Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
In Apac, Japanese metropolitan areas had the highest fit out expenses. Tokyo ($ 268 psf) prevailed the top spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore ranked 14th in regards to average fit out expense in Apac metros.
According to C&W, the surge in expenses was underpinned by continual stress factors throughout the global supply chain, leading to risen freight fees. The continuous problem in Europe has decreased trade movements and re-routed ship vessels far from the Suez Canal, including approximately 10-14 days in travel time.
This creates workplaces in Singapore one of the most expensive to fit out in Southeast Asia for the second year operating. The price deems greater than 50% of the room is designated to dedicated offices and that the occupant has actually embraced versatile operating practices post-pandemic.
Among Southeast Asian cities, Manila had the 2nd highest average office fit out cost at $129 psf, followed by Bangkok at $144 psf.
C&W accentuate that developing offices that promote performance, wellness and sustainability continues to be a concern for tenants much as they face expenditure demands.
Grant Carter, head of project and development services for Singapore at C&W, monitors that the journey to top quality trend continues to be prominent, with even more firms going with better quality buildings in business-strategic areas.
The Arcady @ Boon Keng condominium
” Creating for a curated office space experience gets on the rise, with a continued goal on producing a location that contributes to higher frequency, greater efficiency, and a total increase in user experience,” he adds
The higher prices in Singapore become as average fit out prices continued to rise across the Asia Pacific (Apac) region, albeit at a slower speed opposed to last year.
In terms of global positions, London has one of the most costly fit out costs globally at $355 psf.
The average expense of fitting out a workplace in Singapore increased 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a statement by international residential property consultancy Cushman & Wakefield (C&W).
