Singapore Office Demand Surges as Hong Kong Office Market Lags

Singapore office demand surged in the first half of 2025, with leasing activity rising 12-fold, making it the strongest in Asia-Pacific, according to Colliers. Prime office rents in the city-state climbed 1.3% to SGD12.10 (USD9.42) per sq ft per month in the second quarter, with supply projected to remain tight over the next two years. Across 11 regional markets, leasing volumes rose 9.6% to 4.5m sq m, led by Singapore, the Philippines, and Japan, while India, China, and Japan accounted for over 90% of demand. By contrast, the Hong Kong office market lagged, with vacancy at 17.3% and prime rents expected to drop 10% this year to USD73.90 per sq m, around one-third lower than Singapore’s USD97.