Office Space Rental Pricing: Comparing The Different Fees

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As a startup business looking for an office space or self-storage – the first thing that probably comes to mind is the rental price. Even though other factors play a part – be it location, facilities or size of the office space – the rental cost determines every other factor.

It’s crucial to consider every aspect of office space while ensuring that its price still fits within your starting capital. That said, it’s also important to bear other costs in mind as well – such as renovation costs, facilities fees, and parking charges.

Below, we have listed down a couple of fees which contribute to the overall cost of office space. Read on to find out what you should be considering when you’re renting office space.

Rental fee

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Typically in Singapore, office space rental is priced per square foot (sqft) per month. According to OfficeFinder, the average office space rental rates average from around $2.02 to $9.80 sqft per month as of 28 December 2019 among the 28 districts. For instance, office space of 2,500 square feet, costing at $3,00 per sqft per month will sum up to a total of $7,500 each month.

On the other hand, Instant work state that the average price of a serviced office space will cost around $1,000 to $5,000 in Singapore; subjected to other factors (not just size), like location, included facilities, and so on. As for Work+Store, we give you the total sum upfront, so you have an idea of how much you have to pay every month and sort out your finances accurately. Aside from workspaces – we also offer the cheapest self-storages as another form of workplace option for your business.

Renovation fees

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Once you have acquired your office space – the rental fees aren’t the only costs you have to concern yourself with – there are the renovation fees as well. Before you look into the actual designs you would love to incorporate into your space – you have to look at the consultation fees first. A carpenter may charge up to an hourly pay of $60, while an electrician may be about $50 hourly.

Ideally, it’s better just to get hold of a designer who is in touch with all these contractors. As for carpentry-wise – GetContractor states that cabinets will cost from around $100 up to $300, whereas a wardrobe will cost around $240 to $400. You will also need to consider electric services – such as telephone lines; costing around $40 to $120. Last but not least, you’ll need to choose a spacious and comfortable office desk for your employees. Based on Instant work, the sum of an average work desk is about $558 in Singapore – as seen from 228 centres.

Facilities fees

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Certain office spaces will charge you for the facilities within the space – at a separate cost. For example, most air conditioners used in buildings of the Central region will be running during work hours – costing approximately $40 to $80 an hour.

However, that is not the case for Work+Store workspaces. We offer all-inclusive rental rates which cover facilities fees alongside utilities fees, GST, and for selected workspaces – Wi-fi. We even provide accessibility and camera surveillance all day to keep your space well-secured. Aside from the affordable rental costs – our workspaces are suitable for both storing and working. The extra storage and the flexibility of the space allow employees and the business to lower down logistical inefficiencies and improve on goods procurement to serve customers better.

Parking fees

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On average, season parking fee varies from $200 to $250 for office buildings within the Central Business District (CBD) and ranges from $140 to $200 outside it. The cost of the parking fee is also dependent on the number of season parking lots will be decided upon the total area leased.

We do provide season parking at a fixed cost monthly – such as our Ang Mo Kio building; season parking goes for $120 per month. However, certain units offer free parking and even free usage of meeting rooms. For our workspaces within our Aljunied premises – you get to enjoy these perks, including a rent-free promotion which helps you save up and office on other financial parts of your business.

Understanding what fees you need to pay when you get a new workspace is important for you to get your finances sorted out. On the flip side, we also offer the cheapest self storages and workspaces, varying from 6 sqft and goes up to 730 sq ft, while workspaces start from 88 sqft onwards – which can also serve as ancillary office. That way, businesses which need to juggle in between sales and inventory taking can handle either task with ease in one place.

If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at space@workstore.com.sg for more information!