Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
This produces offices in Singapore the most expensive to fit out in Southeast Asia for the second year running. The fee assumes more than 50% of the room is designated to dedicated workstations and that the lessee has embraced adaptable operating systems post-pandemic.
Grant Carter, head of project and development services for Singapore at C&W, observes that the flight to quality pattern stays prominent, with even more business choosing better good quality buildings in business-strategic locations.
The average price of fitting out an office space in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf last year, according to a report by worldwide real estate consultancy Cushman & Wakefield (C&W).
According to C&W, the rise in expenses was underpinned by continual stress factors throughout the international supply chain, leading to increased delivery fees. The ongoing conflict in Europe has actually lowered business movements and re-routed shipping vessels away from the Suez Canal, including roughly 10-14 days in travel time.
Amongst Southeast Asian cities, Manila had the 2nd best common workplace fit out cost at $129 psf, followed by Bangkok at $144 psf.
” Designing for a curated office space knowledge is on the surge, with an ongoing focus on developing a spot that adds to greater frequency, greater performance, and an overall rise in end user experience,” he adds
Inside Apac, Japanese cities had the top fit out expenses. Tokyo ($ 268 psf) took the leading spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in terms of average fit out expense in Apac metros.
C&W emphasize that creating workplaces that promote efficiency, well-being and sustainability continues to be a top priority for occupiers even as they come to grips with amount demands.
In regards to global positions, London has one of the most expensive fit out fees globally at $355 psf.
The much higher prices in Singapore appear as average fit out prices remained to rise all over the Asia Pacific (Apac) region, albeit at a slower rate opposed to last year.
