Singapore’s high cost of living and business can be quite a deterrent for most businesses and organizations.
Thus, affording a quality location for their operations can be an immense challenge. Worry not, as this guide will provide useful tips on finding quality office space in Singapore.
Singapore is one of the leading lights in South-East Asia regarding efficiency and effectiveness in business operations.
Its highly developed infrastructure and strategic location have attracted many organizations to start something in this sunny city-state. This is why it became essential to have enough information when considering buying office space here.
Finding a good office space that fits your budget and meets all your needs can be daunting when starting or considering relocating to Singapore.
To make things easier and stress-free, here are 7 essential points to consider when looking for office space in Singapore.
1. Size
Your prospective office space size in Singapore should depend on the company formation. It largely depends on the number of employees and future business plans.
When deciding how much office space to plan for, you must assess your short-term and long-term growth strategies. This will help you quickly decide if you need more space in the future.
You must consider physical floor spaces allocated to operations, extra amenities, and budgets allocated for them accordingly.
This can help create a conducive environment for team morale and ensure productivity levels are always up and running.
Besides, consider factors such as parking availability and public transport links nearby before making any decisions.
2. Location
When renting office space in Singapore, location is critical to the success of a business. It’s stressful to pick the right spot, as it affects all other business facets.
The most important aspect of picking a location is understanding your company’s operations and needs.
First, consider your budget and choose an area accordingly. Also, consider how far it is from your employees’ residential areas.
Do they have public transport access, or is ample parking available? All these details can help you narrow your search for the perfect location.
3. Rent Cost
Among the more important factors to consider is the rent cost, also known as the gross rent, which comprises various fees.
The floor area determines the base rent and may include additional service charges stated in the contract agreement. Thus, landlords can increase their costs without renegotiating a new term on their lease.
This rental agreement will usually last multiple years, so before signing off, you must be aware of all aspects contributing to rent costs, including periodic changes or unavoidable surprises.
This flexibility allows both parties to ensure everyone’s interests are met throughout their occupancy period at minimal expense yet a quality level of service for your business needs.
4. Amenities
When looking for office space in Singapore, you should consider the amenities it provides. The building and surrounding area must provide a conducive environment for your business to thrive, so look for good quality facilities and services to make your work life easier.
High-speed internet, on-site parking, restaurants, and gyms may be important while looking for office space in Singapore.
It would be advantageous if you additionally examined its closeness to banks, hotels, schools, and other recreational amenities, since they may benefit your firm.
5. Insurance Type
Insurance is an essential component of the leasing process in Singapore. Thus, it would be best to look into all forms of insurance available before signing any contract with your landlord or putting resources towards renovations.
Public liability insurance will cover any damage during a business operation within a building, such as personal injury, death, or property damage.
Other types of insurance typically recommended for tenants include covers for fixtures and furniture in the office and renovations.
Besides protecting against physical losses, it’s also important to consider more intangible losses, such as business interruption due to unforeseen circumstances, loss of data, and equipment breakdowns, which can have serious knock-on effects for any business.
Taking care of these matters before a tenancy can give both parties peace of mind throughout the lease period.
6. Lease Term
In Singapore, most commercial lease contracts are about three years long. When your contract approaches expiration, the property owner will typically offer you an option to renew your lease.
This will ensure you can continue occupying their space without relocating. However, the rental rate may change when renewed based on market prices.
When approaching the end of your tenancy period, you should decide to stay or leave. Factors you should consider include the cost-effectiveness of renewing or relocating, rental rate adjustments, and any other special conditions attached to a potential new lease or renewal of an old one.
You should also consider whether there are any restrictions on what kind of business activities may be conducted in certain spaces if you wish to change locations too.
Ultimately, whichever move you decide upon should benefit your and your business’s budget and objectives going forward.
7. The Landlord’s Reputation
While searching for office space in Singapore, it’s crucial to consider the landlord’s reputation. As a renter, you should be mindful of the landlord’s reputation and try to learn more about their background and professional expertise. Based on previous interactions with other renters, it’s crucial to determine whether they can be trusted.
Find out if the landlord is amenable to talks and lease modification and if they are prepared to cooperate with you in case of conflicts or issues.
Before you sign the contract, these matters should be settled to safeguard your company’s interests in the long term.
Conclusion
Many important factors must be considered when looking for office space in Singapore. From amenities such as high-speed internet and on-site parking to insurance coverage and the landlord’s reputation, it is essential to research before making any decisions.
Understanding these considerations can help you find an office space that best suits your business goals and budget.