Business Park & Office Spaces. What is the Difference?
Business park spaces may sometimes be mistaken as office spaces due to the fact that these spaces look similar and it may be difficult to tell the difference between these two types of spaces.
While business parks and office spaces may sometimes look the same, the approved use of these spaces are actually different. Business parks are built for companies who are involved in knowledge intensive activities and for companies that are dealing with research & development (R & D), high-tech or high value-added activities. Office spaces, on the other hand are spaces meant for office use and are suitable for all types of industries or trades as long as it is used as an office space.
As for the zoning, there are also differences between business park spaces and office spaces. Business park spaces are often zoned under business park while office spaces are often zoned as commercial spaces in the Urban Redevelopment Authority (URA) Master Plan. Business park spaces are considered industrial properties while office spaces are considered commercial properties.
In terms of rental rates, office spaces also tend to command higher rental rates as compared to business parks. This may be due to the restrictions on the type of businesses or trades allowed in business park spaces. In terms of corporate image, office spaces also tend to offer better corporate image for companies who are looking to uphold their branding and reputation. Office spaces may also command higher rental rates due to the prime location it is located within where it is easily accessible and where nearby amenities are aplenty. An example of the difference in location will be office spaces located in the prime Central Business District (CBD) whereas business park spaces tend to be located closer to neighbourhoods and outside of the central region.