Melbourne ($468/sqft, 18.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Melbourne on rent and tax and Singapore on talent depth.
Melbourne ($468/sqft, 18.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Melbourne on rent and tax and Singapore on talent depth.
| Metric | Melbourne | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | Australia | Singapore |
| Class A rent (USD/sqft/yr) | $468 | $102 |
| Class A rent (local) | 720 AUD | 138 SGD |
| Vacancy | 18.4% | 5.4% |
| Trend | softening | rising |
| Prime yield | 5.4% | 3.6% |
| Premium flex / seat / month (USD) | $720 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 30% | 17% |
| Metric | Melbourne | Singapore |
|---|---|---|
| Typical term | 7 yrs | 4 yrs |
| Typical rent-free | 14 mos | 6 mos |
| Lease norms | Net leases. 7-10 year terms standard. Incentives of 30-45% (combination of free rent, fitout, and rent abatement) typical on a 10-year Class A 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 | 30% Australian corporate tax (25% for base rate entities). Victorian state payroll tax of 4.85-6.85%. R&D tax incentive available federally. | 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 | Melbourne | Singapore |
|---|---|---|
| Talent index (0–100) | 84 | 92 |
| Talent note | Deep professional services, banking, education, and creative talent. Strong feed from University of Melbourne, Monash, and RMIT. English-fluent professional base; multicultural workforce. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD.
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 84/100).
Singapore has the lower headline corporate tax (17% vs 30%). Local incentives can change the effective rate materially.
Melbourne typical term is 7 years with 14 months free; Singapore runs 4 years with 6 months free.
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. 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 Melbourne, 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.