Osaka ($168/sqft, 4.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Osaka on rent and tax and Singapore on talent depth.
Osaka ($168/sqft, 4.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Osaka on rent and tax and Singapore on talent depth.
| Metric | Osaka | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | Japan | Singapore |
| Class A rent (USD/sqft/yr) | $168 | $102 |
| Class A rent (local) | 25000 JPY | 138 SGD |
| Vacancy | 4.8% | 5.4% |
| Trend | flat | rising |
| Prime yield | 3.6% | 3.6% |
| Premium flex / seat / month (USD) | $660 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 30.62% | 17% |
| Metric | Osaka | Singapore |
|---|---|---|
| Typical term | 4 yrs | 4 yrs |
| Typical rent-free | 2 mos | 6 mos |
| Lease norms | Standard Japanese commercial lease (futsuu shakuyaku) — 2-3 year terms with auto-renewal; or fixed-term lease (teiki shakuyaku) of 4-10 years. Security deposit (shikikin) of 10-12 months standard. Free rent of 2-4 months on a 4-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 | 23.2% national corporate tax plus prefectural and municipal taxes for an effective combined rate near 30.6%. SME and R&D tax credits available. | 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 | Osaka | Singapore |
|---|---|---|
| Talent index (0–100) | 85 | 92 |
| Talent note | Deep manufacturing, pharma, and trading talent. Strong feed from Osaka University, Kyoto University, and Kobe University. Japanese-only operating environment for most domestic tenants. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Osaka: Osaka Metro (8 lines), JR West (loop and radial), Hankyu, Hanshin, Kintetsu, and Nankai private rails. Osaka Station / Umeda is the world's third-busiest rail hub. KIX airport connected via Nankai and JR.
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 85/100).
Singapore has the lower headline corporate tax (17% vs 30.62%). Local incentives can change the effective rate materially.
Osaka typical term is 4 years with 2 months free; Singapore runs 4 years with 6 months free.
Osaka: Osaka Metro (8 lines), JR West (loop and radial), Hankyu, Hanshin, Kintetsu, and Nankai private rails. Osaka Station / Umeda is the world's third-busiest rail hub. KIX airport connected via Nankai and JR. 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 Osaka, 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.