2-3 years are commonly adopted by major landlord for traditional commercial spaces. For tenure less than 2 years, it will be more appropriate to take up a lease with a serviced office/co-working space.
OPTION TO RENEW
Usual lease with come with an option to renew, where terms for renewal will be renegotiated and subject to agreement between both parties
RENTAL FREE PERIOD
1 month is common for units from 1,000-3,000 square feet
for fitted out units, shorter rent free period will apply
3 months is a norm for major landlords subject to the tenant’s paid up capital satisfying the required paid-up capital
For individual owners, the security deposit ranges from 2-3 months.
There may be a one-time legal/admin fee payable by the tenant at the time of execution of tenancy agreement
Tenant will be responsible for the stamp fee payable. IRAS’s formula below will be used to calculate the amount payable.
Monthly rent * number of months of lease * 0.4%
ONE MONTH ADVANCE RENTAL
1 month advance rental will be payable at the time of execution of the tenancy agreement. This payment will be used to offset the rent for the 1st month.
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