For companies looking to expand into the Singaporean market, office space becomes one of the first things that needs to be considered. However, it may also prove challenging for these companies since there are many factors that affect the choice of the office space for rent. Here are some of the factors to consider when choosing office space.
Nature of Business
Office spaces come in different shapes and sizes depending on the nature of their support business. For example, when choosing office space for rent in Singapore an insurance company requires a more sophisticated office building with car parks, but this is not necessarily true for software companies that can operate from co-working spaces. Some companies can also use serviced offices for rent where the package would only include the rental and amenities such as furniture, air conditioning, and high-speed internet connection. This will greatly help companies that do not want to spend on expensive office spaces but need a professional address. Check https://www.arccspaces.com/sg-en/ for more information.
It is important for companies just starting in Singapore to have an office space located in the central business district. This makes commuting much easier for employees since they can avoid traffic jams. Besides, commuting will not be a problem for companies whose workforce comprises foreign talents who might need to take public transport when they go home. However, location will not be a huge factor for companies that already have an established workforce that can drive themselves to work.
Size of the Office Space
This is perhaps the most important thing to consider when choosing office space, especially if it serves multiple purposes. When choosing office space for rent in Singapore, companies need to decide whether they want serviced offices for rent or private office spaces in addition to determining the number of workstations required. Companies may want to consider whether they are just starting or have already established themselves in Singapore when choosing between serviced offices and private office spaces.
Cost of Office Space
Cost is one of the most important factors that companies need to consider since it will determine how much capital is available for business operations. The price of office spaces in Singapore varies widely depending on the location and type of the space. Here are some things that companies should take note of when assessing cost:
There is a huge difference between renting a serviced office and a private room. Companies must have an idea of how much they can afford or whether they will bear the cost at all.
Short leases normally come with higher rental rates, but it would also mean flexibility for companies so that if they are not happy with the space, they can look for other options earlier.
Some companies might want to redesign their offices, and it would be much better if this is factored in when assessing the total cost of the lease period.
Number of Employees
This is one of the most important factors that companies need to consider when hiring staff. For instance, renting serviced offices are more convenient since they do not require much space, but it might cause problems if the number of employees increases over time. This is because serviced office spaces are usually catered mostly towards small businesses, which means it lacks some available facilities in larger office spaces. This might be a problem in the long run, but it does not matter whether they rent serviced or furnished offices for companies just starting since there will be limited employees around to use them.
Companies need to consider whether they are just starting or have already established themselves in Singapore when choosing between serviced offices and private office spaces.