Singapore ($102/sqft, 5.4% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Singapore on talent depth and Tokyo on rent and tax.
Singapore ($102/sqft, 5.4% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Singapore on talent depth and Tokyo on rent and tax.
| Metric | Singapore | Tokyo |
|---|---|---|
| Region | APAC | APAC |
| Country | Singapore | Japan |
| Class A rent (USD/sqft/yr) | $102 | $113 |
| Class A rent (local) | 138 SGD | 50000 JPY |
| Vacancy | 5.4% | 4.6% |
| Trend | rising | rising |
| Prime yield | 3.6% | 3% |
| Premium flex / seat / month (USD) | $1,180 | $980 |
| Submarkets covered | 6 | 6 |
| Corporate tax | 17% | 30.6% |
| Metric | Singapore | Tokyo |
|---|---|---|
| Typical term | 4 yrs | 5 yrs |
| Typical rent-free | 6 mos | 4 mos |
| Lease norms | 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. | Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply. |
| Tax note | 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. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component. |
| Metric | Singapore | Tokyo |
|---|---|---|
| Talent index (0–100) | 92 | 84 |
| Talent note | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. | The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium. |
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.
Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
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 30.6%). Local incentives can change the effective rate materially.
Singapore typical term is 4 years with 6 months free; Tokyo runs 5 years with 4 months free.
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. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Score Singapore, Tokyo 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.