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Known globally as a leader in infrastructure, Singapore is indisputably a hub for all types of businesses. Politically stable and strategically located, many multinational corporations have chosen to base their Asia-Pacific headquarters here.
Singapore is divided into 28 distinct districts. Cleverly and carefully planned by the Urban Development Authority (URA), the districts balance between residential, commercial and even industrial use, to maintain the high level of liveability on this densely populated island. Singapore has been progressively developing its less central areas such as the Changi Business Park, Punggol Digital District and Tuas Megaport to serve as dedicated hubs for specific industries.
While the commercial offices are widely spread across the island, the majority of the office market is located across 14 districts. Here you will find some of the most sophisticated office buildings in South East Asia which include traditional offices, coworking spaces and serviced offices.
The Central Business District, more commonly known as the CBD, is the prime area for businesses in Singapore with a high concentration of prime offices.
Historically developed because of its proximity to the Singapore River and Keppel Harbour, the CBD is now a highly accessible, lively part of the city comprising significant landmarks, modern skyscrapers and a wide array of facilities that cater to working professionals.
Filled with about 1,700 hectares (approximately the size of 17,000 Olympic sized pools) of commercial and residential developments by developers from Capitaland, Far East Organisation, Keppel Land, Hong Kong Land, Guocoland and more, the CBD is where you will find leading financial institutions and multinational corporations.
More recently, an increasing number of SMES, start-ups and entrepreneurs have joined the CBD crowd. This is made more possible with the availability of flexible workspaces including serviced offices, coworking spaces and hybrid spaces such as The Great Room, WeWork, The Work Project, Ucommune, Regus, JustCo, The Executive Centre and many others. These operators offer fully furnished offices, hotdesks or dedicated desks by the month as well as meeting rooms and event spaces by the hour.
The non-core CBD or the rest of the Central Region include a blend of suburban and prime neighbourhoods such as Orchard Road, City Hall, Bugis/Rochor, HarbourFront, Buona Vista, Newton/Novena, Paya Lebar, Jurong, Tampines and Changi. These areas have diverse demands from various consumer groups, investors, and local buyers of properties.
Offices are premises used as a place of business and for conducting administrative work.
It includes a bank, finance office, real estate company, employment agency, advertising agency and marketing office.
Buildings located inland at zone B1, classified as light industrial, are usually for businesses that require a large area but are considered without noise and less pollution. These are primarily for research and development, media companies, and warehouses. It is generally split into a 60/40 scale, where a minimum of 60 percent is allowed for Manufacturing (Light Industries), Printing/Publishing, Food Industry (Packing), E-Business, Core Media, Industrial Training categories. A maximum of 40 percent is allocated for ancillary use as per Office Meeting Rooms, Showrooms, Selected Commercial Uses (in outlying areas), Childcare Centres, Industrial Canteens, Workers' Dormitories, Ancillary Display Areas.
Buildings located inland zone B2 classified as heavy industrial are for businesses like manufacturing, industrial training, printing and publishing, auto motives repairing and allowable usage mentioned in the URA website.
Shophouses in Singapore evolved from the early 19th century during the colonial era and are historical buildings bearing a uniformed look. They have been conserved and are widely used in modern day for both residential and commercial purposes. These can be used either for office or retail or both subject to URA approval. It consists of two to three floors with built-in contiguous blocks. These symmetrical and balanced buildings can be found in the suburbs of the central area of Singapore, home to the majority of the 6,500 of them. Refer to the URA website. Refer to the URA website for more information.
There is no scientific approach of building grade, but since buildings differ from one another several factors are taken into consideration by businesses and company owners when they are on the lookout for office buildings, a grading system is in place. Office buildings are generally classified into the following categories: Grade A, B, C, and D. The market also uses + and - after the letter A, B or C to adjust between slightly older/ newer buildings. Building grade can be about location, building characteristics, amenities, building certification, size and rental rate.
Grade A office buildings in Singapore are essentially office spaces in newly constructed or refurbished office buildings in highly accessible locations. They are usually tall, bold, with a large lobby and state-of-the-art security, and provide tenants with services and amenities ranging from covered parking facilities to in-house access to food courts and fitness centres.
The office spaces bear large windows, a raised floor system, premium floor to ceiling height and wide columns around. They are a notch above Grade B buildings, which are generally older and lack the amenities that Grade A offices provide. In recent years, the Singapore government has extended its land use plan to decentralize commercial activities at the CBD to ease traffic congestion, leading to an availability of office spaces in the Jurong Lake, Buona Vista, and Paya Lebar districts.
