Looking for an office space but not sure where to start? Fret not! We got you covered by introducing the 6 kinds of offices and its grade designations in Singapore.
Central Business District
Singapore’s Central Business District, commonly known as CBD, is home to many prestigious internationally known financial and business buildings. These include Capital Tower, Marina Bay Financial Centre, Ocean Financial Centre, One Raffles Place, UOB Plaza and the list goes on. Most of the prime central buildings are owned by a single landlord and are part of REITs (Real Estate Investment Trusts).
The offices in the CBD are a popular choice for rent for its established public transportation and connectivity, which makes commuting for staff and clients a breeze. The diverse institutes in the vicinity also make for excellent networking opportunities. Popular eateries are easily found within the area, and they include Lau Pat Sat, which is well-liked by the tourists, Market Street Hawker Centre, and Amoy Street Hawker Centre.
As we embark on this journey to discover office spaces in Singapore, Paya Lebar, Woodlands, and Jurong also stand out as compelling destinations. Paya Lebar offers a dynamic environment, Woodlands provides strategic connectivity, and Jurong boasts emerging opportunities, collectively contributing to a diverse and vibrant landscape for businesses seeking prime office locations.
Now, let us look at the key elements to note when choosing an office space:
Grade Classifications
There are 3 grade classes for the offices in Singapore. Grade A, B and C. The grade depends on factors such as its physical characteristics and location. The grade of the office would also contribute to the price.
Grade A offices are usually found in desirable places, like Singapore’s central business district. Due to its excellent amenities and networking opportunities, they are the most sought-after when people are looking to rent an office. The offices are housed in prestigious, newly constructed buildings. But rental prices are high! Grade B and C class are great for alternative budgets.
The location, amenities, and upkeep of Grade B workplaces are less robust. Companies typically choose Grade B offices because they only fall short of Grade A in minor ways. It is usually less expensive, and the office standards are at least decent to fair. They are the perfect option for excellent options without breaking the bank.
Those with a limited budget can find suitable units in Grade C workplaces. The structure, facilities, and location may not be the best. Rest assured, the oldest building in Singapore is 197 years old. And the nation prides itself on consistent upgrading. If you manage your expectations, you might score a suitable place for your budget. There are hidden gems in Grade C units though! With a bit of renovation, you might land yourself a culturally significant property with a dual function listing.
1. Shophouses
Built in the late 1800s and early 1900s, these are little terraced homes with a covered walkway for pedestrians in front. Popular neighbourhoods for shophouses include Joo Chiat, Chinatown, Clarke Quay, and more. They are the only kind of office that can be used for both residential and commercial purposes.
This makes shophouses a really appealing option for companies to rent out the residential space while using the commercial unit downstairs. Or even choose to live above their business. Getting to work cannot be more convenient than this.
They are often Grade B and lower because the structures are older, and the facilities could be a little dated as well. Knowing the flexibility you’ll have with this property, don’t miss out on a gem like that!
2. Serviced Offices
Usually, entire floors are leased out in full to a single company. However, serviced offices like Cecil Street’s Verve Offices, have individual office spaces and shared facilities for multiple companies on a single floor.
All businesses on that floor get access to common areas like restrooms, pantries, and meeting rooms. This saves the need for major renovations, and you won’t even need to worry about property management because the landlord will take care of it.
3. Conventional Offices
This is the best kind of office for businesses looking to lease for 3-6 years at a time. They are a well-liked option for businesses that can and will commit for a longer time. It works best for companies who have the funding and are already well-established. It can be rented directly from the landlord at a cost determined annually by square foot.
You also get the freedom to renovate your space to suit the style and vibe of your brand. And have greater flexibility to develop your long-term strategic goals and need for a large commercial space.
4. Coworking Spaces
These are common coworking spaces that businesses can buy membership for. With features akin to those in a conventional office, they facilitate collaboration among employees. The open architecture promotes member engagement and makes it easier to meet potential clients. A close-knit community is usually developed here.
Due to its affordability and value for money, this kind of office is most appropriate for small firms. It also provides greater stability for firms looking to collaborate at times but don’t want to commit to hefty, fixed costs per month. Unlike others, it is difficult to identify what grade categorisation coworking spaces fall under.
5. Industrial Buildings
This office category is businesses usually in from the manufacturing industry. Since industrial buildings are typically located in remote regions, such workplaces are very cost-saving. However, do note that Singapore has a robust public transport network. You are never too far away from the city centre. With lesser amenities offered, like the absence of air conditioning, would be placed in the Grade C category.
6. Virtual Offices
Suited for corporations who don’t have an office but simply a physical mailing address. After COVID19, firms have entered a new era of hybrid work or even fully virtual arrangements.
This type of office is ideal for businesses that want to implement a work from home policy, eliminating the need to pay for the costly overhead of maintaining a physical location with amenities.
Now that you’ve a better understanding of the 6 types of offices in Singapore, it’s time to start your office search journey! Vesper Homes makes it easy with our end-to-end services to make you stress free. As the Top 8 Rental Agent in Singapore out of 33,900 agents, you’re in good hands. Buy, sell & rent now at contactus@vesperhomes.com.