With our past experiences, tenants are usually not adept at searching an office space for rent. While looking for an office for rent in Singapore, the followings are practical tips to be taken into consideration.
Office Rental in Singapore Tip 1: Location
While looking for the right location, your preferences must be crystal clear. Some important points to take note of would be the nearby amenities (like post offices, banks, etc.), which might reflect your kind of business. If there is an ease of getting public transport (like nearby taxi stands, Bus stops, MRTs, etc.), then it would easily be accessible to your employees making it 100% staff convenience. The frontage of the office building and the nearby environment should suit the corporate image of your company. If required, there should also be loading and unloading facility found in the premises as well. .
Office Rental in Singapore Tip 2: Price vs. Budget
The budget of the company is critical in consideration the type of office for rent. The budget must account for:
1. Monthly Office Rent
2. Air-condition/ Utilities Expenditure/electricity
3. Fitting-out cost. For a start, renovation costs of the new premise generally ranges at $50 per square feet.
4. Public liability Insurance
5. Potential increase in rent vs. potential earnings in business.
Again, the budget would determine the building type and location of your office space. This is vital and the most important point for the search.
Office Rental in Singapore Tip 3: The Timeline for your Office Space Shifting.
Most of our previous clients have unknowingly committed a big mistake by looking for an office rent too late. If you don’t want to renew the lease of your existing premises, then you need to look for a new space at least two months before the current lease expires. The process of looking for a new business place is lengthy, as negotiation, renovation, and other arrangements would take time. More often than not, the whole processes may not happen according to your plan. Therefore, you should be careful about the timeline of your office relocation and again, commence office hunting two months or more prior to the expiry of your current tenancy. This applies to new start-up as well.
Office Rental in Singapore Tip 4: The Need for a Property Agent
In major cities like Singapore, looking for the proper office location and space can be tedious and time consuming. Having a local expert with specialized knowledge of the office market would increase your chances of getting the best office space for rent. An office rent consultant can help you search for your relevant office spaces, so that you can devote more time on your business. The issues related to your office space lease, such as coordination of paperwork formalities, negotiation of lease on your behalf and other technical works can be attended by the office rent consultant (agent).
You should know that tenants do not have to pay any fee to the agent if the office rent is above 3000 Singaporean dollars per month. Generally, the landlord has to pay commission to the agent which is equivalent to one month gross rent. For peace of mind, engaged the service of a licensed agent who would not get involved in any unethical practice. Conversely, If the office rent falls below 3000 Singaporean dollar, the tenant would have to pay the gross rent of half month as commission to the agent.