Singapore’s CBD Makes Room For More Businesses With More Office Spaces For Lease
Foreign businesses would be delighted to hear that Singapore’s Central Business District (CBD) would be making room for big firms who would like to start a company in Singapore and establish their influence in one of Asia’s premier business hub.
Global property monitoring firm Knight Frank reported that high-grade offices in the CBD have become more affordable because of vacancies due to the fact that companies are moving to the newer office leases at the Marina Bay area. Prices are reported to range now for SG $7.40 to SG $11.90 per square foot in the central business district because of the phenomenon.
Currently, the most popular building in Singapore is the Raffles Place, which houses several multinational financial firms and banks. Raffles Place is also home to other types of service providers and world-class businesses.
Having one’s business located at Raffles Place offers a lot of advantages as well. Raffle Place is a stone’s throw away from other business-heavy streets such as Robinson Road, Shenton Way and Cecil Street.
If you want to take advantage of your lease, then the best way to go is to register for a long-term office space lease. This would allow the company to save a huge amount of money in commercial space leases by signing up for a minimum contract. An alternative would be to register for a short-term lease that would have your business located at a serviced office or condominium instead of a commercial building.
The increase in available office space in Singapore’s central business district would give it an edge over another nearby global business hub, Hong Kong. Hong Kong has recently encountered a shortage in terms of office spaces and experts predict that it will be facing a tremendous shortage of nine million square feet within the decade.
Start-ups should definitely eye Singapore as the next destination for their business expansion. With low tax rates and incentive schemes, foreign businesses would definitely find more ways to grow in Singapore than in the other parts of Asia.