Singapore Market Outlook H2 2025

OFFICE A dearth of new office supply in 2026 and 2027

• Islandwide new office supply is projected to average 0.5 msf annually in 2026 and 2027, less than half of the historical net demand. • New office supply will rise to around 2.2msf in 2028, but about one-third of these spaces is expected to be pre-committed.

Islandwide All Grades Office Supply Pipeline CBD City Fringe Suburban

3.0

2.0

10-year Net Demand (2015 to 2024) = 1.3 msf

1.0

NLA (msf)

0.0

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024 2025F 2026F 2027F 2028F 2029F

10-year Historic Avg Supply (2015 to 2024) = 1.5 msf

5-year Avg Supply Pipeline (2025F to 2029F) = 1.1 msf

Selected New Developments

2025

2026

2028

2029

2024

2027

The Golden Mile 344,000 sf

IOI Central Boulevard Towers (Completed) 1,242,000 sf

Paya Lebar Green 335,000 sf

Clifford Centre 360,000 sf

The Skywaters 721,000 sf

Comcentre 795,000 sf

Jurong Gateway Hub by LTA 408,000 sf

Keppel South Central 550,000 sf

Shaw Tower 435,000 sf

RAFFLES PLACE

SHENTON WAY

ORCHARD

BUGIS

TANJONG PAGAR ~50% committed or actively negotiated (office and retail spaces)

JURONG

MARINA BAY

PAYA LEBAR ~16% committed

BUGIS

~90% committed

~8% pre-committed

Union Square Central 250,000 sf

Tanglin Shopping Centre Redev. 118,000 sf

Solitaire On Cecil 190,000 sf

Labrador Tower (Completed) 686,000 sf

Newport Tower 180,000 sf

Punggol Digital District 358,000 sf

SHENTON WAY

CHINATOWN

ORCHARD

HARBOURFRONT ~98% committed or actively negotiated

SHENTON WAY

PUNGGOL

>67% committed

Source: URA, Media Reports, Cushman & Wakefield Research