Amid rising office rentals and tight supply in Singapore, Lock+Store has launched 1300 sqft of net leasable office space at its flagship Chai Chee self-storage facility. Previously a self-storage-only facility, Lock+Store Chai Chee now offers serviced offices ranging from 81 to 481 sqft and suitable for one to five persons.
Ms Helen Ng, Chief Executive Officer of Lock+Store said, “Based on our survey conducted in 2013, we found that about 40 percent of current storers were looking for office space to complement their storage units. We built our serviced offices to meet this unique demand among our start-up and SME storers.”
This initiative is in line with SingPost’s focus on helping local small medium enterprises to expand their businesses in domestic market as well as extend into the region. It will also allow young entrepreneurs and ecommerce startups to tap into SingPost’s eCommerce value chain – comprising four key areas, i.e. freight, customs & regulations management, warehousing & fulfilment, last mile delivery & returns, and eCommerce web solutions to grow their businesses.
Mr Rocky Ang, Director of SR Data Dynamic Pte Ltd, said he rented an office space at Lock+Store Tanjong Pagar as his business operations had expanded beyond his current office space. He said, “I needed an extra office space where I could set up and get to work speedily. I wanted the office to be located next to my storage unit at Lock+Store to remove the hassle of travelling whenever I need access to my inventory. I chose Lock+Store Tanjong Pagar because it is centrally located just outside the CBD and because of the flexible lease period. It helps that the front office staff are also friendly and helpful.”
Affordability preferred over ancillary services
According to Lock+Store’s 2013 survey of current self-storage users, those who expressed interest in an office space responded that they could do away with ancillary services such as an on-site receptionist as long as the rentals were affordable.
Ms Ng said the new Chai Chee serviced offices “strike an effective balance between affordability and functionality.” She said, “Apart from basic services like air-conditioning, a meeting room, a pantry with refrigerator, high-speed wifi and 24/7 access and security, we also offer free calls to local numbers and photocopying and scanning services at very competitive rates. Our front-end customer service officers will also accept deliveries on our customers’ behalf. Everything is set up for small businesses to function efficiently from the time they move in.”
Lock+Store has also refurbished its existing office space at Tanjong Pagar and will expand the net leasable space by 850 sqft “to meet the demand in a prime location just outside the CBD.”
“Currently our occupancy rate at Tanjong Pagar stands at 90 percent. There is pent-up demand for serviced offices in a prime location like Tanjong Pagar among SMEs who want to be centrally located but who do not wish to pay high rents,” said Ms Ng.