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Office Rental Singapore Rates Guide By District
When looking for an office space in Singapore, office rental cost is often a huge deciding factor. Singapore Office rental rates vary significantly between districts and even locations within the same district, particularly in Singapore CBD, so it can be difficult to know how much you should be paying when come to office leasing in Singapore. This Singapore Office Rental Rates Guide provides businesses an idea of the average rent of office space in each district helping businesses narrow down the areas they should be focusing with their rental budget.
How Is Office Rental In Singapore Calculated?
Office rental in Singapore commercial real estate agents will quote you the rent in per square foot per month. If you enquire for an office space of 5,000 square feet, the office leasing agent may tell you that the office rental rate is $11.00 per square foot per month instead of $55,000 per month.
Why is that so? The landlord may consider subdividing the space to a smaller floor area if you do not need that much space or amalgamate two or even multiple adjoining office units into one large office space to meet your needs.
That is why when come to office rental, tenant is charged per square foot per month depending on the floor area acquired. So, the rent is calculated by taking the rental rate (i.e. per square foot per month) multiplying the total floor area of your rental space. That gives you the monthly rent.
What Are The Office Rental Rates In Singapore?
The office rental rates varies between buildings, locations and districts. According to data released by the authority, in the first 3 months of 2021, the median rent for a traditional office space in Singapore were between $2.51 and $13 per square foot per month with a total of 665 leases concluded.
The number of office leases rose by 10.46% in Q1 of 2021 compare to the last quarter in 2020. The latest transaction data also represent a 1% decrease from the same period last year.
The most affordable locations for rental office space in Singapore are Little India in District 08, Bugis in District 07, and Bukit Timah in District 21. At the other end of the scale, the most expensive areas include grade A office buildings in Marina Bay, Raffles Place and Marina Centre of District 01, where the median office rental rates reach $11.88, $8.69 and $9.78 per square foot per month respectively.
Within the Singapore CBD, there are areas where you can secure an affordable office lease. While Raffles Place and Marina Bay new financial district remain the most expensive office areas, you can find great deals in Tanjong Pagar and Cecil Street.
Apart from location, there are a number of other factors that affect office leasing rate in Singapore, including age and maintenance of building (i.e. grade A, grade B and grade C buildings), specifications of office space, size of office space, tenant mix in the building and available amenities.
Not sure about the differences between grade A, grade B and grade C buildings? What about the ideal floor area and lease term, and the rental rates of each building? To better understand the complexities of the office space rental proces. Let us recommend our top office real estate agent Vincent 93799993 to assist you.
Singapore Office Rental Rates Across 28 Districts
The table below shows the median office rental rates in term of per square foot per month across the 28 districts in Singapore.
Singapore district code was originally used as postal districts but have been widely used by real estate professionals and property seekers when referring to a location or an area.
District 01 and 02 have the highest concentration of office buildings in Singapore. The Singapore CBD is also found at the southern part of District 01 and South Eastern part of District 02.