial Tower and Millenia Tower. In the mid-range there is Suntec City circa $8.50+ per sq ft and Duo which is also around $9.00 per sq ft.

Office Space in Orchard Road sees very little fluctuation because leasing activity is limited. Again the spread is quite wide in this location ranging from $6.50 per sq ft to $10.00 per sq ft because the ages / types of buildings in this vicinity vary a lot. Thomson Road / Novena is good value at between $7.00 to $8.00 per sq ft.

Raffles Place – Limited supply of large office spaces in this location has restricted leasing activity to small/medium size deals. CapitaGreen has attracted several big names including Dow Jones (relocating from International Plaza), M & G Investment (MBFC) and includes AGK Network Consultants. OUE Bayfront has secured tenants such as oil and gas firm Novatek, BlueCrest Capital and hearing health specialists Amplifon Asia Pacific. One Raffles Place has been particularly busy. In Tower 2, IT firm Cloudera leased 18,000 sq ft over two floors. [email protected] moved into Tower 1, along with Ramsay Healthcare who will be moving in from Ocean Financial Centre.

Moving into OFC are tenants such as serviced office operator Just Co, which has taken one whole floor, as well as Duff & Phelps (Chevron House) and Roland Berger (OUE Bayfront). Asia Pacific Regional Services took a floor in Maybank Tower and Fortis Law has relocated into UOB Plaza 1.

In New Downtown activity is still strong. Asia Square has recently leased space to AFC Merchant Bank/ Resona Bank, My United
Traders and Booz Allen & Hamilton. SEO specialists Ahrefs has leased space in Marina One East Tower.

Robinson Road / Shenton Way has been offering some very attractive deals. Robinson 77 has leased space to Pirelli Asia (Keck Seng Tower), as well as one floor to communications consultants Watatawa and two floors to NTUC Link. OUE Downtown 1 has leased space to Singhaiyi Group, Grace Ocean and Wargaming Asia while OUE Downtown 2 has secured LSH Singapore. Blackmore International moved from OCBC Centre to SBF Centre and Midea Electric Trading has leased a floor at 158 Cecil Street.

Tanjong Pagar is still the most competitive location and has seen healthy activity. French media firm Publicis Groupe is leasing one whole floor in Mapletree Anson. Co-working space operator Collision8 has expanded to lease two floors in 79 Anson Road (22,000 sq ft). Companies that have moved into Fuji Xerox Tower include Frieslandcampina and Krones-Izumi. Kuala Linggi International Port and Essential Capital have moved into AXA Tower. Recent tenants to 78 Shenton Way include Orion Consulting and USG Boral. Lynx Energy has moved into Twenty Anson.

Marina Bay / Bugis Junction – Carlson Wagonlit, one of the larger tenants that needed to relocate from Hub Synergy Point has moved into one whole floor at Parkview Square. Ingenico has expanded significantly in The Gateway and other new tenants here include Datacard and Antalis. Suntec City is always busy and co-work space operator U Commune (fka UR Work) has leased a floor in Tower 2. Other new tenants to Suntec City include Mabanaft (UE Square), Fortinet (The Concourse), Infinite Deemarco, Tech In Asia and Mulesoft.

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