What Are the Office Rent Costs In Singapore This Year?
To make things easier, we have done all the work for you. Below, we have come up with a detailed answer to your question, “How much office rent costs in Singapore in 2024?” Let’s dive in!
Central Business District (CBD) Tax
Office rent cost is much higher in the prime locations of the country due to the wide range of perks and amenities offered to businesses. For example, some of the prime locations in Singapore's central business district, Marina Bay and Raffles Bay, continue to charge the highest rents from their clients. Usually, grade-A office spaces in such areas cost to rent office space for around SGD $14 per sq. ft per month, which is obviously pretty high. However, the good part is that you also get to enjoy a wide range of perks and high-end features in these workspaces, such as modern infrastructure, fancy furniture, collaborative public spaces, conference rooms, and more.
Similarly, a grade B workspace in such buildings is also a bit pricey - for example, you can rent an office space for your business for about SGD $8-10 per sq ft per month.
Grade B and C Buildings Outside the CBD
If you are looking for affordable workspace options in Singapore, it would be better to move outside the central business district, especially if you are a startup or a small-scale business. For example, there are numerous economic office rent cost options out there such as business parks like Jurong East and areas like Tanjong Pagar offer an interesting mix of office spaces. In such areas, you can easily secure grade-b and c buildings for SGD $4-8 per sq ft per month, which is pretty reasonable.
Although these workspaces might not offer all the amenities and modernity that you enjoy with CBD grade A buildings, these office spaces are still much better in terms of affordability.
Increased Trends of Coworking Spaces in Singapore
Just like many other parts of the world, Singapore also witnessed some hike in its office rent cost in 2024. Due to this, many businesses out there are considering coworking office spaces so that they can cut down on their rental expenses and office maintenance costs.
For example, Singapore offers a wide range of office space types, such as hot desks, virtual offices, shared desks, sublet offices, and more. These shared office spaces offer a plethora of amenities and high-end features like meeting rooms, collaborative spaces, fancy furniture, storage facilities, signage options, and more.
Renting a coworking space in Singapore allows employers to reduce their monthly rental expenses and also provides them with more collaboration and networking opportunities in the long run. Singapore office rental rates for shared spaces are comparatively lower than those of traditional workspaces. They also allow people from different industries to interact with each other and expand their knowledge about various professional fields.
Try to Negotiate
Due to the current conditions of the rental market in Singapore, do not hesitate to negotiate with the landlord if you find the rent too high. Thankfully, the landlords have become more receptive to discussions, especially for larger office spaces, as they charge higher rent for these places. So, give your best in negotiations and score the best deal for your business!
Other Factors to Consider
Although rent is the most crucial factor of setting up a new office space, you need to take care of numerous other operating costs as well, such as maintenance fees, property taxes, and more. Also, be mindful of hidden fees and charges that may come up all of a sudden - for example, avoid renting an older building as it might require additional upgrades or frequent renovations to meet certain office standards.
Just in case you are a newbie in the country or are thinking of relocating to an affordable office space, do check out the list of most reasonably priced workspaces in town.
In Conclusion
There you go!
We hope you enjoyed learning about the Singapore office rent cost in 2024, along with some leasing terminology in our mini guide. Just in case you have any questions or queries, do reach out to us at Office Hub. Our expert team will provide you with all the assistance you need.
Also, Office Hub has thousands of property listings on its website so you can choose an office space for your business according to your budget, location preferences, and other requirements.
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