In Singapore, there are quite a few types of office space available for companies to rent. Many of these office spaces have been designed with the intention to provide different businesses with what they need. Some of the office space in Singapore do come with restrictions though – they are available only to limited trades and usage.
If you are a new business or an MNC wishing to expand in Singapore, you might be considering taking on an office lease here. Here is a list of the different types of office space available for you in Singapore.
Things to consider before getting a office lease
Before you start taking on a lease, it is good to first understand the needs of your company. Here are some questions you should ask yourself.
Is it a must?
Consider if it is really necessary to have an office space in Singapore.
Is the location suitable?
Decide if the location of the office space plays a big role in your decision making.
Duration?
Is this office space used for short term purposes or for the long run?
Do I have a sufficient budget?
Check if your company has sufficient budget to pay for not only the rent but also to fund the deposit fund (ranging from three to six months depending on the landlord) as well as the furnishing.
How much space is needed?
Contemplate how much office space your company requires not only for the present but for the next year and a half. This is because a lot can change in a year.
Stakeholders?
Will they be visiting your office space?
What amenities?
What functions will there be in the office space? e.g. coffee machines, kitchens, pantries etc.
Once all these areas have been carefully thought about, it is time to look at the different types of office space available for you here in Singapore:
1. Coworking space
This is one type of office shape that seems to be growing in popularity in recent years. This is usually for people who are looking for a flexible area to work in. Opting for a coworking space is a good idea if you are on a budget and not planning on renting for the long run. This is because there is no lease and deciding to end the rent can be done really quickly with only a few days’ notice.
Coworking spaces are also said to reap better results than those who work in traditional office spaces. This is because everyone is able to work in an area that is comfortable for them. For example, if you need to focus, you can take an individual hot desk. For discussions, there are group sharing tables available to make discussions smoother. The wide variety of companies in the same space allows you to get new insights and build stronger connections along the way. There are also basic amenities available such as strong Wifi and some coworking spaces even have their own indoor cafe!
2. Serviced office and Business Centre
This is a temporary, shared office space that is well equipped with all the necessary items your company needs. Not only that, but this space can also be used for both short term (such as a few days) or long term purposes. What’s more, it is very flexible!
You do not need to worry about maintaining the serviced office, this is because it is well taken care of by a hardworking team as part of your monthly fees. There are receptionists, admin teams, and IT professions onsite to help you out when needed. This option is much cheaper than having your own workspace in Singapore – even with all these additional help provided!
Renting a serviced office in a prestigious location upgrades your business address, allowing you to have access to other quality businesses in the vicinity. Building a network will be much easier and good for the future. Plus, finding a serviced office for rent is easier than you think.
3. Virtual office
This gives you a business address, phone numbers, mailing handles and even a telephone answering machine. Having a virtual office is a great way to get yourself a business address in popular areas such as the CDB while you and your employees work at home.
Having a virtual office helps to build your company’s presence and a sense of credibility. It helps make you look more professional if, say, you need to conduct a meeting. While you are not in the office itself, you have the service of others helping to answer your calls and emails.
4. Industrial office space
These offices are only catered to two types of businesses – e-business and new media activities. Such activities include software development, call centers, industrial training, and telecommunications to name a few. 60% of your space must be used in such activities.
These office spaces are found outside the central area and renting these spaces can help you save up to 70% in rent as compared to when you have a space in the central area of Singapore.
5. Science park office space
Technology is advancing very rapidly. Therefore the science and research industries are growing too. The Science Park Office is designed specifically to suit the needs of companies working in this field. They provide you with high-speed broadband, other amenities, and facilities to help you with your research.
This is a great space for a company that wishes to work in a space that caters to both Singaporeans and the international community. Shuttle services are also available to not only bring you to and from work, but to other areas such as the bank, childcare centers, and even food courts.
In an area with like-minded technology researchers, it is easy to share insights with one another to come up with more innovations.
6. Conventional office space
While every other option sounds great, they might not be the best for you – especially if your business is growing. Having your own workspace allows for more teams to work together closely on a project. There will also be space for the various departments in the same building so that discussion can move much smoother.
These office spaces are usually found in the CDB area and are very popular. As such, the cost of rent will be quite high. These offices also provide you with strong broadband access and usually, parking and security services are settled by the office owners. Having such an office reflects how powerful and strong your business is.
Here is a list of some of the choices available to you when it comes to picking out an office space in Singapore. Remember to always consider the needs of your company before signing a lease or taking up a rent. It is also good to speak to professional office real estate agents to help you better understand the requirements set out by the authorities when it comes to using these facilities.
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