Shanghai ($122/sqft, 19.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Shanghai on rent and tax and Singapore on talent depth.
Shanghai ($122/sqft, 19.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Shanghai on rent and tax and Singapore on talent depth.
| Metric | Shanghai | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | China | Singapore |
| Class A rent (USD/sqft/yr) | $122 | $102 |
| Class A rent (local) | 880 CNY | 138 SGD |
| Vacancy | 19.8% | 5.4% |
| Trend | softening | rising |
| Prime yield | 4.4% | 3.6% |
| Premium flex / seat / month (USD) | $740 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 25% | 17% |
| Metric | Shanghai | Singapore |
|---|---|---|
| Typical term | 3 yrs | 4 yrs |
| Typical rent-free | 8 mos | 6 mos |
| Lease norms | Standard 3-year lease with renewal option. Rent gross of management fees but exclusive of utilities. Bank guarantee or rent deposit of 3-6 months standard. Reinstatement at lease-end is contractual. | 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 | Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist. | 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 | Shanghai | Singapore |
|---|---|---|
| Talent index (0–100) | 76 | 92 |
| Talent note | Mainland China's deepest financial-services and tech talent pool. Average all-in compensation indexes 76. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.
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 76/100).
Singapore has the lower headline corporate tax (17% vs 25%). Local incentives can change the effective rate materially.
Shanghai typical term is 3 years with 8 months free; Singapore runs 4 years with 6 months free.
Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta. 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 Shanghai, 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.