Our company was recently approached by an international food agriculture company, Olam International, to assist them in finding a suitable lab space for their first food innovation lab in Singapore during the COVID-19 pandemic.
Despite the many restrictions and complications caused by the pandemic, we were able to successfully support the company in their search for a new lab space.
Challenges of Finding a Suitable Lab Space in a Limited Market and Tight Timeline
When Olam approached us with their requirement for a wet lab of around 15,000 sq.ft in the One North, we immediately recognized the challenges that we would face in finding a suitable space for them. The One North had very limited stock available, and Olam had already contacted a few other property agents without success.
The timeline was also extremely tight, as Olam needed the space in just four months. Additionally, the head of the new lab was based out of Singapore, and due to the COVID-19 pandemic and associated travel restrictions, she was unable to visit the site in person.
Navigating Challenges and Securing a Suitable Lab Space for Olam through Deep Understanding of Client Needs and Strong Network of Contacts
In order to understand Olam’s requirements better, we established a close communication with the head of the new lab and discussed in-depth the space requirements.
With a better understanding of the client’s needs, we searched for available spaces from building to building in the location specified by Olam, leveraging our strong networks with major landlords and leading leasing agents that we had established over the years.
Our efforts paid off when we learned that a tenant in one of the buildings Olam was interested in was giving up a floor of the space they occupied and looking for a replacement tenant to take over their lease.
We shared this information with Olam and arranged for a walk-through video tour of the proposed lab space along with the areas around the building to be presented to the head of the lab, who was located out of Singapore. Olam also sent one of their colleagues, based in Singapore, to join the site inspection.
After reviewing the space, Olam was satisfied with the location and we drafted a proposed offer for their review and started the negotiation. However, during the negotiation process, the landlord received another offer from an interested party, which made the negotiations more difficult.
Despite this, our team continued to follow up closely with both the client and the landlord and were eventually able to secure the lab space for Olam with favorable terms.
Overall, this case study demonstrates the value of our tenant representation services as a commercial real estate agent in Singapore. Despite the many challenges posed by the COVID-19 pandemic, we were able to assist Olam in finding a suitable lab space that met their specific needs and tight timeline.
Our strong network of contacts and expertise in the local property market, coupled with our dedication to providing comprehensive and effective tenant representation services, enabled us to successfully support Olam in their search for a new lab space.
If you are looking for a commercial real estate agent in Singapore with a track record of success in tenant representation, we encourage you to reach out to us. Our team is dedicated to helping our clients find the perfect space for their needs, and we have the experience and resources to navigate even the most challenging situations. Contact us today to learn more about how we can help you find the perfect space for your business.
About Olam
Olam International is a leading food and agriculture company with a global presence. It is based in Singapore and operates in more than 60 countries around the world. Olam’s portfolio includes a wide range of products, including agricultural commodities, spices, nuts, and processed foods. The company is known for its focus on sustainability and social responsibility, and it has been recognized for its efforts to reduce its environmental impact and promote ethical practices throughout its supply chain. Olam has a long history of innovation and is constantly seeking new ways to improve its products and processes.
