Businesses based in Singapore often find that choosing the right office space is essential. That’s because the decision of where to do business affects the company’s operations. The decision can affect a company’s operations, expenses, and prospects for expansion.
If you are a business owner in search of office for rent options in Singapore, then best read on. In this guide, we go into detail about each type of office space below, emphasizing the main advantages and disadvantages.
1. Spaces for Co-Working
Co-working spaces have become globally famous, but they are especially appealing in Singapore because of their community-driven yet cost-effective business model. These shared workplaces serve anyone like the freelancers, startups, and small-to-medium businesses (SMEs) who value networking and collaboration by providing flexible desk or office rentals with no commitment.
The standard features of co-working facilities include common areas, meeting rooms, and fast Internet. Numerous providers such as JustCo, The Working Capitol, and WeWork go above and beyond by providing value-added services including networking opportunities, wellness centers, and mentorship programmers.
Who Gains the Most?
Co-working spaces are ideal for independent freelancers, entrepreneurs, and remote employees that require a productive office without committing to a long-term lease. The low overhead costs and flexibility of co-working spaces can also benefit small teams that are just starting out.
Price and Adaptability
Depending on the location and services provided, co-working spaces are usually rented on a daily or monthly basis. While private offices in the same spaces cost between SGD 800 and SGD 1,500 per month, hot desk rentals in co-working spaces in Singapore can start as low as SGD 300.
2. Offices with Services
Serviced offices provide fully outfitted, usable space for businesses that require more privacy while being flexible. They offer reception services, high-speed Internet, desks, and seating.
Who Gains the Most?
For satellite teams or small-to-medium-sized enterprises that require a polished, businesslike environment without incurring setup fees, serviced offices are a great option. The short-term leases that are usually available are advantageous for companies that expect rapid expansion but may not be prepared for a traditional office commitment.
Price and Adaptability
Compared to standard office leases, serviced office leases offer greater flexibility, enabling companies to sign agreements for as little as one month or as long as a year. A small serviced office in Singapore’s central business area (CBD) typically costs about SGD 1,500 per month, though prices vary by location. Larger, more upscale options are more expensive.
3. Conventional Office Spaces
There is still no better choice than traditional offices for well-established companies that need specialized, flexible space. The companies that rent these usually do so for long periods of time and pay for their upkeep, utilities, and furniture. People really want traditional offices in Singapore’s central business area, like those in Raffles Place and Marina Bay, because they are in great locations.
Who Gains the Most?
Traditional office spaces are frequently preferred by larger, more established businesses that require a permanent location with complete control over office layout, branding, and security. Businesses in sectors requiring substantial physical assets or strict confidentiality requirements can also benefit from this option.
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Price and Adaptability
Traditional office leases in Singapore normally run two to five years, with the cost primarily determined by location. According to recent data, the average monthly rental price in Singapore’s central business area ranges between SGD 8 and SGD 12 per square foot, making this the most expensive option among the three.