The key elements to go into determining office space rental in Singapore include location, office size, type of lease, and additional services. In the case of traditional office spaces, rent is usually per square foot. However, the rates differ in respect to building quality, facilities, and location. At prime business districts, such as Raffles Place or Marina Bay, rent per square foot can be highly contactable as compared to other places in Singapore. Hence, you need to know how much space you are looking for and how much you can afford before you decide on a location.
To give you an idea of how much you will have to pay every month, first determine how large the office will be in square feet and multiply it by the rate per square foot. Suppose you need 1,000 square feet of office space, and the rent is SGD 8 per square foot; using the formula above, your monthly rent would be SGD 8,000. Other landlords may also ask for a service charge to cover maintenance and upkeep, estimated to be around SGD 1 to 3 per square foot in addition to the basic rent. Other incidental charges may include utilities, insurance, and property taxes, which may or may not be included in the lease and charged separately.
This will also be a very ideal solution for businesses that need flexibility in their practice and businesses that do not require permanent space. Mailing address, handling of mail, and access to meeting rooms are some of the professional services a Virtual Office in Singapore offers without committing to physical space. It is so much cheaper because instead of paying per square foot of rent, the businesses will pay a monthly or annual fee. The prices for packages vary, starting from a basic of SGD 50 per month upwards, depending on the additional features included in the plan, such as call forwarding or support by a dedicated account manager.
Moreover, coworking and flexible offices can have a desk or even hourly rent, enabling smaller teams or freelancers to be even more flexible. Most options come with high-speed internet, display space, and even event space included in the rent.
Traditional leases versus a virtual office in Singapore are questions of the needs of a business’s operation. The ability to understand a breakdown of the costs is where informed decisions on the most suitable option can be made within the competitive office market in Singapore.