Types of Office Space in Singapore And Where They’re Located
Like any country, Singapore has a range of office types and locations. You’ll need to be aware of these to understand the market, including what types of premises might be available and where they’re likely to be. Here’s a look at the types of office space in Singapore and where they are located.
Types of office space in Singapore
There are four broad types of commercial office spaces in the Singapore market.
1) Corporate Offices
These offices are generally located in the CBD or on the city fringe. They can come bare, partially fitted or fully fitted.
2) Co-working and Serviced Offices
Co-working spaces are flexible working environments where different businesses and individuals share office space and common services (like lunch/meeting rooms, photocopiers and reception areas). They are ideal for start-ups, small businesses and companies with short-term or flexible office space needs.
Co-working spaces are trending in office markets around the world, and Singapore is no exception. In fact, the amount of co-working space in Singapore doubled to 1.4 million square feet in 2018. They’re springing up everywhere, both in the CBD and in the city fringe.
These are two-to-three floor historical buildings from Singapore’s colonial period (Singapore was ruled by Britain for two decades after the end of World War II).
You can find shophouses sprinkled around the Singapore CBD and in surrounding suburbs.
4) Business Parks
Business Parks are areas of land where many office buildings are grouped together. They tend to be located in outer suburban areas. For example, there are major business parks at Changi and Jurong in Singapore.
Business Parks are ideal locations for businesses that need close office proximity to different aspects of their operations. For example, engineering and technology companies might need office space that’s close to their factories.
Office Areas in Singapore
There are seven main locations where you’ll find Singapore office space:
1) The CBD
3) Bugis St/Beach Road
5) Buona Vista/One-North
These seven areas are indicated on the map below. And the type of space you’ll find varies depending on the location.
Current market conditions
Rental rates for office space in Singapore are generally increasing off the back of a healthy economy and strong employment growth. White-collar industries such as finance, insurance and information/communications technology are experiencing the most growth.
What’s more, there will not be another significant injection of new office stock until 2022. This means that rents are likely to continue to increase for the foreseeable future. That makes it more important than ever to negotiate the best possible lease terms and conditions.
How we can help
Our team at Tenant CS provides an independent tenant representation service. We have offices based in Singapore and Sydney, Australia and work all over the Asia-Pacific. Our years of experience mean that we have the market knowledge and negotiation skills to help our clients to source the perfect office type/location and negotiate the best possible lease terms.
Contact us today to find out how we can help you!