8 Questions to Ask Before Renting An Office Space

Finding a space to start your business in Singapore can be tricky. There are so many things to consider when picking the right area and building. Unless you are already adept at finding the right location, there are certain things that you need to ask because the answers will significantly affect how your business will or can operate. Making the wrong decisions can cost your business a lot once you commit to a lease. To ease your worries, I have listed down a few commonly asked questions below with each corresponding answers for these queries. So I hope that this list will help you find the right office space for your commercial success.

How To Find That Ideal Office Space for Your Business?

Singapore is one of the fastest developing countries in the Pacific, thanks to the ease of starting a business in the country. This fast-paced movement of start-ups also poses the issue of limitation in office space supply. This is one of the difficulties comes to looking for a space to rent, whether by SMEs or multinational businesses. If a new start-up business wants to begin their entrepreneurial journey, turn over to traditional means of searching for a space. Going traditional means searching through property portals, newspaper listings, or with the help of commercial real estate agents might be the best chance of finding that ideal office space.

What Should You Consider When Selecting an Office Space?

Understanding the nature of the business will dictate the best location for your office. Legal offices, for example, should be conveniently located in a building near to their clients. The layout is another concern and how large your office should be. Knowing what type of business, you run will significantly narrow your search parameters regarding where to rent.

Commercial spaces also come in different premium grades like A-Grade offices. They are no longer exclusive to multinational businesses, financial, or energy companies as technology start-ups have been observed to swallow up this space. Picking the right area is crucial because of the financial aspect and must also be in line with the nature, culture, and image of the business.

Do You Have Provisions For Extra Space For Future Growth?

When scouting for a space, always consider the possibility for expansion and what most top brass folks in the company would consider as a “good problem” can turn sour on a dime.

This warrants attentiveness when working with the property owner. It is a good idea to work with a landlord who can offer options for expansion just in case the opportunity comes.

The physical space required for future expansions is typically based on 50% -100% increase. The base value is taken from the current space you occupy then the said percentage range is tacked on. This becomes an issue if the current space is not efficiently optimized. Carefully calculating space requirements must be considered, especially as new people are hired.

How Much Rent Can You Feasibly Afford?

A business that physically moves to a different location must ensure to account for all expenses, especially the hidden ones. Aside from the rental fee, costs of power, water, internet connection, incidental charges, office maintenance, business permit, and other legal documents are all easy to skip but shouldn’t. When relocating to a new space, renovation is expected, and this can be one of the most significant expenses plus costs on deposit and rent.

Once you have everything accounted for, check to see if these expenses make sense in the long run by comparing it to your income from the previous year.

Where Should You Locate Your Business?

Earlier, I’ve mentioned the location of a commercial building that may affect your business. Does your business need to be located at the central business district or central region? And will it benefit your business to be near or close to similar business, that is, your competitors? And if you will be establishing outside of the central region, do you still have decent access to necessary supporting services?

How Will You Design Your Office Space?

There are many ways to decide on a layout and design for your office space. If the reduction of expenses is a must, an open plan layout may be more affordable when it comes to initial costs.

A workspace can be a stressful and competitive environment, especially at crucial times. It is important to consider the overall atmosphere of the office as it may have psychological effects on the employees. Visually appealing colors can keep the mind of getting bored on slow days.

Elements that inspire innovation and creativity are also a must. In order to keep workers feels from feeling bored, some offices will even go as far as to provide gaming stations. Of course, this depends on the nature of the business, some simply could not have these things for practical reasons, so the best they can do is on the aesthetic appeal.

What is The Ideal Length of a Lease Term?

A hotly contested topic among business owners the lease time relies on the stage of maturity of the business. Is it a start-up or has been in business for years? Start-ups are faced with many uncertainties and thus have the most to risk when deciding on a lease term.

For the best practice, businesses that lease for 2 years or less are discouraged from signing up for a traditional workspace where renovation is required. As an alternative, these businesses should look into flexible space options like serviced offices, private office suites, or co-working space.

In these types of locations, the basic amenities are already available for employee use. It won’t be as fun as having an area of your own, but this should really be taken seriously as there are many responsibilities involved when managing your own space.

Are Recreational Amenities Necessary for Your Business?

Landlords find ways to entice businesses to rent under them by offering recreational amenities. These are very handy to have when you cannot afford to provide these very things within your office space due to the nature of your business, or there isn’t enough physical space to allocate for them.

But does your business really need them?

The issue that comes with renting a space in a commercial building with these amenities built-in is the tacked-on cost on your monthly rental fee, so this is a call that you will have to make as the business owner.

Starting a business is exciting as it is challenging, but like any other endeavor, there are numerous ways to cope up with these challenges. If unsure of your steps, I have the right decision-making strategies to help you out in your business, especially when it comes to finding that right office space and location.

My team and I can help you in this endeavor if you are unsure how to start your journey in this wonderful and exciting world of commercial space hunting. You can start by letting us know about your concerns today, and we will do our best to help you in the best way possible.