Office Lease Agreement
Office Lease Term
Typically a 2 or 3 years lease term at an agreed rent, there are companies requiring larger space often sign a longer lease term of 5 to 6 years. Longer lease terms are now difficult to obtain especially in good market condition. In 18th April 2007, Standard Chartered Bank made history by securing an incredible 12 years lease term, relocating their operation to Marina Bay Financial Centre of Singapore. They would occupy a vast office space of 500,000sqft and the lease starts 3th quarter of year 2010.
Office Monthly Rental Payment
Typically the term “gross rent” is used in the agreement. This is a combination of the base rent plus the service charge payable monthly or quarterly in advance. The gross rent is also subjected to GST (this goods and service tax was increased to 7% on 1st July 2007).