SELECTING THE BEST INDUSTRIAL SPACE IN SINGAPORE

Finding an industrial space in Singapore can be difficult. But done it must be, because it remains one of the key factors that can make a difference to the success of your business.

Before finalizing your industrial space Singapore choice, you need to carefully look into certain essential factors. These factors eventually play a critical role in determining whether your industrial space Singapore choice is suitable or not.

WHAT NEEDS TO BE FACTORED IN?

Here are four of the main factors that eventually should decide what should be your final and appropriate industrial space Singapore choice.

LOCATION

A good location is critical for the success of your business. It is what that you must look into first when searching for an industrial space in Singapore. 

The attributes of a good location lies in its strategic presence; accessibility for staff, clients, suppliers, and partners to and from their destinations; proximity to airport, port, and railway station; and access to markets which is where the customers are.

ZONING LAWS

The nature of your industrial business plays a key role in determining the location for it. In Singapore, there are strict zoning laws that restrict types of businesses in different areas.

However, the URA zones land for industrial activities will ensure that industrial space is affordable, well within your budget. Under URA zones land, an industrial space should utilize at least 60% of its total floor area space for industrial activities. However, you are entitled to take up to 40% of the total floor area of the industrial space for catering to ancillary activities that supports your industrial business like office and display area. 

Also, under URA zones land, a landlord can lease about 10% of the total area to non-industrial activities like staff canteens, and childcare center.

RENTAL COSTS

Rental costs for an industrial space in Singapore vary from place to place. It predominantly depends on what type of industrial space you are looking to rent; and the nature of your budget.

The factors that dictate industrial space Singapore rental cost are:

  • What kind of industrial property type you are looking for? Are you looking for an independent building space or can do with sharing a multi-tenant building?  If you want an independent building then it will be expensive. But at the same time, they generally are difficult to get if you are looking for an industrial space size that is less than 30,000 sqft.
  • What kind of industrial space size you want? What is the amount of space you are looking for?  
  • Do you want industrial space on the ground floor or can make do with upper floors? Generally, industrial space on the ground floor tends to cost more.
  • Is air-conditioning readily available? If available, is it ready in place? In case, it is readily available, it will help reduce initial capital expenditure else you need to buy and install an air-conditioner which means you need to shell out more.

RENOVATION COSTS

There could be occasions when the industrial space you’re looking to rent may need renovations. It could be either large-scale renovations or small-scale renovations. 

If it is large-scale renovations, then you will need to look into whether the industrial space is fully-fitted or not, and what kind of fittings are needed; flooring is intact or not, that can handle the load of your goods comfortably; water supply pipes or electrical connection wires are stable or not or whether they need an overhaul; and such likes. 

On the other hand, if it is a small-scale renovation, then it could be something minor like re-design of the reception counter to fit in line with your business image; or replacement of a few fittings and window and door frames? 

Renovation costs also need to be looked into. Who is going to foot the bill if you have not yet occupied the industrial space? Will you have to foot the bill or the landlord will pay for it as it remains his duty to deliver an industrial space that’s well-equipped and well-maintained to the tenant before occupation.

OTHER FACTORS

The other factors that need to be looked into are:

  • Specifications; most industrial businesses generally have certain specifications. Be clear on what the nature of your industrial business specifications is and what needs to be met for it?
  • Ceiling height; high-ceiling is required or can do with low-ceiling? If high-ceiling, then can it accommodate and store your goods; facilitate the entry and exit of heavy vehicles; and meet certain other operational needs.
  • Floor loading; whether the floor load of the industrial space can handle heavy goods or items or equipments, and whether it’s sufficient to cater to your needs. Also, how the calculation is done for rental costs; whether it’s calculated in kilonewton per square foot of the area?
  • Loading / Unloading Facilities; Does your industrial business need loading / unloading facilities? If yes, whether it requires a loading bay? 
  • Parking; what kind of parking you would want to have? Something that can accommodate your private vehicles including cars and two wheelers, and commercial vehicles including heavy vehicles. If heavy vehicles also need parking then whether the parking space can fit in them. Make sure if they can be accommodated, then the parking area must not come with restricted weight/height/length limits.

Considering the demand for industrial spaces in Singapore, it generally takes around three to nine months to get the appropriate industrial space. This depends largely upon factors like the nature of your business; size of your needs; and compliance with prevalent rules and regulations in force. Then there are other factors like negotiation with the landlord; application for approvals from the concerned authorities, and renovations, if any. How long they take and what needs to be done, are factors that cannot have proper answers.  

CONCLUSION

Finding the appropriate industrial space and arriving at its finalization in Singapore, can be taxing and riddled with challenges galore. It can also consume a lot of time that will require you to do extensive touring across Singapore. Besides, industrial space is a specialized niche area.

Instead of saddling yourself with such a task, hiring a professional real estate consultant will do well. With their extensive knowledge of the subject-area, market understanding, and ability to deal with concerned people in the industrial space segment, real estate consultants remain a safe option.

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