Building examples: Woods Square, Centrium Square, Marina Bay Financial Centre, One Raffles Quay, OUE Bayfront, Asia Square Tower, Marina One Office Towersundefined
Grade B office buildings in Singapore are generally slightly older in their exteriors, but are maintained by top-quality management of their sophisticated features and upmarket lobbies. They have smaller floor plate than Grade A properties and hold small to medium-sized tenants. There is greater stock for such office suites of smaller sizes, which provide more choices for occupiers. Tenants can find Grade B office spaces in prime areas of the Central Business District and enjoy cheaper rent than that of a Grade A building. Some of these properties are sometimes former Grade A standings, often found in the suburbs as opposed to Grade A offices that typically occupy the more sought-after locations.
Building examples: Clifford Centreundefined
Grade C office buildings are typically built for more than 25 years and may not have the latest and high-quality features compared to Grade A and Grade B buildings. In addition, they are usually located at the edge of the Central Business District, posing the lowest rental rates and taking the longest time for leasing. These buildings however, maintain steady occupancy rates and are seen at these roads: Cecil Street, Market Street, Mcallum Street, Anson Road.undefined
Building examples: Far East Finance Centreundefined
The market supply for office spaces has changed progressively over the years, shifting to offer more flexibility than before across all types of office spaces. Big coworking space players such as JustCo and WeWork are prime operators that cater well to companies of varying stages, ranging from startups to Fortune 500s. The more stable and mature companies tend to be housed in private office spaces with higher operating budgets and the need for permanence. With higher flexibility mid to large SME’ smight be more inclined to innovative work solutions like hybrid workspaces. Start-ups and smaller companies prefer the versatility of flex spaces for their unparalleled possibilities in collaboration and flexible lease terms.
Mostly sought after by established companies and MNCs seeking a permanent location for their business either in one of Singapore’s central business districts, commercial or traditional office space or in the City Fringe. Despite initial higher set-up costs, they have proven to be a cost-effective solution for office space in Singapore. Whether in Grade-A buildings or not, there are a variety of traditional offices available for rent that can be configured and designed to match the unique requirements and branding of your ideal workplace.
|Singapore Offices Rental Guide|
|Area||Coworking and Serviced Offices||Traditional Offices|
Hot DeskPrice per workstation / Month (SGD)
Private OfficePrice per workstation / Month (SGD)
Grade A($ PSF / Month)
Grade B/C($ PSF / Month)
Shophouse($ PSF / Month)
|Marina Bay||$ 300 - 750||$800- 2000||$10 - 14||NA||NA|
|Raffles Place||$ 150 – 750||$700 – 1500||$10 - 12||$ 6 - 9||$ 3.50 - 8|
|Tanjong Pagar||$150 – 750||$700 – 1200||$ 9 - 12||$ 6 - 8||$ 5.5 - 8|
|City Hall / Suntec||$ 200 – 750||$700 – 1200||$ 9 - 12||$ 6 - 8||$ 4 - 6|
|Lavender/ Bugis||$ 200 – 750||$600 – 900||$ 9 - 11||$ 5 - 8||$ 4 - 6|
|Orchard||$ 200 – 750||$600 – 1200||$ 8 - 10||$ 6 - 8||$ 5 - 8|
|Harbourfront||$300 - 500||$600 - 1000||$ 7 - 9||$ 6 - 7||NA|
|One North / Buona Vista||$150 - 500||$400 - 800||$ 7 - 8.50||$ 5 - 7||NA|
|Paya Lebar||$150 - 500||$500 - 1200||$ 8 - 9.50||$ 4 - 7||$ 2.50 - 5|
|Tampines/ CBP||$150 - 500||$450 – 750||$ 6 - 8||$ 4 - 6||NA|
|Jurong East||$150 - 500||$400 – 750||$ 6 - 8||$ 3 - 6||NA|
Note: Across the ranges we provided above the rental can be slightly lower depending on the scale of the requirement. The larger the number of employees, the lowest part of the rental range would apply.
With locations distributed across the Singapore CBD in central locations such as Bugis, Clarke Quay, Harbour Front, Marina Bay, and Raffles Place, there is not one part of Singapore where you can’t find a flexible workspace to use. You may opt for a small office space or the whole unit to rent or lease. As the largest aggregator of flexible office spaces in Southeast Asia, FlySpaces has the biggest selection of flexible spaces available.
With the growing number of companies looking for workspaces in Singapore, FlySpaces can help you lock down the perfect workspace for your business.
FlySpaces is your occupier-centric and trusted tech-enabled commercial real estate agency. We help you strategize, source, and negotiate the best options for your business. We are focused on the commercial market, our space experts will help you find the best flex, traditional or hybrid options.
Reach out to us at [email protected] or +65 8779 8960
Read more about the flexible workspaces, office space guides, and industry insights in our blog, SpacesAsia.
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