Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
This makes office spaces in Singapore the most very expensive to fit out in Southeast Asia for the 2nd year running. The price assumes more than 50% of the room is alloted to specific offices and that the lessee has actually adopted adaptable working systems post-pandemic.
Within Apac, Japanese cities had the highest fit out expenses. Tokyo ($ 268 psf) prevailed the leading area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore rated 14th in terms of average fit out price in Apac capitals.
C&W highlights that producing workplaces that promote productivity, health and wellbeing and sustainability continues to be a priority for occupiers and even as they come to grips with cost demands.
The much higher prices in Singapore become as average fit out costs continued to ascend throughout the Asia Pacific (Apac) area, albeit at a slower speed matched to in 2023.
The common cost of fitting out a workplace in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a statement by global residential property consultancy Cushman & Wakefield (C&W).
According to C&W, the rise in costs was underpinned by continual stressors inside the worldwide supply chain, leading to increased delivery fees. The ongoing problem in Europe has minimized trade runs and re-routed delivery vessels away from the Suez Canal, adding about 10-14 days in travel time.
In regards to global ranks, London has the most costly fit out prices around the world at $355 psf.
” Designing for a curated office space knowledge gets on the rise, with an ongoing goal on developing a destination that adds to higher frequency, better functionality, and an overall rise in end user experience,” he adds in
Grant Carter, head of project and development services for Singapore at C&W, observes that the flight to quality trend continues to be prominent, with even more firms opting for better good quality buildings in business-strategic locations.
Amongst Southeast Asian metros, Manila had the second best average office fit out cost at $129 psf, followed by Bangkok at $144 psf.
