Money Saving Hacks When Renting An Office Space

4 min read

So you’ve started your own company, and you’re hoping that you’ll be the next Uber/Grab/Airbnb.

To manage your cash flow efficiently, you’ll want to pick an office space that you can afford, not one that will burn a hole in your wallet.

In this blog post, we share five money saving hacks to keep in mind when renting an office space. Read on to find out more!

#1: Think about whether you really need an office space

We get it. It’s not cool to work out of your home, or your parents’ home.

But think about it – if you opt not to rent an office, this might save you, say $3,000 per month. You could put this $3,000 to developing your app, marketing your product, or bringing onboard a full-time hire.

Bearing this in mind, only rent an office space if you really need to. 

If you can’t bear to splurge on a full-fledged office, but you don’t want to work from home, one great option is to utilise a co-working space.

PS: The government even provides a free co-working space for Singaporean citizens who have companies registered in their names. 

#2: Set a budget, and commit to it

Assuming that you DO really need to rent an office space, your first step should be to evaluate your finances, and set a budget.

Why can’t you window-shop and compare prices, then decide how much to spend?

Because it’s easy to get sucked into the world of fancy, Instagrammable offices and end up paying through the nose.

While you’re setting a budget, also make a list of “must-haves” and “nice-to-haves”, so you won’t get swayed by all the extra perks that some offices might offer.

For instance, say you’re looking at a Soho unit at Tanjong Pagar that comes equipped with gym and pool facilities. If you’re not a fitness junkie, and you can’t remember the last time you hit the gym, then there’s no point paying extra for these facilities that you won’t end up using.

#3: Consider renting an empty office

Fitted or furnished offices are super convenient – they come with all the necessary furniture, so all you have to do is grab your laptop and charger, and move in. That said, you might need to pay a premium for this convenience.

If you can’t find any furnished offices within your budget, consider renting empty offices instead. It’s straightforward enough to purchase your own office furniture to use – IKEA even has an IKEA for business offshoot that will help you get up and running.

#4: Look for a space that you can sublease

Have a small team, and can’t justify paying thousands on your monthly rental?

Look for an office space that you can sublease, and share with other small companies. This is a quick and easy way of cutting your monthly rent by half (or more!) 

#5: Compare rental rates and hunt for the best deal

If you’re buying a new fridge for your home, you’d probably shop around and see which retailer offers the best deal. When you’re looking for an office to rent, it makes sense to do the exact same thing.

Say you’re eyeing an office unit at Tras Street, and you want to research the prices of other offices in the same area.

To do this, just head to 99.co’s commercial site, select the “For rent” option, then key in “Tras Street”. This pulls up all listings within 1km of Tras Street, and you can drag and drop to change the distance: 

money-saving-hacks-office-space

Now you can quickly review your various options, and hunt for the best deal! 

Are you thinking of renting an office space? Voice your thoughts in our comments section or on our Facebook community page.

Looking for a property? Find the home of your dreams today on Singapore’s largest property portal 99.co! You can also access a wide range of tools to calculate your down payments and loan repayments, to make an informed purchase.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

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