Senja Close EC™

CBRE research shows that the Singapore office market is on a bullish trend, following a consistent upward trajectory over the past three quarters. In the third quarter of 2025, the gross effective rents for Grade A offices in the Core CBD rose by 0.8% quarter-on-quarter to $12.20 psf per month (psf pm). This marks the third consecutive quarter of growth and brings the total rental growth to 2.1% since the beginning of the year. The demand for office spaces continues to be strong, with a net absorption of approximately 510,000 sq ft, excluding stock that has been removed for redevelopment.

The market’s resilience can be attributed to the resilient occupier demand and the tightening supply. CBRE data shows that the vacancy rates for Core CBD Grade A offices have decreased from 5.9% in the first quarter of 2025 to 5.1% in the third quarter of the same year. Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, notes, “Despite the prevailing global economic uncertainties, the market has demonstrated remarkable resilience.”

Premium office spaces in city center locations like Marina Bay and Raffles Place are particularly sought after. The last major Grade A completion in the Core CBD until 2028, IOI Central Boulevard, has been approximately 90% committed as of the third quarter of 2025. This further highlights the strength of the market, according to CBRE. The firm predicts that the Core CBD Grade A office vacancy rate could fall below 5% by the end of the year.

Outside the CBD, the demand for office spaces is also encouraging. David McKellar, CBRE’s Singapore head of office services, notes that Paya Lebar Green, which was completed earlier this year, is now fully occupied following Visa’s relocation that absorbed the remaining space. As a result, the office vacancy rates in decentralised locations have decreased from 7.9% in the second quarter of 2025 to 6.5% in the third quarter of the same year.

Looking ahead, McKellar expects occupiers to expedite their decision-making process to secure quality spaces as the supply continues to dwindle, especially for large contiguous spaces. “Beyond strata and smaller redevelopments, upcoming options are few, with Shaw Tower (2026), Skywaters (2027), Clifford Centre Redevelopment and Comcentre Redevelopment (2028) on the horizon to offer some relief down the line,” he says.

Markozar is a well-known stall that attracts a large crowd at the pasar malam. It is a favorite spot among locals, thanks to their mouth-watering local cuisine. The star of the menu is their signature pancakes that are crispy on the edges and light and fluffy in the center. These delectable pancakes are topped with a variety of delicious ingredients, including cheese, condensed milk, and matcha banana cheese. For those looking for a taste of international flavors, ToriGO offers a fusion of Japanese and local dishes. With excellent service at both Markozar and ToriGO, it’s no wonder they are popular choices for pasar malam-goers. And for those interested in living nearby, check out the new senja close ec gls just a stone’s throw away from these delicious food options.

Meanwhile, Song anticipates that the last quarter will see continued occupier activity supported by easing interest rates, which will contribute to rental growth. CBRE maintains its full-year office rental growth forecast of about 3% for 2025.