There has been a current huge increase for office rental in Singapore. In addition to that, it is facing a shortage of supply. One reason to consider is due to the retrofitting and redevelopments of commercialized office structures. Most of the building or structures located at the prime district are developing so as for residential use. There is also an increase entry of various companies from different countries particularly in the financial institute that are relocating to Singapore. Hence, it likewise added to the rise of demand for Singapore grade A office rentals.
When it is a Grade A office space, it relates to the most highly prized space that you can find. The usual building in this type are mostly newly built, newly redeveloped or recently renovated.
Considering the A class of the offices, it also comes along with high grade or top of the line furniture with high end facilities. Thus, such properties appeal well on the international market. In relation to that, its rental fee is a little more than the average.
Such offices are mostly located in the heart of the city. Because of its prime location, it can easily be accessed through various methods. Learn more at http://www.officebroker.com/news/2009/09/03/what-is-grade-a-grade-b-and-grade-c-office-space/
Aside from grade A offices, grade B and grade C are also available. Grade B falls right below the standards of grade A. The least class of the three is Grade C. The least grade offers the least amount of rental fee. Usually, the building is around 15-25 years old.
For the companies who are interested to expand their business in the Lion City, to be able to locate the best and well suited office space has turned out to be a challenge. There are some who simply chosen to the high end properties or at the business park zone. The low supply of office space in Singapore has also lead to decentralization of the company’s operation. It also resulted to backend movement of operation out of the central business area.
In terms of lease renewal, there are some firms which doubled or tripled the lease amount of their current office space. This implies that gone are days when tenants get to enjoy spacious office without having to worry of paying high rental fees. Those tenants who rather relocate their office also need to remember that they might be moving in a smaller location yet still be required to pay high rents.
Even though the Singapore’s office rental pushed the business cost up, still, there are quite a few multinational companies who continue to expand their business in Singapore. It is because; it is a good country to further make their business grow.
Although the demand for a competitively price office space in Singapore is tight, highly competitive companies and big companies would often opt for a grade A office space. It will not only give them good location accessible for all but also the best and high end facilities that the entire employees can take advantage of as well as their most loyal clients.