Singapore and Tokyo are absorbing inbound corporate HQ activity from Hong Kong at a sustained quarter-on-quarter pace.

  • Singapore Marina Bay and Tokyo Marunouchi are net beneficiaries of regional HQ relocations.
  • Demand is concentrated in trophy stock with pre-built fit-out.
  • Expect rent-free durations to contract another 1–2 months on trophy floors in 2026.

February 2026 — APAC talent rebalance reshapes Class A demand

Singapore and Tokyo are absorbing inbound corporate HQ activity from Hong Kong at a sustained quarter-on-quarter pace.

TL;DR

  • Singapore Marina Bay and Tokyo Marunouchi are net beneficiaries of regional HQ relocations.
  • Demand is concentrated in trophy stock with pre-built fit-out">fit-out.
  • Expect rent-free durations to contract another 1–2 months on trophy floors in 2026.

What changed

Cross-border corporate HQ activity in APAC continues to favour Singapore and Tokyo as primary destinations, with Hong Kong rebalancing toward financial-services anchor tenants. Class A Atlas tracks this shift through trophy-floor absorption metrics in each city's marquee submarkets.

What this means for occupiers

If your shortlist includes APAC trophy stock, brief your broker for short rent-free packages and limited TI contribution. Lock pre-leasing options before site selection finalisation.

Cities discussed