April 2023

Office Space Rental: Where to Find The Best Value for Money

Office Space Rental: Where to Find The Best Value for Money

Knowing which buildings offer the best value to tenants is one of the key factors to consider when starting your search for office space in Singapore. Below is our choice which all offer a good combination of quality, flexibility, specifications, amenities and value for money. Note that smaller units below 2,500 sq ft lease out very quickly these days as there is more demand for this type of space.

The Effective Rate is our guide on the lowest possible average monthly rate negotiable, which includes the service charge and factors in any rent-free period.

Raffles Place

Republic Plaza

Republic Plaza

9 Raffles Place

$11.35 - $11.75 per sq ft – Guide Effective Rate (per month)

Sizes from 1,600 – 14,000 sq ft (whole floor)

The owner of this premium landmark building (CDL) is being particularly proactive with its marketing and is offering very attractive rental packages. The space is leasing out swiftly, and they have now decided to subdivide floors to suit a variety of size requirements, between 2,300 sq ft and 14,000 sq ft. There are also smaller pockets of space available. Generally, such small sizes can be difficult to find in premium buildings in Raffles Place.

More information on Republic Plaza

Robinson Road / Shenton Way

Hong Leong Building

Hong Leong Building

16 Raffles Quay

$7.75 - $8.00 per sq ft – Guide Effective Rate (per month)

Sizes from 2,000 sq ft to 10,000 sq ft (whole floor)

With the relocation of its anchor tenant last year (KPMG to Asia Square) this building had whole swathes of office space come available for lease during the course of 2022. In fact, over 12 whole floors remain available and the total amount of space currently vacant exceeds 161,000 sq ft.

Whilst it is one of the older buildings, the landlord is planning a major upgrade for the property. The shape of the floor is a surprisingly efficient square and is column-free, with windows on all four elevations. There is a basement food court, excellent car parking and there is easy access (mostly covered) to Raffles Place MRT station. The property is definitely being priced to find tenants.

More information on Hong Leong Building

Tanjong Pagar

Springleaf Tower

Springleaf Tower

3 Anson Road

$8.00+ per sq ft – Guide Effective Rate (per month)

Sizes from 2,490 sq ft to 9,000 sq ft

This attractive office tower, with a direct underground link to Tanjong Pagar MRT station, stands out as being one of the best ‘value for money’ options in the core of the financial district. The specification is high, with 150mm raised flooring, full-height windows, executive showers, a car drop-off point and podium parking.

However, there are some limitations. There are several whole floors available, but these would be difficult to subdivide because the landlord would have to put a common passageway in place. There are only limited choices of the existing smaller subdivided units currently available for lease. Another consideration is that the building is strata titled, with individual owners for each floor, so whether they plan to sell in the future is anyone's guess.

More information on Springleaf Tower

Orchard Road

51 Cuppage Road

51 Cuppage Road

(fka Starhub Centre)

$7.35 per sq ft – Guide Effective Rate (per month)

Sizes from 1,500 sq ft to 15,000 sq ft

This building is often overlooked by those searching for space in the Orchard area because of its slightly fringe location. It is nonetheless very convenient, being a short distance from Somerset MRT station and bus stops. There are many amenities close by, including F&B outlets and a buzzing nightlife, a wide choice of retail facilities and close proximity to hotels, car parks and taxi stands.

The tenant mix of the office tower is quite eclectic, but the space is very practical and efficient and should be on the radar for all those specifically looking for good value in the Orchard Road area.

More information on 51 Cuppage Road

Beach Road

The Concourse

The Concourse

300 Beach Road

$7.75 per sq ft – Guide Effective Rate (per month)

Sizes from 1,500 sq ft to 15,000 sq ft

There is a misconception that those properties which are located at the Eastern end of Beach Road are more isolated than those closer to City Hall. This building has a direct link to an MRT station (Nicholl Highway) and has bus stops front and rear, serving busy bus routes to Raffles Place (just 3 stops – 5 mins away).

South-facing offices have stunning sea views, and the specification of the space is reasonable with flush floor trunking and good natural lighting. With one of their anchor tenants relocating later in the year, there is ample space coming available. For budget-conscious tenants needing a corporate image, this option should definitely be considered.

More information on The Concourse

Outside CBD East

Fragrance Empire Building

Fragrance Empire Building

456 Alexandra Road

$6.25 per sq ft – Guide Effective Rate (per month)

Sizes from 1,679 – 7,847 sq ft

This is not a large landmark building, but the quality of space is still impressive. The specification includes 150mm raised flooring, full height windows with good sea views, reasonable car parking, an adjoining shopping centre and a sheltered walkway to Labrador MRT close by.

Most of the floors can only be split into two (circa 4,000 sq ft each half), but smaller subdivided units can be found. At an estimated effective rate below $6.50 per sq ft, this is indeed excellent value.

More information on Fragrance Empire Building

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