Finding a fully fitted office space that meets your needs can be challenging here in Singapore. If you are an office manager or business owner, or if your company is looking for a space and having this challenge, let’s discover ways to solve it.
First, you need to know which location works best for your business. Does the company need to be in a centralized location, or can it be in the city fringe?
Rental prices have been increasing in the CBD area. Here are the rental ranges for different grades of offices:
Additionally, there has also been a similar impact on city fringe offices. Here are the rental ranges for different grades of offices in that area:
The grade of a building depends mainly on the infrastructure it offers.
Does the company need a fully fitted office, or is this requirement challenging to find within the given location and budget? Opting for a bare unit will save you more time and money. Have you explored whether the landlord can provide a fit-out for you or if a co-working space would be better? These are common questions to consider.
It’s hard to find a one-size-fits-all unit. Most of the time, tenants must carry out significant modifications, even for a pre-fitted office.
In addition to continuing their search, tenants may discuss short-term lease renewals or partial team remote work from home, allowing them to temporarily occupy a different-sized unit until they find a suitable one.
Sometimes office managers find the required size but not the desired layout, or vice versa. There are many challenges in finding the proper layout within a specific budget and size constraint. One option is to consider a unit that requires less than 10-20% additional changes or alterations. Engaging a trustworthy interior designer or contractor can help explore the possibilities for the fitted space. Alternatively, if there are no other options, it may be necessary to revise the budget to expand the range of available choices.
Tenants should begin searching for space 6-12 months in advance. Once they have identified a unit, initiating negotiations early before other competing offers arise is advisable.
Most staff members prefer seamless connectivity to the nearest MRT station from their homes. Buildings located conveniently close to MRT stations tend to command higher rental prices. It’s worth considering buildings near the MRT station but not directly adjacent. This can lead to significant cost savings of a few thousand dollars per year in rental expenses.
Like many other tenants, you likely have a primary job to attend to. To simplify your search, it is advisable to engage a trusted property agent who can focus on finding the space you require
Recently, many tenants prefer shorter lease terms than traditional 2 or 3-year leases. The current market sentiment revolves around the desire to work from an office while keeping the option to expand within two years. As a result, you can discuss with the owner the possibility of a minimum two-year lease. Alternatively, some owners may consider a one-year lease at a higher rental rate. During negotiations, tenants often overlook additional costs such as legal and administrative fees, utility deposits, renovation deposits, authority approval fees, and submission fees to the building management for the current fitted condition. It is advisable to have a conversation with the building management to gain more clarity before signing the tenancy agreement.
Engaging a reliable contractor to find a cost-effective solution for a pre-fitted office unit is advisable. Communicate your specific requirements and desired changes to them. They will be able to work wonders and provide valuable assistance to the tenant.
Securing space in an office building eases the workload of office managers in terms of office maintenance. The primary responsibilities of office managers include ensuring office cleanliness, adequate lighting, and a reliable internet connection. Other common facilities, such as toilets and common areas, are typically maintained by the building management.
Most landlords in Singapore have a commendable reputation for property maintenance and responsiveness towards tenants. Securing a lease renewal with an existing tenant is often easier than finding a new one. Tenants can identify a trustworthy agent by reviewing their records and track record.
Finding a fully fitted office poses significant challenges but is worth the effort. Considering the escalating renovation costs and demanding workload, searching for an ideal office is worthwhile. Good luck with your office search!