Serviced offices have in recent years become popular with start-ups and overseas companies seeking to set up a base in Singapore without much hassle. Whilst on pure price per sqft basis, there is no doubt that serviced offices are more expensive as compared to traditional offices, the additional cost could be justified if you take into account all other costs involved.
Serviced Office rates do not take into account the cost of common areas, meeting facilities, pantry services which could take up a significant percentage of the total space (35%-40%) of a traditional lease hence it might be more prudent for 1 to 3-man start-ups to look at serviced offices for cost savings.
Moreover, serviced office rates are usually inclusive of light/water/electricity/air-conditioning bills, cleaning, pantry services, broadband Internet connection charges, public liability/fire insurances, furniture, conference facilities, meeting room equipment, LAN cabling, WiFi, PBX telephone systems, secretarial services and much more.
Studies conducted by UK Chartered Institute of Purchasing (CIPS) confirmed that businesses might save up to 78% of their costs if they go with a serviced office for a start compared to traditional leases.
We have an extensive database of serviced office operators with office locations throughout Singapore with whom we visit regularly. Feel free to contact us for a no-obligation consultation.