Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
The common price of fitting out an office in Singapore increased 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a review by international property consultancy Cushman & Wakefield (C&W).
In terms of global positions, London has one of the most costly fit out costs around the world at $355 psf.
C&W accentuate that creating offices that market efficiency, wellness and sustainability remains to be a priority for tenants even as they face expenditure challenges.
” Creating for a curated office skill is on the rise, with an ongoing emphasis on developing a place that contributes to greater frequency, higher functionality, and an overall increase in client experience,” he adds
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The much higher costs in Singapore come as common fit out costs remained to ascend all over the Asia Pacific (Apac) region, even if at a slower pace opposed to last year.
This creates workplaces in Singapore the most costly to fit out in Southeast Asia for the second year operating. The price deems greater than 50% of the place is allocated to specific workstations and that the occupant has embraced flexible operating systems post-pandemic.
In Apac, Japanese metropolitan areas had the utmost fit out costs. Tokyo ($ 268 psf) prevailed the main spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in with regards to average fit out price in Apac cities.
According to C&W, the raise in costs was underpinned by continual stress factors within the global supply chain, leading to boosted shipping fees. The ongoing dispute in Europe has reduced business runs and re-routed ship vessels far from the Suez Canal, adding around 10-14 days in travel time.
Amongst Southeast Asian metropolitan areas, Manila had the second highest average office fit out expense at $129 psf, followed by Bangkok at $144 psf.
Grant Carter, head of project and development services for Singapore at C&W, notices that the trip to top quality pattern stays prominent, with more companies choosing far better excellent buildings in business-strategic places.
