Important Search Tips
Whether you are looking for cheap office rental, or ultra prime address for your office, the location is the key determinant of how much you will eventually be paying. As the saying goes, property is all about Location, Location, Location. Do note that choosing prime locations involve paying top dollar. In general, the CBD commands the highest rental rates. Some questions to ask before deciding on the location :
- Is this space accessible for my staff?
- What are the transport links nearby? MRT, Buses, parking spaces for cars?
- Is this place accessible to major roads and expressways?
- Does this place suit the nature and image of my business?
- What are the surrounding amenities like? Banks, eating places, etc?
You will need to be very clear on the company’s budget when sourcing for the new business space. Besides the Rental Amount, other unseen factors which should be considered are:
- Fitting out cost. In general, a back-of-the-envelop figure can be anywhere in the range of $45 – $100 psf. Do check out our Fit-Out Guide for more info.
- Air/conditioning, utilities usage per month
Your budget will determine which area you can select. If your company wants a good address with a great entrance lobby for corporate image, then more money must be spent. For new start-ups or small offices, we recommend going for city-fringe or out-skirt areas. Serviced-offices are also recommend for small offices which require a premium address without the commitment and cost of normal office rental. Do check out our Price Guide on the various locations.
One of the common mistakes tenants make is to source for their office space too LATE. We have seen tenants who started late and they eventually had to take a less desirable space or even worse, end up stranded due to the circumstances. We have also met tenants who started too EARLY. The biggest problem with starting too early is that upon finding a suitable office, the Landlord is not willing to accept the offer due to the long wait.
If you are sure that you will be shifting after your current lease expires, then you must ensure that you start your office rental search at least 3 months in advance. Not only is the whole search process lengthy, ample time is also required for negotiation, renovation, and moving to new premises. And sometimes, a few uncontrollable variables, such as, delay in renovation, last-minute cancellations with the movers, increase in rental, may give your timeline some hiccups.
An experienced commercial agent will be able to cut down the lengthy time involved in searching, negotiating and recommending various contractors for the tenant. The experienced commercial agent will also be able to offer up suitable alternative locations. We have literally hundreds of listings and count the major landlords in Singapore as our clients. With so many listings, it will be much easier to shortlist your desired office space. The true value of the agent comes, when he is able to bring forth options which are the most bang for your buck.
Let our experienced and competent 1CommercialSpace team take care of all your sourcing needs while you focus on what’s really important for your business! A good important first step would be to check out our rental guide for tenants.