Entrepreneurs guide: Office spaces in Singapore
3 minute read
When starting a business in Singapore or expanding, it is important to secure an office space that is convenient for you, your employees and your customers.
At times, renting an office space can be costly and time consuming, hence why we have partnered with spaceSense and FlySpaces to help our clients more easily navigate workplace considerations in Singapore. Some key essentials covered below to help with your own plans!
spaceSense simplifies the search and set up of new office spaces in Singapore.
They have partnered with more than 48 Singaporean landlords and developers and built a dedicated platform that connect their clients with trusted workplace designers, furniture suppliers and service vendors.
To help you think about some key office space considerations, spaceSense shares their tips below.
Choosing the right office location
Your office location choice should largely depend on your business needs and activities.
Easy accessibility to public transport, food and other amenities (e.g. banks, shops, gyms) are all strong contributors to staff recruitment and retention. Being close to your core client base also helps! Location will also influence the office rental pricing.
Below is a list of popular business districts in Singapore you can consider:
- Central Business District (CBD)
- Paya Lebar
- Changi Business Park
- Marina Centre
If you are undecided on the district, you can reach out directly to spaceSense who can help you to asses the possible office locations you could afford.
Avoiding the common mistakes
Size of office space: When finding an office space, it is advisable to think long term. Are you looking to hire more employees over the next 2-3 years? If yes, it is vital to factor in ample space for growth into your office plans.
Timing: If your current office lease is due to renew, you should start reviewing your options around 4-6 months before you renew or relocate offices. Some points to consider:
- Renewal office lease pricing
- Current office rental market pricing
- Current and future business goals
- Associated cost with office relocation
If you are looking to set up your own office space, give yourself a minimum of 4-5 months to factor in office space research and shortlisting, attending viewings, negotiate leases and carrying out any needed office renovations. At times these tasks can get delayed, so give yourself enough time to carry out the entire process smoothly and efficiently. Sounds stressful? spaceSense will be able to help you develop a plan to ensure a successful office move-in.
Budget & cash flow: Before you choose an office location, it is good idea to keep in mind and map out your company’s cash flow. Most landlords including co-working operators will require a security deposit or advance rental.
Lease Period: When it comes to leasing, the common lease period for conventional office space in Singapore is typically 2 – 3 years or longer; the lease period for co-working spaces could be as short as a few months.
Leasing Options: With many new co-working spaces appearing in Singapore everyday, it is advisable to evaluate the overall cost of either moving into a co-working space or setting up your own office space. You could consider a heritage shophouse office or a commercial building. Shophouse offices in Singapore are often seen as an attractive option for startups due to their unique heritage vibes and the lower rents when compared to more modern commercial buildings in similar prime location.
Curious to know more on office spaces in Singapore?
- Check out this in-depth guide about leasing an office space in Singapore
- Familiarise yourself with basic office leasing terminology
- Ready to start? Contact spaceSense or schedule a FREE consultation to discuss your needs.
FlySpaces provides short-term and flexible work and meeting space solutions perfect for entrepreneurs, startups, SMEs and mobile professionals.
They believe that a workplace is more than just a location as it inspires ideas, motivates actions and promotes growth.
When it comes to renting flexible office spaces in Singapore, the FlySpaces team share some tips below.
Plug and play system
The benefit of flexible workspaces is that everything will be in place and ready for you and your team to use even before you move in. Trialing a flexible workspace temporarily is a good way to see what can be done at the lowest cost possible by avoiding expenses when it comes to later setting up your own work space.
Pay as you use
The average cost of office space in Singapore’s Central Business District (CBD) is around US$71.43 sqm per month. The good news is that since 2015, Singapore’s flexible workspace scene has tripled. What does this mean? Companies can now pay for the time and number of seats that they use during their flexible lease terms. By doing so, companies can save cost and focus on expanding and scaling their business.
For new companies, flexible workspace present a good solution to office space in Singapore. Not only do they offer a more cost effective solution, but many also are known for their mission to create cultures of community and collaboration where knowledge is shared and growth is encouraged.
Curious to find out more about Flexible Workspaces in Singapore?
- Benefits of renting flexible office space in Singapore
- Contact the team at FlySpaces here to discuss your plans with their team.