Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
Among Southeast Asian metros, Manila had the second highest possible standard workplace fit out price at $129 psf, followed by Bangkok at $144 psf.
” Designing for a curated workplace skill is on the increase, with a continued focus on producing a place that contributes to higher frequency, higher functionality, and a general increase in client experience,” he adds in
C&W emphasize that producing work environments that market performance, wellness and sustainability continues to be a top priority for tenants even as they grapple with expense demands.
According to C&W, the rise in costs was underpinned by continued stress factors throughout the international supply chain, leading to risen freight fees. The recurring dispute in Europe has minimized trade movements and re-routed ship vessels far from the Suez Canal, including about 10-14 days in transit time.
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The average price of fitting out an office in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf last year, according to a review by worldwide residential property consultancy Cushman & Wakefield (C&W).
This makes workplaces in Singapore the most pricey to fit out in Southeast Asia for the second year running. The cost estimates greater than 50% of the space is alloted to dedicated workstations and that the occupant has actually adopted versatile working practices post-pandemic.
Within Apac, Japanese metropolitan areas had the highest fit out costs. Tokyo ($ 268 psf) got the top spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore ranked 14th in terms of average fit out cost in Apac capitals.
In terms of global ranks, London has one of the most expensive fit out fees around the world at $355 psf.
The higher costs in Singapore become as normal fit out costs remained to ascend across the Asia Pacific (Apac) region, though at a slower rate matched to last year.
Grant Carter, head of project and development services for Singapore at C&W, monitors that the flight to quality trend stays prominent, with more companies going with much better quality buildings in business-strategic places.
