When renting anoffice space for your startup in Singapore, your decision is important in your business projection. Whilst an office space may seem inconsequential in the bigger scheme of things, it truly isn’t. It influences not only your company finances but also the productivity of your team. You must consider several factors when renting an office space but here is a brief rundown of the five most crucial ones.
The cardinal rule when selecting an office rental in Singapore is location. Ask yourself these two questions:
- Is my office located in a convenience area for my clients?
- Can my team conveniently get here?
These are the primary questions you need when deciding on a location and if you’ve checked them all, then know that you’ve gotten a good one. You can now proceed to go down the list and check the other considerations, for instance, security, parking and recreational facilities that your team may have access to. You also need to ensure that the location mirrors the business’s reputation. There will be a major dissonance if your family-owned catering business is right smack in the central business district. All of these requirements are vital to enhancing overall customer experience, team morale and brand image.
In the scenario wherein you’ve found the perfect spot, but you realised that the rental cost exceeds your budget by a significant amount; what do you do then?
Monthly rental for office space in Singapore is charged per square foot. Singapore has a vast range of offices to meet your budget with the lowest starting at S$3 per square foot while the highest is at $15. The total cost will include several other fees, including taxes so expect to pay a little more than what you’ve already calculated.
Use the following guideline questions to make a budgetary decision on the cost:
- Can I afford three months’ rent without disrupting my cash flow?
- Have I included all the costs?
- Is the rate competitive for the location?
Leasing office space in Singapore’s prime locations, such as at the heart of the CBD in District 01, will attract higher rates compared to other areas in the periphery such as Geylang in District 14. However, ensure that you’re paying a rate that is compatible with the location. Go ahead with the choice only if you are sure that your cash flow won’t be disrupted as you wouldn’t want to start on the wrong foot.
Even though the location and cost are 2 very important factors, space should also be an independent factor that is crucial to your decision making. Insufficient workspace and a cramped office will undoubtedly stifle productivity and this will affect the bottom line.
Consider the type of office when determining the size of your future office. For instance, a flexible office space tends to be able to utilise space much more effectively than traditional ones. This also coincides with the layout as it may or may not limit the designs that are plausible for your space.
Save time and effort by making sure that the office space on rent is already serviced. This means that it has a reliable data connection, electrical for equipment and air conditioner, amongst other things. Ensure that all these infrastructures are reliable and are of quality, lest you need to spend time fixing when you could’ve replied to some emails.
Lastly, consider the style of office space. Arguably the least important factor in this list, you may want to still have a look into it. Ensure that the style mirrors and complement your brand. For instance, the Google office is well known for its modern and sophisticated amenity to not only reflect the notion of the newness of technology but also reflect their young workforce. Ask yourself, does the style of the office space on rent complement your brand? Especially if you’re just starting a company, a beautiful office may leave a powerful brand impression on your clients.
To conclude, finding the right office space may take a long time and you might even find yourself bouncing from one space to another. At GreenHub Singapore, we strive to provide you with the necessary office space for lease that will meet your requirements. Our green modern office spaces possess a tranquillity that is highly suitable for businesses and creative pursuits. We are determined to cater to all your needs, ensuring a pleasurable work experience for you and your team.