Singapore Office Market | Rent, Space Types & More
In this article, we will walk you through the major aspects of the Singapore office market, including the latest rental trends, office space types, etc. Let’s get started!
Office Space Types in Singapore
Renting a workspace in the Singapore office market means you can access a wide range of office types. For example, the country offers numerous virtual office spaces, coworking desks, sublet offices, and more. So, you can easily select an office space for your business according to your budget and other specifications.
Here’s a quick glimpse of a few office space types offered by the Singapore office market.
- Shared Offices: Shared office spaces are much more affordable than traditional workspaces in Singapore. You get to work in a professional office while also sharing common areas, such as conference rooms, collaborative spaces, pantries, etc., with other teams. This is one of the ideal options for individuals looking for more networking and collaboration opportunities to expand their network.
- Coworking Desks: Another popular Singapore office rental type is coworking desks. Just as the name says, it is a coworking space for various types of professionals, such as entrepreneurs, freelancers, part-time workers, etc. The most interesting part is that you do not have a specifically designated area in such workspaces - instead, you need to rent a desk or a small area within the larger space.
- Virtual Offices: Virtual offices provide businesses with a prestigious address and telephone number in a prime location. So, you can easily use that information on your business cards, website, and other marketing materials. This allows remote/online businesses to establish a professional presence of their company and also build brand image and credibility.
Rental Trends of the Singapore Office Market in 2024
Just in case you are looking for an office space in Singapore, we have some news for you. Here are the recent rent trends in the Singapore office market in 2024. Let’s take a look!
- Rise and Fall in Office Space Market: Just like numerous other countries, the Singapore office space market has also seen some signs of decline in various aspects, such as rental prices, especially in central business districts. A variety of factors have contributed to this, for example, global economic uncertainty, higher business operating costs, lower profit margins and more.
- Landlord Flexibility: Due to the slight decrease in demand, office space landlords have become a bit more flexible to price negotiations and lease terms. So, if you are looking for office space in a prime location for your business, you have a good chance to score a better deal as compared to the previous year.
- Explore More Locations: Although the Singapore central business district locations offer more benefits than other areas, you still need to explore them for your business. This can help you cut down on unnecessary rental costs, maintenance charges, and more. Thankfully, in 2024, you can find many reliable office space providers in Singapore, so you can connect with them to find the right workspace for your business. Simply connect with them and check out more affordable options outside the traditional CBD hub.
Our Top Recommendations for Singapore Office Spaces
After a thorough Singapore office market review and research, we have come up with our top recommendations for office spaces in 2024. These properties are not only located centrally but also offer a wide range of amenities and perks to businesses. Let’s check them out!
The Work Project (Singapore)
2 Science Park Drive, Singapore
| Available Offices | 16 Offices |
|---|---|
| Capacity | 1 - 36 Desks |
| Price Range (Month) | SGD 457 to SGD 22,622 |
|---|---|
| AVG Desk Price (Month) | SGD 639 |
This coworking office is located at a 4-minute walk from Kent Ridge and PSB S'pore, Science Park Dr bus stop. Offering an accommodation for 3 people, this workspace is fully furnished and has flexible rental plans so you can move in without worrying about anything and start your work.
Office Features & Highlights
By working in this office, you can access several amenities and features, such as:
- 24/7 open access to the space and a fast internet connection for non-disruptive workflow
- On-site administrative and reception support to help you with your business needs
- Collaborative public space to connect with other employees and expand your network
- Shared kitchen and printing facilities to promote sustainability and affordability.
Regus (Singapore)
1 Fusionopolis Place, Singapore
| Available Offices | 20 Offices |
|---|---|
| Capacity | 1 - 20 Desks |
| Price Range (Month) | SGD 127 to SGD 15,987 |
|---|---|
| AVG Desk Price (Month) | SGD 792 |
This coworking serviced office space in Singapore is another best pick. Situated at a 2-minute from One-North Stn/Galaxis bus stop, it is fully furnished, offers flexible rental terms, and can accommodate 2 people in its professional and welcoming environment.
Office Features & Highlights
In this workspace, you can further avail yourself of several amenities, such as:
- Fully equipped boardrooms and meeting rooms for professional conferences
- Access to a dedicated receptionist and waiting area for your clients
- Shared kitchen and printing facilities for convenience and efficiency
- Breakout and collaborative spaces to relax and communicate with other industry professionals
Though these two are the most-rented workplaces, you can go ahead and explore more office spaces in Singapore and find the one that checks all the boxes on your list.
The Bottom-Line
After carefully reviewing the recent market trends in the Singapore office market, we can conclude that it is worth exploring, especially for small-scale businesses, startups, and entrepreneurs.
We hope you found our guide helpful. Just in case you are interested in relocating your business to Singapore or are looking to set up a business in the country from scratch, do reach out to us at Office Hub. We have 1000s of office space listings for you, so you can select one for your business according to your requirements and budget,
Connect with Office Hub today!
