Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia

This makes office spaces in Singapore some of 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 actually embraced versatile running systems post-pandemic.

Amongst Southeast Asian cities, Manila had the 2nd highest common office fit out expense at $129 psf, followed by Bangkok at $144 psf.

In Apac, Japanese urban areas had the utmost fit out expenses. Tokyo ($ 268 psf) prevailed the leading area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore ranked 14th in terms of average fit out price in Apac cities.

According to C&W, the raise in expenses was underpinned by sustained stress factors within the international supply chain, leading to risen delivery fees. The ongoing conflict in Europe has reduced trade movements and re-routed delivery vessels away from the Suez Canal, including roughly 10-14 days in transit time.

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In regards to global ranks, London has the most pricey fit out fees worldwide at $355 psf.

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).

” Designing for a curated office space skill is on the rise, with a continued emphasis on developing a place that adds to greater frequency, higher functionality, and a general increase in client experience,” he adds

C&W emphasize that developing offices that market productivity, wellbeing and sustainability remains to be a top priority for occupiers even as they face amount demands.

Grant Carter, head of project and development services for Singapore at C&W, observes that the flight to quality trend remains prominent, with more companies opting for much better excellent buildings in business-strategic locations.

The higher rates in Singapore appear as common fit out costs remained to rise throughout the Asia Pacific (Apac) area, albeit at a slower pace opposed to last year.

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