Phase Two of the Marina Bay Financial Centre (MBFC) will see Tower 3 erected over the next 12 months, and demand for the resulting Grade A office space in Singapore appears to be heading skyward as well.
A pre-commitment deal has now been completed, with the law firms Ashurst LLP and WongPartnership, as well as the information provider McGraw-Hill, occupying a total of 145,000 square feet of office space in the tower.
The latest agreements mean two-thirds of the 1.3 million-square-foot 46-storey office building are now accounted for, with completion of the project expected sometime in the first quarter of 2012.
A host of other big-name companies from a wide range of industries are already occupying office space at the Marina Bay site, with towers 1 and 2 both fully leased ahead of their recent opening.
Raffles Quay Asset Management is running the ambitious scheme, and its chief executive, Wilson Kwong, said in response to the latest developments: “MBFC’s strategic location and premium quality, as well as its portfolio of prestigious tenants, ensure that it is well positioned to benefit from the strengthening of the [Singapore] office market.”
The aim of the MBFC is to establish one of Singapore’s most vibrant and interesting mixed-use districts by building residential and retail buildings, along with office space, in the Marina Bay area.
Demand for office space to rent is currently stronger in Singapore than in almost any other major city in the world, with DTZ Research reporting that occupancy rates rose by roughly 0.5 per cent over the final three months of 2010.
Editor’s notes: As of May 2023, both Ashurst LLP and the WongPartnership were renting office space in Tower 3 of MBFC and McGraw-Hill was based at 1 International Business Park at The Synergy.
Other tenants at Tower 3 included Clifford Chance, DBS Bank and Rio Tinto.
The 1.3 million-square-foot building not only provides office space for rent but also features a wide range of food and beverage outlets, retail banking space, and Raffles Medical on level 17, which offers a wide range of medical and dental services.
Reports from office agents in Singapore advised that the office market demonstrated signs of resilience in the first quarter despite growing global uncertainties.
Vacancy rates reduced in the Core CBD area amongst Grade A office buildings from 4.2 per cent in Q4 2022 to 3.9 per cent in Q1 2023.
Gross effective rental rates for Core CBD (Grade A) increased by 0.4 per cent quarter-to-quarter to 11.75 Singapore Dollars per square foot per month, reflecting slower growth; however, rents were expected to continue to increase moderately over 2023 as tenants seek higher-quality Grade A space.
As of June 2026, Ashurst LLP, Clifford Chance, DBS Bank, Rio Tinto and the WongPartnership were all in occupation at MBFC.
At the same time, McGraw-Hill’s Singapore office was listed as 3 Temasek Avenue, #18-01 Centennial Tower, Singapore 039190.
Cushman and Wakefield reported in April that Singapore CBD Grade A office rents rose 1.4 per cent quarter-on-quarter in Q1, amid tighter supply and sustained flight-to-quality by occupiers. Gross effective rent stood at S$11.36 per square foot per month at quarter-end.
CBD Grade A office vacancy rates fell to 4.1 per cent in the quarter from 4.4 per cent in Q4 2025.
Of note was the 100,000 square feet of office leasing activity in MBFC in the first quarter of 2026.
The Singapore CBD Grade A development pipeline had just 400,000 square feet of completions due to compete in 2026-2027, well below the 10-year net demand of 900,000 square feet.
As a result, CBD Grade A vacancy rates were forecast to fall below 4.0 per cent by the end of 2026.