Shenzhen ($40/sqft, 24.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Shenzhen on rent and tax and Singapore on talent depth.
Shenzhen ($40/sqft, 24.8% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Shenzhen on rent and tax and Singapore on talent depth.
| Metric | Shenzhen | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | China | Singapore |
| Class A rent (USD/sqft/yr) | $40 | $102 |
| Class A rent (local) | 290 CNY | 138 SGD |
| Vacancy | 24.8% | 5.4% |
| Trend | softening | rising |
| Prime yield | 5.4% | 3.6% |
| Premium flex / seat / month (USD) | $540 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 25% | 17% |
| Metric | Shenzhen | Singapore |
|---|---|---|
| Typical term | 5 yrs | 4 yrs |
| Typical rent-free | 10 mos | 6 mos |
| Lease norms | Net leases. 5-7 year terms standard. Free rent of 8-15 months and TI of CNY 1,000-2,000/sqm typical on a 5-year deal. Concession environment is rich. | 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% standard Chinese corporate income tax. 15% Qianhai Free Trade Zone rate for qualifying enterprises. HNTE (15%) and other tech-sector incentives 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 | Shenzhen | Singapore |
|---|---|---|
| Talent index (0–100) | 88 | 92 |
| Talent note | Deep tech, hardware engineering, and consumer electronics talent. Strong feed from Shenzhen University, Southern University of Science and Technology, and proximity to Hong Kong universities. Mandarin and Cantonese operating environment. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
Shenzhen: Shenzhen Metro (16+ lines). Shenzhen Bao'an Airport (SZX) rail-served via Line 11. High-speed rail to Guangzhou (~30 minutes), Hong Kong (~14 minutes via Futian-West Kowloon).
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.
Shenzhen is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 88/100).
Singapore has the lower headline corporate tax (17% vs 25%). Local incentives can change the effective rate materially.
Shenzhen typical term is 5 years with 10 months free; Singapore runs 4 years with 6 months free.
Shenzhen: Shenzhen Metro (16+ lines). Shenzhen Bao'an Airport (SZX) rail-served via Line 11. High-speed rail to Guangzhou (~30 minutes), Hong Kong (~14 minutes via Futian-West Kowloon). 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 Shenzhen, 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.