Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
Among Southeast Asian metropolitan areas, Manila had the 2nd best common office fit out expense at $129 psf, followed by Bangkok at $144 psf.
The much higher prices in Singapore come as average fit out costs remained to go up throughout the Asia Pacific (Apac) region, though at a slower rate opposed to in 2023.
Grant Carter, head of project and development services for Singapore at C&W, observes that the journey to top quality trend continues to be prominent, with more business going with much better quality buildings in business-strategic places.
Inside Apac, Japanese cities had the highest fit out prices. Tokyo ($ 268 psf) got the top place followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore rated 14th in regards to average fit out price in Apac metros.
According to C&W, the rise in expenses was underpinned by continual stressors inside the worldwide supply chain, causing increased shipping costs. The ongoing problem in Europe has decreased trade flows and re-routed delivery vessels far from the Suez Canal, including around 10-14 days in travel time.
This makes office spaces in Singapore the most pricey to fit out in Southeast Asia for the second year operating. The cost estimates greater than 50% of the space is allocated to dedicated offices and that the occupant has taken on flexible operating practices post-pandemic.
The average price of fitting out an office in Singapore increased 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a statement by global real estate consultancy Cushman & Wakefield (C&W).
C&W accentuate that creating work environments that market performance, health and wellbeing and sustainability remains to be a top priority for occupants much as they come to grips with expenditure difficulties.
In relations to global ranks, London has one of the most costly fit out prices globally at $355 psf.
” Creating for a curated place of work knowledge is on the rise, with an ongoing focus on developing a location that adds to greater frequency, better performance, and an overall rise in end user experience,” he adds in
