In the fourth quarter of 2023, the median rental value on lease commencement for office spaces in category 1 was 11.98 Singapore dollars per square foot per month (psf pm) and for category 2 was 6.24 Singapore dollars psf pm. The value of office rentals have bounced back from the first quarter of 2021.
Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category
(in Singapore dollars per square foot per month)
1 Singapore dollar is equal to 0.74 U.S. dollars and 0.69 euros as of March 2024.
According to the source, Category 1 office space “refers to office space in buildings located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large floor plate size and gross floor area.”
Category 2 refers to the remaining office space in Singapore which are not included in “Category 1”.
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Urban Redevelopment Authority (Singapore). (January 24, 2024). Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category (in Singapore dollars per square foot per month) [Graph]. In Statista. Retrieved December 20, 2024, from https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/
Urban Redevelopment Authority (Singapore). "Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category (in Singapore dollars per square foot per month)." Chart. January 24, 2024. Statista. Accessed December 20, 2024. https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/
Urban Redevelopment Authority (Singapore). (2024). Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category (in Singapore dollars per square foot per month). Statista. Statista Inc.. Accessed: December 20, 2024. https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/
Urban Redevelopment Authority (Singapore). "Value of Median Rentals on Lease Commencement of Office Spaces in Singapore from 1st Quarter 2018 to 4th Quarter 2023, by Category (in Singapore Dollars per Square Foot per Month)." Statista, Statista Inc., 24 Jan 2024, https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/
Urban Redevelopment Authority (Singapore), Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category (in Singapore dollars per square foot per month) Statista, https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/ (last visited December 20, 2024)
Value of median rentals on lease commencement of office spaces in Singapore from 1st quarter 2018 to 4th quarter 2023, by category (in Singapore dollars per square foot per month) [Graph], Urban Redevelopment Authority (Singapore), January 24, 2024. [Online]. Available: https://www.statista.com/statistics/1268638/singapore-median-office-rentals-on-lease-commencement/
