Office lease terms do vary widely in Singapore, depending on the type of workspace each business requires. The most common office lease terms in traditional office spaces are from two to five years, and for larger and longer-term corporate commitments, the lease might extend up to ten years. For smaller areas of office space or startups that have requirements for flexibility, shorter lease terms can be seen. Most businesses like long-term leases, as they bring with them the stability and predictability that may ultimately allow them to negotiate their rates of rent at great rates without having to go through many hassles in relocating.
However, flexible workspace markets, including Virtual Offices in Singapore, have shown tremendous growth in the recent past. Virtual offices are suitable for those businesses that do not necessarily require full-time physical presence and would like to save on overheads related to conventional offices. The Virtual Office in Singapore means that companies don’t have to be tied into a long lease for the business class address in one of the most prestigious business districts, with mail handling services, or access to meeting rooms when they need them. This really is just such a flexible agreement, where any needs for workspace could easily scale up or down due to growing business, which would particularly be helpful for those starting their businesses.
While for flexible or coworking spaces, lease terms are usually month-to-month or quarterly, some providers offer daily or weekly options to make the facility highly flexible for businesses, unparalleled by other options. Similarly, these providers of virtual offices operate on similar terms, where packages range between monthly to yearly subscriptions and could be tailored according to the particular needs of businesses.
Ultimately, whether to go for a traditional lease or a Virtual Office in Singapore depends on the nature and objectives of the business. Virtual offices are an affordable and flexible alternative for businesses that do not require permanent office space, while traditional leases would be more suitable for businesses that need to have consistent and dedicated space. Growth projections can be used by companies to ascertain their operational needs and subsequently take legitimate steps to change strategic positions in Singapore’s dynamic business world.