Are you a business owner or entrepreneur looking to establish your presence in Singapore? If so, you’ll need to factor in the cost of office space into your budget. In this article, we will provide you with a comprehensive overview of the average cost of office space in Singapore, helping you make an informed decision about your future workspace.
Key Statistics on Office Space Costs in Singapore
According to a recent report by global real estate services firm JLL, the average cost of office space in Singapore’s Central Business District (CBD) was S$10.80 per square foot per month in Q4 2022. This represents a 2.4% increase compared to the previous quarter and a 6.1% increase year-on-year.
The report also found that:
- The overall vacancy rate for office space in Singapore was 5.4% in Q4 2022, down from 6.3% in the previous quarter.
- Rents for prime office space in the CBD are expected to continue rising in 2023, driven by strong demand from both local and international companies.
Factors Affecting the Cost of Office Space in Singapore
Several factors can affect the cost of office space in Singapore, including:
- Location: The location of your office space is a major factor in determining its cost. Office space in the CBD is typically more expensive than space in other parts of the city.
- Size: The size of your office space will also impact its cost. Larger spaces are generally more expensive than smaller spaces.
- Amenities: The amenities offered by your office space can also affect its cost. Buildings with amenities such as a fitness center, conference rooms, and a concierge service will typically command higher rents.
- Lease term: The length of your lease term can also affect the cost of your office space. Shorter leases are typically more expensive than longer leases.
Tips for Negotiating the Best Price on Office Space in Singapore
- Shop around: Don’t be afraid to shop around and compare prices from different landlords.
- Negotiate: Be prepared to negotiate the price of your office space. Landlords are often willing to offer discounts to tenants who are willing to sign long-term leases or who are willing to take on more space.
- Be flexible: Be flexible with your requirements. If you are willing to compromise on the location, size, or amenities of your office space, you may be able to find a better deal.
Table 1: Average Cost of Office Space in Singapore by Location (Q4 2022)
| Location | Average Cost per Square Foot per Month (S$) |
|---|---|
| Central Business District (CBD) | 10.80 |
| Raffles Place | 12.00 |
| Marina Bay | 11.50 |
| Tanjong Pagar | 11.00 |
| Orchard Road | 9.50 |
Table 2: Average Cost of Office Space in Singapore by Size (Q4 2022)
| Size (Square Feet) | Average Cost per Square Foot per Month (S$) |
|---|---|
| 1,000 – 2,000 | 12.00 |
| 2,000 – 5,000 | 11.50 |
| 5,000 – 10,000 | 11.00 |
| 10,000+ | 10.00 |
Table 3: Average Cost of Office Space in Singapore by Amenities (Q4 2022)
| Amenity | Average Cost per Square Foot per Month (S$) |
|---|---|
| Fitness center | 0.50 |
| Conference rooms | 0.25 |
| Concierge service | 0.20 |
Table 4: Average Cost of Office Space in Singapore by Lease Term (Q4 2022)
| Lease Term (Years) | Average Cost per Square Foot per Month (S$) |
|---|---|
| 1 | 12.00 |
| 3 | 11.50 |
| 5 | 11.00 |
| 10 | 10.00 |
Conclusion
The cost of office space in Singapore can vary depending on several factors, including location, size, amenities, and lease term. By understanding the average costs and factors that affect them, you can make an informed decision about your future workspace.
