Can Office Spaces schedule all my office viewings for me?

Absolutely. We’d love to help. Just let us know your requirements, available date and time.

There are no obligations if you do not like the space.

As a tenant, do I have to pay any service fees to Office Spaces?

All services provided by us to tenants are free of charge, as we are marketing these properties on behalf of the landlords/owners.

How long do I have to fit out my office?

Usually tenants are given a fit-out period of 1 to 2 months to renovate their office, depending on size of office.

Do I have to reinstate the office if I rent an office nicely fitted out by the previous tenant at the end of my lease?

Yes, if the landlord requests for you to do so.

Does the office come with furniture?

Normal offices are rented in a bare or partially fitted condition. Furniture has to be purchased and owned by the tenant. However, in certain instances the previous tenant might be willing to leave behind their office furniture. If you require a fully furnished office, you can get in touch with us and indicate “fitted offices only” or consider renting a serviced office.

What is a partially fitted office?

A partially fitted office usually comes with ceiling board, lights and air conditioning.

If I pre-terminate my existing lease, can you help me find someone to takeover my office?

Tenants are obligated to continue paying monthly rent to the landlord for the duration agreed in the signed Tenancy Agreement unless they can find a replacement tenant.

Office Spaces can assist you to find a replacement tenant. To pre-terminate your office lease, service charges will be payable by the outgoing tenant.

What is the minimum lease term?

The shortest lease term landlords accept is usually 2 years for normal office rentals. For serviced offices & co-working spaces, it may be as short as a couple of days.

What if I want to rent a space for less than 2 years?

Consider renting a serviced office or co-working space. These spaces are most suitable for short term lease and are fully furnished. Simply fill out this form and let us help you to get quotations from the various providers in your selected location.

What is the difference between a normal office space, a B1/ B2 industrial space and a Business Park space?

You can refer to our tenant guide here or URA website for more details. Alternatively, contact us to assist you in deciding what office is suitable for your business.

Which businesses qualify for business parks?

Non-pollutive industries that engage in high technology, research and development, high value-added and knowledge intensive activities. 60/40 rule applies.

Refer to URA for more details or read our article: Can my company be located in a Business Park?

 

What is the usual lease term or period?

Usually commercial leases are a 3 year term.

What are the common terms I need to know when renting an office?

Rental Rates

Rental rates are typically quoted as gross rent per month or in per square feet (PSF).

PSF = (Base Rent + Service Charge) / Size of office (in sqft)

 

Service Charge

Typically included in the gross rent. This covers expenses such as centralised air-conditioning expenses during office hours, maintenance and security of the common areas etc.

 

GST

Rent is paid on a monthly basis and subject to 7% Goods and Services Tax (GST).

 

Lease Term

The usual length of lease for offices is three years. Longer leases may also be negotiated.

 

Option to Renew

Renewal may be for a period of between one to three years.

The rental rate will be renegotiated according to the prevailing market rent at the point of renewal.

 

Possession Date

This is the date agreed upon for the Tenant to take possession of the property. Also commonly termed as handover date.

 

Lease Commencement Date

The agreed start date of the lease. The tenant will also have to start paying rent from this date.

 

Fitting Out Period

The period between the Possession Date and the Lease Commencement Date for the Tenant to renovate the new premises. The fitting out period can vary according to market conditions and size of each office. It usually ranges between two weeks to two months.

 

Security Deposit

A refundable security deposit equivalent to 3 or 6 months gross rent is payable by the tenant upon signing the Letter of Offer. It is refundable without interest when the lease expires. The number of months usually depends on tenant’s paid up capital. The landlord reserves the right to deduct costs and expenses properly payable by the tenant on account of any breach by the tenant.

 

Legal fee

The fees incurred by the landlord for the preparation, negotiation and execution of the Lease documents. It is common practice for the Tenant to bear the legal fees.

 

Stamp Duty

Tax on rental transactions payable by the Tenant for each new lease agreement. Stamp duty is paid to the Inland Revenue Authority of Singapore (IRAS).

 

Renovation Deposit

Before the commencement of any renovation works, the Landlord usually collects a renovation deposit from the tenant to cover any damages to the property that may potentially result from the renovations.

 

Reinstatement

The Tenant is required to reinstate the office premises to its original bare condition upon the expiry of the Lease, at their own cost, unless otherwise requested by the Landlord.

 

Letter of Intent (LOI)

Letter of Intent (LOI) is a non-legally binding document submitted by the Tenant to the Landlord. It should outline the main terms and conditions for the lease to be negotiated on by both parties.

 

Letter of Offer (LOO)

The Landlord will issue the Letter of Offer (LOO) after the main terms and conditions on the LOI are agreed upon. The Tenant will be given a specific amount of time to respond to the LOO, usually 3-5 working days. To accept the LOO, the Tenant will have to sign the document and make the necessary payments.

 

Tenancy Agreement (TA) / Lease Agreement (LA)

The TA/LA is the full set of legal terms and conditions pertaining to the lease. Both LOO & TA are legally binding upon acceptance.

 

Contact Us

We will love to hear from you! Drop us a note and we will get back to you!

Not readable? Change text. captcha txt
error: Content is protected !!