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.

19 Nassim floor plan

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

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