Manila ($26/sqft, 22.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Manila on rent and tax and Singapore on talent depth.
Manila ($26/sqft, 22.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Manila on rent and tax and Singapore on talent depth.
| Metric | Manila | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | Philippines | Singapore |
| Class A rent (USD/sqft/yr) | $26 | $102 |
| Class A rent (local) | 1500 PHP | 138 SGD |
| Vacancy | 22.6% | 5.4% |
| Trend | softening | rising |
| Prime yield | 6.6% | 3.6% |
| Premium flex / seat / month (USD) | $290 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 25% | 17% |
| Metric | Manila | Singapore |
|---|---|---|
| Typical term | 3 yrs | 4 yrs |
| Typical rent-free | 5 mos | 6 mos |
| Lease norms | Net leases. 3-5 year terms with renewal options standard. Free rent of 4-9 months on a 5-year deal. | 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 | 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities. | 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 | Manila | Singapore |
|---|---|---|
| Talent index (0–100) | 76 | 92 |
| Talent note | Deepest English-language BPO talent in Asia. Strong feed from University of the Philippines, Ateneo de Manila, De La Salle, and a deep network of universities. Excellent neutral English accent supports North American customer-facing operations. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension.
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.
Manila is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 76/100).
Singapore has the lower headline corporate tax (17% vs 25%). Local incentives can change the effective rate materially.
Manila typical term is 3 years with 5 months free; Singapore runs 4 years with 6 months free.
Manila: LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension. 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 Manila, 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.