OFFICE SPACE SEARCH

Abstract

Firms have been seen moving from one office space to another especially when the rental level was low across the board. Such mobility is conditional upon the availability of vacant space in the market and the ease of terminating the leases prematurely. These conditions are found to be favourably provided in the Singapore's office market. Prior to the shift, firms have to locate an alternative office space. The process of search with particular emphasis on the search strategies/techniques is what this dissertation is looking into. Through the analysis, it is concluded that newspaper advertisements, business associates / friends and real estate agents are the most frequently used sources of information, and that different trades placed reliance on different sources. Offices in the city centre have also been found to be the most demanded. Precaution and care has been taken by firms in general in the selection of office space by examining 4 to 5 units. They, on the whole, took less than one month to search. Besides the findings on search strategies, search related issues are identified. Cost and shifting time are regarded as acceptable to firms. However, some firms although satisfied with the chosen unit are preparing for a move in the near future.