In the city of Singapore, a global business hub, it is a difficult and time consuming job for companies to find and rent office space. It includes careful consideration of factors such as availability of economic assets, projected incomes and profits, business requirements and so on. Whether you are staring a new business, expanding it or moving it, finding a suitable office space for rent in singapore is important.
For customer-focused businesses, the success or failure is partly dependant on the owner’s discernment in selecting the right location for renting an office. The office space rental activities are concentrated in the Central Region consisting of Central Business District (CBD), which is the core financial and commercial district in Singapore. The CBD area is considered the most prime location for renting office space. However, there is an emerging trend of moving away from CBD due to high rental prices. One of the up-and-coming locations is the Paya Lebar Square. The popular areas in CBD for office rental include Raffles Place area, Tanjong Pagar area, River Valley area, Orchard Road area, etc. The average monthly gross rent for these areas is $8.70/square feet (2013).
An ideal office to rent should be within your budget, be situated in an area suitable for your business and be accessible for you and your employees. If you are starting a small business, serviced offices/business centers – ready made fully furnished offices – can be an ideal option for you in Singapore. They offer low startup cost, flexible lease terms and esteemed business address. Serviced offices are located in the business districts of Singapore. They are managed by specialized companies that rent these office spaces to other companies. Serviced offices are most suited for small businesses with less than ten employees or looking for a temporary solution.
Conventional office rental spaces are another option for businesses. They are empty offices for rent that you will need to furnish by spending a consider amount of money on furniture, utilities, IT infrastructure, etc. Moreover, finding the right building and setting up a conventional office lease is a time consuming and tiring task. Conventional office spaces are suitable for companies on stable growth path who intent to set up a permanent office and have more than a few employees. The initial investment is a conventional office is higher than in serviced offices but the monthly expenses are lower.
You can rent conventional offices in privately owned commercial buildings or in government owned commercial buildings. There are plentiful of private-owned commercial building in almost any neighborhood in Singapore. The rent depends on the location and age of the building. It is highly recommended to use a broker or an agent to assist you in your search and negotiate on the terms of the lease. In case of renting offices in government-owned commercial buildings, you can lease them from Jurong Town Corporation (JTC) of Singapore. There is a wide range of locations offered by JTC.
In conclusion, one of the most important aspects for new business startups in Singapore is renting an office. One surely shouldn’t rush the decision, as it’s quite an important one. Determine the right type of office rental, identify the right location and bargain for a fair. It is best to use a broker to help you in finding the right office for rent Singapore and negotiating the lease terms and conditions.