GuideMeSingapore

It couldn’t be a better time for small to medium companies to rent office space in Singapore for business set up and expansion purposes. Given the current economic downturn (which is slowly showing signs of recovery) private companies are wary of expanding and many resorted and continue to resort to cost-cutting measures like reducing their staff headcount. This trend has resulted in a dampened demand for office rental space which plummeted further in 2Q 2009.

According to the latest Colliers International’s Asia Pacific Office Market Overview Report conducted across 26 cities, Singapore slipped down from its previously held third position to its current fourth rank in office occupancy costs in 2Q 2009. Rental rates for Grade A offices in premium buildings within Singapore’s CBD have fallen from an average of SGD 10 – SGD 20 psf to SGD 6.73 psf. This has boosted Singapore’s competitiveness in the global market, as there is now a perceptible widening gap between Singapore office rentals visa-a-vis its global counterparts like Tokyo (ranked as the most expensive city for office rental space which is now 2.2 times that of Singapore) and Hong Kong (ranked as the second most expensive for office rental space which is now 1.4 times that of Singapore).

So to all you entrepreneurs who are planning to setup a business in Singapore, a high rental fee may no longer be the price you have to pay for a great office location.

Interested in doing business in Singapore? Find out how to register a Singapore company.