Selecting the appropriate office space for your company is an important decision. Not only should you consider your business’ needs, but you should also take into account the location of the building and the future growth of your company.
Amount of Floor Space
When it comes to determining how much floor space you will need, there are several factors to consider. You will need to consider the number of people you will be trying to accommodate within your new space as well as other office functions such as meeting rooms, breakout areas, server rooms, storage rooms, as well as the number of cubicles required for key management personnel. Be sure to consider future growth in a year or two as well.
Depending on the kind of configuration that you have in mind. In comparison to a closed plan layout, an open plan layout would require less floor space per person.
It is recommended that you consult a Tenant’s Representative if you are looking to lease office space in Singapore. Tell your Tenant’s Representative what you have in mind and he will be able to provide you with an accurate estimate of the floor space you will need.
Choosing the right location for your Singapore office can make a substantial impact on your business. Whether you are a start-up or an established business, it is crucial to analyze the ideal location for your business.
The location of your office should be convenient and easily accessible not only to your clients but also to your employees. A central business district is a good option for most businesses. Nevertheless, the distance your employees have to travel to get to work should also be considered.
In 2019, a hospitality technology company contacted us to find a replacement tenant for their newly renovated office facilities. During my visit, half of the office was empty. The new office has been rented for over a year, but the location has made it difficult to recruit new employees.
A Budget For Rentals
Whether you are starting a business or expanding your office space, it is important to know how much rent you can afford. There is no doubt that every business aspires to have an office in the most prestigious grade A office in the Marina Bay District, but these offices do come with a premium.
You will be able to attract clients, remain competitive, and project a professional image when you have an office in a premium building with a prestigious business address.
If you don’t have the budget for a traditional office in a grade A building, you might want to consider a serviced office. These are fully furnished and professionally managed shared offices.
With serviced offices, small companies that wish to locate in grade A office buildings, which typically offer office space in excess of 2,000 square feet, will be able to save a considerable amount of money on their initial investment.
A budget should be established before you begin searching for an office. To obtain information on rental rates for different office building classes in the desired business location, contact a Tenant’s Representative.
Having a solid understanding of the classification system for office space can help you narrow down your search for office space.
There are three categories of office buildings in Singapore – Class A, Class B and Class C. But which is right for your business? Do you need to be located in a class A office building? Or would a Class C building do just well for your business?
Class A buildings are the highest quality office spaces. These buildings have state-of-the-art systems, a well-positioned location, high-end amenities and excellent access. They attract top-quality tenants, including some of the world’s largest tech companies. They are also professionally managed and offer a high level of accessibility.
Class C’ commercial office space is typically located in less desirable areas. Its tenants may include small operations and startups. They are also typically older buildings, and lack repairs and maintenance.
Aside from the three building classes in Singapore, there may be other quality premises that would be suitable for your business. If you speak with a Tenant’s Representative who has extensive knowledge, he will be able to suggest alternative solutions for your consideration.
Throughout the years, our recommendations of alternative options have allowed many businesses to save significant amounts of rent.
We at Owee Commercial Real Estate are one of the few commercial real estate agencies in Singapore who represent tenants and help them find a commercial property as quickly as possible while meeting all their needs. Check out our Tenant’s Representation page to learn more about our services.
Nic is the Executive Director and Key Executive Officer (KEO) of Owee Commercial Real Estate Pte Ltd. Nic starts his real estate career in 1995. He focuses in providing real estate services specifically to international high net-worth individuals and corporate clients. His expertise includes commercial properties finding, property investment planning & acquisition, managing buy to let property and tenant representation for office space.