The office you choose may influence your business success more than you think.

1 February 2019

The office space is often overlooked, but not only is it vital to your company’s image, it also has strong relevance to business operations. Before deciding on a space, be sure to consider the following factors.


  • Do you require a long or short-term space?
  • How much of your operating budget can you afford to put aside for rental and services?
  • What facilities do you need?
  • What about location?
  • Do you have to be easily accessible for partners, clients, or customers?

To ensure that you maximise your business opportunities, make sure you choose the right office type. Here’s a guide to get you started:

Virtual office

For the Nomad Business: The Virtual Office

The virtual office allows owners to operate a company with a business and mailing address whilst keeping overhead costs down significantly. Businesses in the process of setting up and looking for a permanent rental office space can consider this option.


Need to appear like you are operating from an office space? Utilising a communications solution like StarHub SmartUC offers you useful services like presenting an office number when making calls from a smartphone and video conferencing set-ups to help your business establish a professional image.

For Start-ups, SME, Entrepreneurs: The Co-Working Space Solution

 

For a cheaper alternative to a private office, consider the co-working space, an option where you can rent a table or seat at a shared space & enjoy good connection, a conducive environment, coffee and even meeting rooms when you need to host clients.

 

Working alone can often be isolating, and a co-working space offers you vast opportunities for networking and potential partnerships within its community of members from a range of different companies, ventures and projects.

Research shows people at co-working spaces are more effective due to the energy of a community environment.

Beyond the usual desks and meeting rooms, co-working spaces are also evolving to cater to specific industry verticals.i Fitness and health professionals, look out for spaces like Core Collective which are fully fitted with healthcare equipment. Creatives may be delighted to know that there are spaces like Mox, which houses equipment like 3D printers, photography studio and even a space for wood working.ii Pay-as-you-use resources will significantly lower your barrier of entry for your scope of work.

 

However, this option might not be as suitable for businesses working on confidential projects with non-disclosure agreements with clients.

B1 industrial office

For the E-Businesses and New Media Companies: The B1 Industrial Office Space

 

The industrial office space is catered towards businesses that require more floor space, and whose location does not critically affect their image. They suit telecommunications and internet service providers, software development, e-commerce and other related industries.

Usually, at least 60% of the space must be allocated to e-business or new media related activities with the remaining 40% of space for its supporting operations.

Using a B1 space saves you as much as 70% in rent as compared to an office space in the central area of Singapore. Business 1 (B1) zone industrial buildings are unlike average industrial buildings as they are getting increasingly developed and modernised. A few of them even have gym and swimming pool facilities for their tenants. However, do not expect the level of noise buffer as that of a typical industrial area.

For the Work Space on Display in a Hip Location: The Shophouse Office Space

 

The shophouse office space comprises of rows of two or three storey buildings with retail units on the ground floor. These spaces usually house businesses in consultancy, advertising, public relations, media and design.


In the retail business? Ground level retail spaces can also be rented and used as showrooms for products.


In Singapore, the most sought after shophouse office spaces are located adjacent to the Central Business District in Boat Quay, Amoy Street, Telok Ayer, Tanjong Pagar and Chinatown. Located in central areas, they are easily accessible with food and beverage and lifestyle shops within the vicinity.


This is a more affordable option to other prime office spaces in the same location which cost between 30% and 50% more, whilst still maintaining a relatively presentable address to your clients.

Business park office space

For Work-Life Balance: The Business Park Office Space

 

For those seeking work-life balance, the business park office space offers the benefits of clusters and facilities, without the hectic rush or costliness of the CBD area.

 

They are usually located at a specially designated suburban zone in Singapore, and offer a range of amenities like gyms, cafes and parks for its tenants.

 

They are often popular choices for regional head offices of multinational companies, backroom support offices of financial institutions, and companies conducting R&D activities. Apart from offering 24-hour security for peace of mind, they also enable business owners & staff members a conducive environment to interact and collaborate, without having to battle the crowds at the CBD area.

 

Each of these office types have their strengths and weaknesses. The crucial thing is to identify the needs of your business and make a decision on which works best to maximise its capabilities and potential.

 

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