Popular Locations for Office Rental in Singapore
This article provides a basic guide to renting an office space in the central business district of Singapore and nearby areas. Note that the information in this article is as of 2009 and some of it may be outdated. We are planning to update this article soon to reflect the current market conditions in the commercial space market in Singapore.
The Big Picture
At the heart of all office space rental activities in Singapore is the Central Region consisting of Central Business District (CBD) that comprises the core financial and commercial districts in Singapore and the area in the immediate vicinity of CBD as shown in the picture below:
CBD area in the picture above is labeled as Central Area and considered the most prime location for renting office space in Singapore. Businesses of the same nature have over time clustered so that various locations in the CBD area have evolved into distinct hubs. Lot of existing companies are moving away from the CBD area due to record rental prices. However, the available office space is being snapped up by fund management and private banking firms. A more detailed map of Singapore’s CBD and its surrounding area is presented below:
View Larger Map
Office Rental – Tier-1 Localities
Raffles Place area – is arguably the most sought after area in Singapore for leasing office space by banks, financial institutes, insurance companies, business centres, and professional services firms. Raffles Place along with its nearby streets (Cecil Street, Robinson Road and Shenton Way) have the highest concentration of Grade A buildings. The area is considered as the Wall Street of Singapore. Nearest MRT station is Raffles Place. Current rental rates for premium buildings here are in the range of S$10 – S$20 psf.
Tanjong Pagar/Anson Road area – is located in close proximity to Raffles Place and consists of both older and new office buildings. This area is a popular office rental choice among media advertising, shipping and trading companies, real estate firms, business services groups and various Singapore government institutions. Among key office buildings include Capital Tower, Temasek Tower and Amara Corporate Tower, Springleaf Tower, Keppel Towers, GE Tower, International Plaza, etc. Nearest MRT station is Tanjong Pagar.
River Valley / Singapore River area – located between Raffles Place and Orchard Road area, River Valley area in recent years has developed into a bustling commercial and retail area in Singapore that offers quality office space available for renting as well as residential, shopping and entertainment facilities. Major office buildings in this area include Central Square, UE Square, Great World City, Central Mall, etc. The nearest MRT station is Clark Quay.
Orchard Road area – home to major retail stores, this is Singapore’s prime shopping, hotel and entertainment, also a popular choice for renting office space. Office buildings are quite popular here due to the convenience, prestige and infrastructure. Key buildings include Ngee Ann City Tower A & B, Wheelock Place, Wisma Atria, The Atrium@Orchard, Shaw House, Paragon Tower, Orchard Building, The Hereen, Winsland House I and II, etc. Nearest MRT station is Orchard, Somerset, & Dhoby Ghaut.
Suntec City & Marina Bay area – is very popular among IT companies, serviced offices, law firms, and other businesses. In addition to five very popular office towers, the Suntec City also comprises of one the largest shopping malls as well as a convention/exhibition centre. Located next is the Marina Bay area with Millenia and Centennial Towers – two of the most prestigious office buildings in Singapore. Nearest MRT station is City Hall.
The recently opened Marina Bay Financial Centre is the newest business hub that is situated at the heart of Marina Bay. MBFC, as it is popularly known, spans an expansive area of 3.55 hectares and houses three office towers that comprise of nearly three million square feet of prime Grade A office space. One of the outstanding features of the MBFC is the spectacular view of the Marina Bay. MBFC’s prestigious tenants include most of the notable banks and financial institutions. Nearest MRT stations are Marina Bay and Raffles Place.
Office Rental – Tier-2 Localities
Beach Road / North Bridge Road area – lies just inside Singapore’s CBD area. Unlike the other areas within the CBD, however, Beach Road is not as laden with skyscrapers and office buildings. Instead, you will find shopping centres, markets, hotels and residential areas within the district. There are however still a number of good quality office buildings including Raffles City Tower, Parkview Square, The Gateway East & West, Shaw Tower, Bugis Junction Office Tower, Odeon Towers, KeyPoint, The Concourse, The Adelphi, Peninsula Plaza, High Street Centre, Odeon Towers, etc. Nearest MRT stations include City Hall and Bugis.
Bras Basah / Selegie Road area – situated at the fringe of the CBD area, this is a popular office space rental option for budget conscious firms. Key office buildings in this are include Sim Lim Tower, Burlington Square, Plaza By The Park, Sunshine Plaza, Selegie Complex, IOI Plaza, NTUC Income Prinsep House, Peace Centre, Paradiz Centre. etc. The nearest MRT stations inlcude City Hall and Dhoby Ghaut. CBD and its neighboring areas continue to be the most sought after office rental locations for service oriented firms due to its prestige, central location, and the overall buzz. Although the rental prices for office space in this area have gone up significantly in the last 2 years, demand is still strong by particularly by financial companies. The current imbalance between demand and supply appears to be a short-term problem and office rental rates in the CBD area should start softening by 2010.
Setup a virtual office in Singapore
Use Hawksford's office in the heart of Singapore’s central business district as your virtual office and delight your customers with the ease of accessibility and professional support.Find out how Hawksford can help