Hong Kong ($186/sqft, 12.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Hong Kong on rent and tax and Singapore on talent depth.
Hong Kong ($186/sqft, 12.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Hong Kong on rent and tax and Singapore on talent depth.
| Metric | Hong Kong | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | Hong Kong SAR | Singapore |
| Class A rent (USD/sqft/yr) | $186 | $102 |
| Class A rent (local) | 1450 HKD | 138 SGD |
| Vacancy | 12.8% | 5.4% |
| Trend | softening | rising |
| Prime yield | 3.4% | 3.6% |
| Premium flex / seat / month (USD) | $1,320 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 16.5% | 17% |
| Metric | Hong Kong | Singapore |
|---|---|---|
| Typical term | 3 yrs | 4 yrs |
| Typical rent-free | 8 mos | 6 mos |
| Lease norms | Hong Kong leases are typically 3 years (with renewal option) or 6 years on the trophy tier. Rent-free of 6-12 months on a 3-year term is current market. Rent is gross with management fees billed separately. Stamp duty is payable on lease execution. Bank guarantees of 3 months are standard. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| Tax note | Profits tax at 16.5% (8.25% on the first HKD 2 million for qualifying entities). No VAT, no capital gains tax, no withholding tax on dividends. | Headline corporate tax of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | Hong Kong | Singapore |
|---|---|---|
| Talent index (0–100) | 88 | 92 |
| Talent note | Premium financial-services talent depth, particularly for cross-border China-mainland mandates. Average all-in compensation indexes 88 vs. New York's 100. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies.
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Singapore is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 88/100).
Hong Kong has the lower headline corporate tax (16.5% vs 17%). Local incentives can change the effective rate materially.
Hong Kong typical term is 3 years with 8 months free; Singapore runs 4 years with 6 months free.
Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies. Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score Hong Kong, Singapore and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.