Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
According to C&W, the rise in costs was underpinned by continued stress factors within the international supply chain, resulting in risen shipping charges. The ongoing conflict in Europe has lowered business runs and re-routed ship vessels away from the Suez Canal, including approximately 10-14 days in transit time.
This produces office spaces in Singapore the most expensive to fit out in Southeast Asia for the 2nd year operating. The fee estimates greater than 50% of the room is allocated to dedicated workstations and that the lessee has taken on adaptable working practices post-pandemic.
Grant Carter, head of project and development services for Singapore at C&W, observes that the trip to high quality pattern remains prominent, with even more firms choosing far better good quality structures in business-strategic areas.
Inside Apac, Japanese metros had the top fit out expenses. Tokyo ($ 268 psf) took the main area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore rated 14th in terms of average fit out cost in Apac metros.
In regards to global rankings, London has one of the most pricey fit out fees around the world at $355 psf.
The standard price of fitting out an office space in Singapore rose 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a review by global residential property consultancy Cushman & Wakefield (C&W).
” Creating for a curated office space knowledge is on the increase, with an ongoing attention on developing a spot that adds to higher frequency, higher performance, and an overall rise in client experience,” he adds
C&W highlights that developing offices that market efficiency, well-being and sustainability continues to be a top priority for tenants and even as they face expenditure demands.
The higher prices in Singapore appear as common fit out expenses continued to go up all over the Asia Pacific (Apac) region, though at a slower rate opposed to last year.
Amongst Southeast Asian metropolitan areas, Manila had the 2nd highest standard workplace fit out expense at $129 psf, followed by Bangkok at $144 psf.
