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

The higher rates in Singapore become as normal fit out expenses remained to go up all over the Asia Pacific (Apac) area, though at a slower speed matched to in 2023.

Amongst Southeast Asian metropolitan areas, Manila had the second best common office fit out cost at $129 psf, followed by Bangkok at $144 psf.

Grant Carter, head of project and development services for Singapore at C&W, observes that the journey to quality pattern stays prominent, with more firms choosing much better quality structures in business-strategic locations.

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C&W accentuate that creating work environments that promote productivity, health and wellbeing and sustainability remains to be a concern for tenants much as they face amount difficulties.

The common cost of fitting out an office in Singapore increased 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a report by global real estate consultancy Cushman & Wakefield (C&W).

” Designing for a curated place of work experience is on the rise, with an ongoing focus on creating a location that contributes to higher frequency, higher performance, and a total increase in user experience,” he includes

In Apac, Japanese urban areas had the utmost fit out costs. Tokyo ($ 268 psf) got the top place followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore ranked 14th in regards to standard fit out price in Apac cities.

In terms of global positions, London has one of the most expensive fit out costs around the world at $355 psf.

According to C&W, the surge in costs was underpinned by continued stressors within the global supply chain, resulting in boosted delivery costs. The recurring problem in Europe has actually reduced business runs and re-routed freight vessels away from the Suez Canal, including approximately 10-14 days in travel time.

This produces workplaces in Singapore some of the most costly to fit out in Southeast Asia for the 2nd year running. The fee assumes greater than 50% of the space is designated to dedicated offices and that the renter has adopted flexible running process post-pandemic.


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