Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
Inside Apac, Japanese cities had the highest fit out costs. Tokyo ($ 268 psf) prevailed the main spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in regards to average fit out expense in Apac capitals.
The average cost of fitting out a workplace in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a report by international property consultancy Cushman & Wakefield (C&W).
Grant Carter, head of project and development services for Singapore at C&W, notices that the journey to high quality trend continues to be prominent, with even more companies selecting better excellent buildings in business-strategic locations.
This makes offices in Singapore the most very expensive to fit out in Southeast Asia for the second year running. The cost deems greater than 50% of the room is alloted to dedicated offices and that the tenant has taken on adaptable running practices post-pandemic.
C&W accentuate that creating workplaces that promote efficiency, well-being and sustainability remains to be a concern for tenants even as they grapple with cost challenges.
The higher rates in Singapore appear as normal fit out prices remained to ascend throughout the Asia Pacific (Apac) area, even if at a slower rate matched to in 2023.
According to C&W, the surge in costs was underpinned by continued stressors inside the worldwide supply chain, leading to boosted delivery fees. The continuous conflict in Europe has reduced trade runs and re-routed ship vessels far from the Suez Canal, adding roughly 10-14 days in travel time.
” Designing for a curated place of work knowledge gets on the rise, with an ongoing focus on producing a location that adds to higher frequency, higher performance, and a total boost in end user experience,” he includes
Among Southeast Asian metros, Manila had the 2nd highest possible average workplace fit out price at $129 psf, followed by Bangkok at $144 psf.
In terms of global rankings, London has the most pricey fit out costs globally at $355 psf.
