London ($121/sqft, 8.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: London on talent depth and Singapore on rent and tax.
London ($121/sqft, 8.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: London on talent depth and Singapore on rent and tax.
| Metric | London | Singapore |
|---|---|---|
| Region | EMEA | APAC |
| Country | United Kingdom | Singapore |
| Class A rent (USD/sqft/yr) | $121 | $102 |
| Class A rent (local) | 95 GBP | 138 SGD |
| Vacancy | 8.6% | 5.4% |
| Trend | rising | rising |
| Prime yield | 4.5% | 3.6% |
| Premium flex / seat / month (USD) | $1,380 | $1,180 |
| Submarkets covered | 7 | 6 |
| Corporate tax | 25% | 17% |
| Metric | London | Singapore |
|---|---|---|
| Typical term | 10 yrs | 4 yrs |
| Typical rent-free | 24 mos | 6 mos |
| Lease norms | London leases are predominantly Full Repairing and Insuring (FRI). Tenant pays service charge and is responsible for dilapidations on lease end. Rent reviews to open-market rent every 5 years are standard. Rent-free periods of 18-30 months on a 10-year term are typical, with 'capped' rent-free for break-clause certainty. Personal guarantees are uncommon for institutional tenants; rent deposits are common for younger covenants. | 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 | UK corporation tax is 25% (19% small profits rate). Business rates are a major occupancy cost — ~50% of rateable value annually, levied separately from rent and service charge. | 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 | London | Singapore |
|---|---|---|
| Talent index (0–100) | 96 | 92 |
| Talent note | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
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.
London has the deeper talent index (96/100 vs 92/100).
Singapore has the lower headline corporate tax (17% vs 25%). Local incentives can change the effective rate materially.
London typical term is 10 years with 24 months free; Singapore runs 4 years with 6 months free.
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium. 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 London, 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 Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.