Cost of renting a serviced office in Singapore
So, what is the cost of renting a serviced office in Singapore? Well, there is no definite answer to your question. There are lots of factors that contribute to the price of a serviced office in Singapore. Some of them include the locations of the office, the facilities in it, and other additional benefits attached to using the office. Therefore, in this article, we shall critically examine the various categories of serviced offices in Singapore and the average cost of using them.
A General Overview of Serviced Office Price in Singapore
The average cost of acquiring a fully furnished serviced office space in Singapore stands between SGD 400 to SGD 1500 per person per month. There can be some extra charges or fees for using additional facilities like land phones, internet Wi-Fi, parking space, lounges, receptions, kitchen and others.
Classification of Serviced Offices in Singapore
Serviced office spaces in Singapore can be broadly classified into three grades based on their qualities and features. These categories are identified below using Grade A, Grade B, and Co- working Offices.
1. Grade A Offices
Simply put, Grade A offices depicts superiority as well as quality offerings. Offices in this category are usually situated in most highly sought after and luxurious locations of the country. The buildings of Grade A serviced offices are usually well-maintained with a outstanding architectural landmark. Thus, the general outlook and view of Grade A offices are gorgeous and appealing. Most Grade A office buildings are located in important financial hubs like Marina Bay Financial District ( MBFC) , Raffles Place and Tanjong Pagar. Grade A office buildings typically are less than 5 years old and have very large floor plates and very high specifications such as raised flooring and strong fibre optic connections. Most important of all it carries a very prestigious address that gives it a strong corporate image to companies , especially Multi-nationals and companies in the financial industry.
What do you stand to enjoy in Grade A offices?
As a user of a Grade A serviced office, you can get access to several premium amenities like super-fast internet connections, coffee and tea, and gym/relaxation activities. More so, Grade A serviced offices are of international standard and are recommended for high-profile companies and firms.
The average cost of leasing a Grade A serviced office in Singapore is SGD 1000 to SGD1500 per person per month.
2. Grade B Offices
The cost of renting a Grade B serviced office in Singapore is relatively lower than that of Grade A serviced office. Statistically, it is about 20 – 30 % cheaper than Grade A office spaces. The quality and superiority of Grade B serviced offices are good too but not at the same level as Grade A offices.
Grade B serviced offices are located in fairly premium locations which can be the same or near to the same locations as Grade A office buildings . The design and structures of the buildings can be those of 10 years ago and therefore may lack the lush and modern view. However, Grade B offices are still perfect for companies that need good quality office space and do not require a really prestigious address. The average cost of renting a Grade B serviced office in Singapore is SDG 700 to SGD 900 per person per month.
Another form of flexible serviced workspace in Singapore is co-working space.
Co-working spaces are a hybrid of private offices and open plan desk space whereby you share a common table and facilities with other persons or group of persons. To some extent, a co-working space has its own unique benefit and advantage. For instance, if you run a startup or freelancing setup, using a co-working facility allow you to network yourself with a number of individuals who need or can help your setup. The private offices within a co-working facility is not any different of that in a serviced office. The average price of a desk in a co-working facility range from $250 to $700 , depending on its type ( dedicated or flexible ) , location and facilities provided.
The average serviced office price in Singapore
The average price of renting a serviced office in Grade A office building in Singapore depends on the category of such facility. In the Marina Bay Financial Centre MBFC or Raffles Place district, for instance, you can get a decent office for 2 persons at around for around SDG 2000. These kind of offices are well- furnished and contain all essential features like security, lounge, boardroom, showers, and internet connection. An Grade B office in Tanjong Pagar area offers a competitive serviced office facility for a little over $1000 for a 2 persons office per month.
Also over at City Hall or Bugis area, you can get an affordable serviced office space for an average of SDG 700-800 per person per month. The facilities in this area are well-furnished with essential amenities and administrative support, Wi-Fi, IT support, VOIP phone, reception, air conditioning, pantry, and much more.
If you prefer the Western part of the country like the Jurong East, and Buona Vista, you can get a serviced office at about SDG 350 per person per month. In eastern parts of Singapore like Changi, Tampines, and Paya Lebar, you can acquire an serviced office at about SDG 450 per month per person.
Basic things to consider before acquiring a serviced office for your business
But what are the things you need to consider to secure the ideal serviced office for your business? Is it enough to look for offers with affordable rates? Where is the best location to get as many clients as you can? Below are the essential things you need to check before finally deciding that this particular office will represent my business.
Address is an important element if you want to stay competitive in the market. Your chosen location has a great impact in building your reputation to present and future clients. A good business address makes a good impression on customers. Investors and potential clients would like to transact with trusted reputable businesses. Having your office located alongside with well-known businesses in the area builds your credibility in a way.
The interior design of every serviced office is distinct. Serviced Office space providers cater to different clients so they have different designs available. Your options may vary from corporate business look to colourful creative layouts. Determine what type of work environment would be suitable for your business. Usually, providers will suggest vibrant and inspiring spaces if you want clients to be more receptive of the ideas you will present them. Unconventional designs are said to boost productivity and creativity too. Typically the design of serviced offices tend to portray a very corporate , modern and minimalistic look. Whereas co-working offices provide a much more vibrant or even colourful thematic design. Some of the more common themes for co-working workspace comprises of luxurious hospitality , fitness and wellness and child-friendly space.
With traditional office leasing, you are required to sign a contract keeping the office in 2 or 3 years. The good thing about the serviced office is that they offer flexible leases from one month to 24 months. However rates will differ from the duration of the leases that you sign. The monthly rental rates for a long term lease ,i.e 12 months will typically be 5-10 % lower than say that of a 3 months lease.
Most serviced office have outdoor / indoor spaces for relaxation. People working in the building are free to use these amenities. It would be nice to step out of the office and sit on relaxation lounges while having casual conversations with colleagues. Some buildings have indoor and outdoor gardens where you can breathe fresh air.It was also not uncommon some office providers provide gym and swimming pools too.
Service offices include back office support. This is a great advantage to solo entrepreneurs as well as startup enterprises because they can get all the professional help such as secretarial support . That’s the reason why most businesses rent serviced offices , so as to demonstrate professionalism in your business.
Reasons Why You Should Opt For a Serviced Office
1. Ready to use Office Solution
Setting up an office for an entrepreneur or company who is just starting can take several months. Many opportunities can be lost during this period. Minimising and eliminating any downtime is crucial for any form of business. With the help of a serviced office facility in Singapore, you do not need to worry about it. Serviced offices are located in well established commercial areas and suit your business and are well-equipped with all the necessary amenities that you need.
2. Good Location and Address
Most serviced offices are located in CBD or city fringe locations that are well served by transportation networks and amenities like shopping malls , food courts , hotels and serviced residences. Due to this, they are very often located in very popular areas and that’s explains why Serviced offices in Singapore has been getting very popular.
3. Lease Terms That Are Convenient
The terms and conditions of renting a serviced office space in Singapore are flexible and convenient. You can choose to use the facility for a few weeks or a few years depending on your need. You can even use it to test-run the sustainability or viability of your business before you commit to a fixed location in an area. You also save money because you only pay for the actual period you intend to use.
4. Cost savings
This is probably the greatest advantage of all. You do not have to spend money to purchase furniture sets, electronics items, settle utility bills, pay ancillary staff, and undertake general maintenance. Plus, you will also be provided with a great customer service.
Given the huge range of options available in many different office buildings from Jurong to Raffles Place and Tampines across the whole entire island, to choose the most ideal office may be a really mind boggling task to most people. Talk to us today and let us advise you on the easiest way to choose and lease your ideal serviced office space today.