In Singapore, many of us live in a home we own but work in an office space that is rented. However, sourcing for an office space can be a lot of work. As the business expands, companies will need to find an office that is suitable to accommodate their needs.
In the era of hybrid work, the key challenge when planning an office space lies in being able to create an environment that supports employee flexibility, without sacrificing productivity. Companies and their workers want the best of both worlds in terms of having the right setup to do their best work (whether they are in the office or at home) and also being able to foster a vibrant work culture.
Opting for a well-designed, co-sharing office space can solve many of these requirements that companies may have. Co-sharing offices are usually conveniently located, sparing you the headache of finding a central spot in Singapore.
Maintenance costs, including renovations, utilities, cleaning, air conditioning, and internet expenses, are typically rolled into the package. If your space needs grow, co-working facilities can often accommodate your expansion.
Some companies may find co-sharing offices providing a lack of privacy. However, this can be addressed by having private offices and dedicated desks for each employee within the co-sharing spaces.
Read Also: Regular Office Vs Co-Working Space: Which Is Better For Your Startup?
For bigger companies, it would make more sense to have their own office. This is where it’s important to consider the rental cost that you will be paying depending on the location and type of office building that you choose.
Raffles Place, New Downtown (District 01) stands as the core of Singapore’s Central Business District, primarily housing finance, insurance, and legal firms. Rent in this area varies, with Marina Bay Financial Centre (MBFC) offices ranging from $13.00 to $15.00 psf, and The Arcade from $6.00 to $7.40 psf.
Tanjong Pagar, Chinatown (District 02) boasts excellent accessibility and a dominant tech and media presence, including WeWork and JustCo. Offices in Guoco Tower and Frasers Tower go for $13.00 to $14.00 psf, while those in 100AM are approximately $8.50.
Harbourfront, Buona Vista (District 04 and 05) offers a blend of affordability and accessibility, with Harbourfront Towers renting at $7.35 to $8.25 psf. Nearby, one-north business park hosts Grab and Razer’s headquarters, while Mapletree Business City charges $7.50 psf.
Bugis, Rochor (District 07) has become a vibrant work and leisure hub, with Duo Tower and Centennial Tower renting at $12.50 to $14.20 psf, and Gateway East & West at around $8.50 psf.
Orchard Road, River Valley (District 09) boasts proximity to CBD and a diverse array of shops, with Ngee Ann City at $10.50 psf and Great World City at $9.50 psf.
Novena, Newton, Thomson (District 11) offers a quieter locale with more affordable rates, such as Novena Square at $8.00 to $8.50 and Goldhill Plaza at $5.50.
Paya Lebar, Geylang (District 14) appeals to businesses seeking industrial spaces, with newer spots like Paya Lebar Quarters renting at $9.50 psf and older options like Starhub Green in Ubi at $5.20 psf.
Rentals for office space increased by 4.9% in 3Q2023 compared with the 2.3% increase in the previous quarter. This could be attributed to the return to normalcy of working in the office as opposed to the work-from-home (WFH) culture that was previously adopted during the COVID-19 pandemic.
Read Also: Guide To Office Rents In Singapore By Districts
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