What You Should Know Before Renting Offices in Sigapore
When you want to find Singapore office space for rent on your own, you don’t need to pay a single penny to any real estate agent as commission. Tenants are offered the service free of charge. The conditions for each particular office space depend on individual property owner.
Some land owners demand 6 months of deposit of the total office rate while others will only ask for 3 months’ deposit especially if your business has sufficient proof of being able to pay its bills including rent. Other property owners simply consider whether your business is newly established or if it has been running for a long time.
If you have been occupying an office and the term of the lease is about to expire, you will need to start looking for a new office rental some three to four months earlier. This will give you sufficient time to look for the office rate and deposit in advance.
When you are looking for Singapore office space for rent, you might have to take advantage of a rent-free period where you might be allowed to occupy the premises in advance without being liable for any charges arising from renovations. This period is normally about one month for an average sized Singapore office rental but it can be less if the office space is smaller.
In some cases, the property owner might require you to buy insurance for the office space that you have just rented. This is however not a legal requirement but a personal choice for each property owner.
If you search around and you will find the most suitable office for your business, you will have to agree to the terms and condition for renting the place. This usually involves setting out the length of the lease, and the type of business you will be doing there. If the property owner agrees with the terms and conditions, he or she will communicate this officially through a letter. However, if the property owner feels that something is not right with your offer, he or she might counter it with another offer. This is the most rigorous part of the lease agreement where each party wants to have the upper hand in the negotiation. The landowner might be trying to make as much money from the deal while you are trying to save as much as possible.
Because of the seriousness of looking for an office for rent in Singapore, it is advisable to be present during the entire process. However, you can appoint a representative to act on your behalf to see that the process terminates in an amicable agreement.
The rental fee includes service charges such as maintenance and air-conditioning. However, if these are charged separately, you must indicate your willingness to pay separately as the property owner drafts the letter of offer and the Tenancy Agreement. It is also at this time that the property owner is required to declare any other charges that you will be liable for and which should not be construed as hidden. These charges include administration costs and stamp duty.