Office Space in Singapore

Singapore

Office Space: Multitude of Choices!

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The office space in Singapore is divided into – government-owned premises and private-owned premises. The rents of government-owned commercial premises are usually lower than the private-owned premises. Most of the government-owned commercial buildings are located away from the city centre.

You have a plethora of choices available in office space / commercial properties which you need to evaluate properly to get the best deals. You can scout various properties on specialised web-aggregators’ sites before approaching a property agent for better understanding of rules & regulations and hassle-free transaction.

Singapore’s commercial real estate market increased by more than 175 per cent in the first three quarters of 2019, overtaking the likes of Tokyo, Sydney, Hong Kong and Melbourne. The city is a magnet for global technology and professional services firms. This position is supported by the strong interest from global investors in Singapore. (JLL report)

Commercial property in Singapore is typically leasehold e.g. 30-, 60-, 99-, or 999-year lease. Freehold commercial property commands a premium and is mostly in suburb areas. For residential property, they usually come with at least 99-year lease.

Singapore Central Business District (CBD)

This is the area surrounding the Singapore River which comprises the Raffles Place, Shenton Way, and the Marina Bay Financial District. Most major corporations (foreign multinationals), financial and legal institutions are located at the prime office buildings at the CBD and command high rentals.

Most of these buildings are easily accessible via the AYE, CTE and MCE expressways, and also near the Raffles Place MRT, City Hall MRT, Chinatown MRT, Tanjong Pagar, Downtown MRT, and Telok Ayer MRT.

Most of the Category 1 office buildings are defined as those located in core business areas in Downtown Core and Orchard Planning Area which are relatively modern or recently refurbished, command relatively high rentals and have large  gross floor area.

The office will retain a key role in corporate real estate strategy, though with greater use of rotation-based and remote working models.

Still, expect changes in the future work ‘place’, ‘space’ and ‘pace’ and Singapore is no exception to that.

Related – International movers in Singapore