Are you looking for a commercial space in Singapore, but doesn’t know where to start? Check out our 12 steps guide to help you navigate the leasing process and decide on the right office space for your business.
Identify the Type Of Properties such as Office, Shophouse Office, Hi-Tech Space and Business Park Space.
Then, the business Location. Eg Centralised area like Raffles Place, Tanjong Pagar, City Hall, Bugis, Orchard or Decentralised area like Novena, Newton, Alexandra, Lavender, Braddell, etc
Knowing the required Floor area. In Singapore, we normally use square feet (sq ft).
What is the right Budget? This determines the grade of office building or shophouse office that you liked to have for the company.
Lastly, Timing. When do you need the office?
Schedule viewing with your preferred Real Estate Agent.
Upon finding the right properties, you may now begin the next phase of search: Negotiation.
During the process of negotiation, it the most interesting part of the search. It is about bridging the budget to Landlord’s rental mandates.
LOI – First, we will submit a Letter of Intent. Commonly known as LOI. This is a non-binding letter to express the terms and conditions.
Some individual owners will require the tenant to submit the LOI together with 1-month good faith deposit. This will act as the first month rental upon successful negotiation of the terms.
Once the landlord and tenant have come to an agreement on the major commercial terms, the landlord will prepare the Letter of Offer or commonly known as LOO together with the specimens Tenancy Agreement.
Some individual owners will go straight to the Tenancy Agreement. Letter of Offer and Tenancy Agreements are both legally binding documents upon acceptance by the tenant. Normally, Tenants will engage their preferred lawyer to review the Tenancy Agreement before signing.
Once all is good to go, the Tenant will submit the signed Letter of Offer together with
The Tenancy Agreement is at the final stage of the leasing documents. Once the landlord received the signed LOO, they will prepare the TA and send the tenant for final review.
Once it signed and stamped with company chop it shall be returned to the landlord.
Next, the landlord or property team will prepare for the handover of the premise to the new tenant.
2 weeks prior to the handover, the tenant’s contactor can submit the renovation plans for building management approval so that upon handling over the premise, the tenant can start renovations works immediately.
*Don’t forget to apply for utilities and internet.
The lease shall commence upon the completion of the fitting-out period.
Congratulations! You have completed the search for your Office New Home!
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