Singapore’s one of the biggest emerging business centers in the world, attracting some of the wealthiest businessman and women, and aggregating an impressive number of big, brand name offices in its prestigious central business district.
It is thus no wonder that more and more international companies are moving to the dynamic, thriving, Asian business center, and that, for that same reason, they look for the best office space available in the island city-state to anchor their headquarters in.
SHOULD YOU BE BUYING OFFICE SPACE?
If you are among those entrepreneurs who are considering relocating to Singapore, one of the main questions you should consider is whether or not you should buy your office space. The kind of office for sale Singapore offers to entrepreneurs isn’t necessarily cheap, and if you are just starting out, or not sure of how well this particular venture will go, this may prove to be a fairly big investment which is going down the drain.
For bigger, more stable companies, though, buying office space in Singapore will most likely pay off, as commercial rents are somewhat steep in the city-state’s business hubs, such as the central business district, and can be a hefty toll if you have a large number of employees, which implies that a large space, with several rooms, is needed.
That does not mean, however, that buying a commercial property in Singapore does not have its costs. Property prices have risen since the market abandoned a crisis period in 2013, which undoubtedly means you need to be savvy in negotiations to make good business when dealing in Singapore’s real estate market.
SHOULD YOU HIRE A BROKER?
The fact that the Singapore real estate market is somewhat competitive, but also difficult to navigate, means that you’d be best served by employing the help of an experienced, local broker. Unlike what happens when renting an office, though, they do expect a commission in this case, so you need to be prepared for that.
That does not mean, however, that you should avoid hiring a broker, as they can be of great help. It does mean you have to take charge though. You need to have a clear vision of the kind of space you will need – size, amenities needed, building type, even area – and you certainly need to have a clear budget, with room for a number of renovations, which are most likely going to be needed to provide your team with an ideal working space.
As for choosing a location, you should always do your own research, even if you hire a broker. The ideal office for sale Singapore location would definitely be in the Downtown Core, where the Central Business District is located, particularly in the expanding Marina Bay, where prices may still be a little more affordable than elsewhere. This area is, however, mostly popular among bankers and millionaires, so you should be prepared for a price hike, and be a fierce negotiator, if you choose a location like this.
At the end of the day, buying office space in Singapore is a task for a fierce negotiator, who is willing to put their time and effort into the task of getting a good, favorable deal. If you aren’t that person, going with a local real estate broker is your best bet in securing the best office for sale Singapore has to offer.