This article first appeared on Singapore Business Review: https://sbr.com.sg/commercial-property/commentary/seeking-office-space-in-singapore-where-do-you-start
Starting the quest to find the perfect office space for your business can feel overwhelming, particularly here in Singapore. With numerous options and factors to consider, it’s crucial to approach the search strategically. As someone deeply embedded in the commercial real estate industry, I am here to shed light on the intricate process of securing the perfect office space.
Think about it from the viewpoint of a client: Your office serves as a vital arena where clients form impressions that influence their business decisions. The location plays a significant role, conveying credibility and commitment to your business goals.
Now, put yourself in the shoes of a Millennial: You relish the opportunity to boast to your peers about your office’s location in the hippest district in Singapore. This is also a moment of excitement for HR managers, who may consider relocating to a higher-grade office with appealing views. These factors not only appeal to Millennials but to anyone who values their workspace environment.
#1 Understanding the Significance of Your Office
Your office is more than just a physical space, far more than just walls and desks. It acts as both your sales manager and a crucial contributor to your business value. Understanding its diverse roles is essential as you begin your search for the perfect space.
#2 The Role of Real Estate in Business
Your office location speaks volumes about your commitment to clients. A strategically positioned office can enhance client perception, empowering them to make decisions with confidence. Moreover, your office serves as a space for talent attraction, particularly among Millennials who value workspace aesthetics and amenities.
#3 Creating Brand Identity through Real Estate
Think of your office as a canvas for brand expression. From prominent logos adorning the façade to the overall ambience, every aspect contributes to brand recognition. As you figure out your real estate space-hunting journey, consider how each space aligns with your brand identity and messaging.
#4 Maximising Value through Strategic Real Estate Decisions
For many businesses, real estate represents a significant investment. Whether leasing or purchasing, each decision should be informed by long-term strategic objectives. From cost-saving initiatives to boosting employee morale, the benefits of your chosen space go beyond its physical dimensions.
#5 Navigating the Search Process
When embarking on your office search, it’s essential to go beyond conventional methods. While property portals and online searches offer convenience, they often fall short in addressing nuanced business needs. Instead, initiating a dialogue with real estate professionals can deliver tailored solutions made per your unique requirements.
#6 Key Considerations in the Search
Knowing the “big WHY” and the essential 5Ws (who, what, when, where and why) of finding your ideal office space is important. We should steer away from conventional methods like property portals because, in a compact city like Singapore, pinpointing the perfect location goes beyond mere geography. It’s about tailoring your search to your business’s unique needs.
Consider factors like employee demographics and client visits — some clients insist on pristine office access, shielded from even a drizzle. Connectivity matters too; is your office easily accessible from the MRT, offering seamless commuting? And then, there are unique requests; some seek offices with quirky lobbies. It’s not just about the address; it’s about finding a space that aligns with your vision, right down to its unit placement.
#7 Timing Is of the Essence
Oftentimes, clients come to us after exhausting themselves on property portals, realising they’re running out of time after viewing numerous properties. Planning is crucial; failing to plan is planning to fail.
Time is of the essence — from shortlisting to signing the tenancy agreement and taking possession. Additionally, consider the logistical details; arranging for a power supply through a licensed electrical worker is essential to avoid hefty temporary power costs. Larger spaces require more planning time, especially if you’re opting for a fully fitted space or planning renovations from scratch, which could take up to two months for sizable areas.
#8 Calculating Costs Beyond Rent
Beyond the rental figure, a comprehensive understanding of associated costs is important. From utilities to renovation expenses, each component contributes to the total cost of occupancy. By conducting a thorough cost analysis, you can ensure financial prudence without compromising on quality.
#9 Anticipating Future Needs
As your business evolves, so too do your requirements for space. Proactively assessing future growth projections and operational needs empowers you to make informed decisions. Whether renewing a lease or scouting for a new space, foresight is the most important trait when it comes to strategic real estate planning.
#10 Embracing Change
In today’s dynamic business landscape, adaptability is almost necessary The rise of remote work has reshaped traditional office dynamics, prompting businesses to reimagine the way they use spaces. By embracing these shifts and taking a proactive approach to reassessing your office strategy, you position your business for long-term success.
In short
The significance of prime locations in commercial real estate cannot be understated. They attract more tenants and customers, leading to increased profits both in the short and long term.
The industry may be complex in Singapore especially where space is a big concern and the number of square feet or building space can be hard to nail. At the end of the day, success in the industry hinges not only on location but also on a multitude of other factors such as market demand, infrastructure, regulatory environment, and economic trends.
