Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
Amongst Southeast Asian cities, Manila had the 2nd best average workplace fit out cost at $129 psf, followed by Bangkok at $144 psf.
C&W highlights that producing offices that promote productivity, health and wellbeing and sustainability remains to be a concern for occupiers much as they grapple with expense demands.
The higher prices in Singapore come as common fit out expenses remained to rise throughout the Asia Pacific (Apac) area, though at a slower speed compared to last year.
Inside Apac, Japanese metros had the highest fit out costs. Tokyo ($ 268 psf) got the main area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in regards to regular fit out price in Apac capitals.
Grant Carter, head of project and development services for Singapore at C&W, observes that the trip to high quality trend continues to be prominent, with even more firms opting for much 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 in 2023, according to a report by international real estate consultancy Cushman & Wakefield (C&W).
” Creating for a curated office background gets on the increase, with an ongoing emphasis on creating a location that adds to greater frequency, better performance, and an overall boost in end user experience,” he includes
According to C&W, the surge in costs was underpinned by continued stressors throughout the global supply chain, leading to increased shipping charges. The continuous problem in Europe has minimized business movements and re-routed shipping vessels far from the Suez Canal, adding approximately 10-14 days in travel time.
In relations to global positions, London has the most pricey fit out fees globally at $355 psf.
This creates offices in Singapore some of the most very expensive to fit out in Southeast Asia for the 2nd year running. The cost estimates greater than 50% of the space is allocated to devoted workstations and that the occupant has actually adopted flexible working process post-pandemic.
