When it comes to renting premises for your office space, it can be said that this might be of huge expense. When you look forward to hiring a traditional office space, you are bound by those cumbersome and not so flexible fixed term years. But, spaced offices are reducing the challenge in the sector by providing most lucid and flexible array of office spaces for you. Get access to fully decorated and furnished office space stuffed with a majority of amenities as well as a great interior.
What’s the catch?
We can say that serviced offices in Singapore are generally overlooked for the matter of fact that they are a bit costlier. Their monthly fees might be a bit higher, but, as a customer, you get access to few lush facilities that are unmatched. A serviced office in simpler terms is a place for which you pay-as-you-use space. Bundled with plenty of benefits, we can say that serviced offices can be your best catchy for the purpose of getting the best bang for your buck.
Why are serviced offices popular in Singapore?
According to a research, an array of reputed business houses in Singapore are looking forward to availing short-term lease agreements. When we talk about spaced/serviced offices, you get access to a monthly pay-out facility in which you can settle and renew the agreement every month. This adds flexibility when it comes to strict lease agreements. Although rental expenses are a bit higher when you opt this option, it’s worth exploring.
People love the fact that it is a) short term office rental b) fully furnished office for rent.
We’ll talk about how much does it cost to rent a services office in Singapore in this article.
Costs and Fees associated with any Serviced Office in Singapore:
When it comes to renting a serviced office in the country, there is an array of costs that are associated and should be taken into account. Serviced office provider might ask for credit checks as well as references for the purpose of attaining the guarantee that you can pay your regular rent. Rents are usually paid in advance in serviced office domain of the country. One must take utmost care to not delay payments, as serviced offices come with some hefty late payment ruled. Office providers reserve the right to recover any extra charges with added ease.
Rental periods are obviously pretty flexible in nature when we talk about serviced offices. It can simply go from a month to around six months. There are also serviced offices that allow regular day-to-day tenants. Thus, your rent is divided as per your usage.
Factors that affect rental costs of a serviced office:
• Quality of interior
• Location around the city
• Internet Connectivity
• Number of desks
• Building’s Floor
• Extra amenities
Serviced office Singapore Price
Serviced office providers might also charge customers for telephone usage on a handset basis. In accordance with a general trend in the industry, customers are generally required to opt for a handset for every desk deployed in work. On average, it costs a little over S$60 per month for renting a line. Further, call charges might vary as per your local, interstate or international usage.
The average cost of a fully-furnished serviced office in the country stands at SGD 1000 to SGD 5000 per month. Well, above-mentioned variables like office space, location and amenities offered are also there, that might affect the overall cost. Internet, parking, lounges, reception and much more have been included in your monthly spaced office package. On average, serviced offices are somewhere of between 100 square feet to 300 square feet in posh office hubs. You can get access to both, co-working office spaces as well as private suites when you opt for instant offices.
For example, you can rent a serviced office at Singapore’s United Square on 101 Thomson Road starting from $24 per person per day to $100 per person per day. You can rent a window office space at Singapore’s Toa Payoh Public Library from $28.4 per person per day. The prices mentioned above are offered under a 2-year contract of the respective serviced office spaces. For big enterprises out there looking forward to availing an eye-catchy office space, you can rent your dream office lounge at Guoco Tower starting from $28.9 per person per day to $115 per person per day for a 2-year contract. You can work anywhere around the country on hourly, weekly, monthly as well as much obvious, yearly basis with your favourite serviced office in Singapore.
Classification of Serviced Offices in Singapore:
Grade A Offices
In simpler words, grade A offices encapsulate superior quality as well as offerings. These are usually located in most lush and prime locations of the country. The buildings of Grade A serviced offices are well-maintained and they are generally architectural landmarks, hence, it increases their appeal. Grade A offices are generally located in buildings that are over 100,00 square feet in size. As a customer, you can get access to absolute transport facilities blended with an array of premium amenities. Another bundled bloom that comes handy with serviced offices of Grade A rating is that they offer a professional appeal, these are suitable for international standards and these type of serviced offices are up to the level of high profile companies. Thus, it leaves a remarkable impression. On average you can get your Grade A Serviced office in Singapore for around S$1200/mo/pax upwards.
Grade B Offices
When it comes to rented costs for Grade B serviced offices in the country, we can say it’s a bit lower. Generally the same is about 30 to 40 percent of the cost of any Grade A office space. Quality of any Grade B office is good enough but not of superior level. These tend to be located in fairly good locations, but serviced offices under grade B lacks architectural attraction as well as infrastructure’s presence. These can be older than 10 years and might not feature lush corporate client neighbours. You can attain a grade B serviced office space in the country for around $700 or less/mo/pax in Singapore.
Offices with CO-WORKING
Nowadays people look forward to a hybrid model of serviced office and a common co-working spaces as described in the video below. Still premium spaces like The Great Room, WeWork, The Working Capitol and Collision 8.
Comparison of Serviced Offices and Coworking Space
Below is a table explaining the difference between each option:
|Coworking Space||Serviced Office|
|Office||Equipment, facilities and working areas shared in an open space with bars, coffee rooms and similar provisions are available to help create a conducive working environment.||Office space are privately rented to maintain discretion. Boardrooms, office equipment, lounges and similar facilities are provided and shared among the various clients.|
|Design||Coworking spaces are designed to look casual and encourage interactions among patrons who liaise and exchange ideas. They tend to attract younger people who are corporate looking individuals.||These are designed to attract member of the corporate world and are befittingly designed.|
|Culture||It usually attracts freelancers and startups whose activities are supervised by facilitators meant to attend to their inquiries. Most patrons run an informal setup.||Largely patronised by major organisations looking for temporary office spaces due to moving or renovations. Most of such companies are looking to house additional staffs.|
|Lease Type||Varies with demand on a membership basis||Varies between 3-24 months|
Average rates of serviced offices around Singapore
Let’s begin with Raffles Place region: In Market Street Singapore, you can get your favourite fully furnished office space that would feature every lush amenity like Meeting rooms, 24×7 access, showers, security, lounge, boardroom, internet as well as furnished furniture for around S$1000 per person per month.
Tanjong Pagar offers the best office space opportunity for a little over $950 per person per month
At City Hall area, you can get an affordable serviced office deal for $800 per person per month. The offices in the region will ensure you with every amenity such as administrative support, VOIP phone system, Wi-Fi, meeting room, IT support, reception, pantry, air-conditioning and much more.
If you would love to be at the North and West area like Woodlands, Jurong East, West Coast, rental can be as low as $350/mo per pax.
Office people who love the East area can settle for places in Changi, Paya Lebar and Tampines which cost around region of $400-$500/mo per pax.
Service offices come in every size tagged with a price mark. You can get your favourite spaced office in any particular locality amidst the country. Both, grade A and grade B offices are available to cater your needs in a splendid manner. Serviced offices in Singapore are the new boon blended with the much needed, flexibility.
Check out with our consultants at SG Offices to see how we can match you the best office space in Singapore.