Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
The average cost of fitting out a workplace in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a report by global real estate consultancy Cushman & Wakefield (C&W).
C&W accentuate that creating offices that promote efficiency, well-being and sustainability remains to be a priority for tenants and even as they come to grips with expenditure difficulties.
This makes office spaces in Singapore the most costly to fit out in Southeast Asia for the second year operating. The cost deems more than 50% of the space is alloted to specific offices and that the lessee has embraced flexible working process post-pandemic.
Inside Apac, Japanese metros had the utmost fit out expenses. Tokyo ($ 268 psf) got the main area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in terms of standard fit out cost in Apac metros.
The much higher costs in Singapore become as common fit out expenses remained to go up all over the Asia Pacific (Apac) area, albeit at a slower pace compared to last year.
” Designing for a curated office background gets on the increase, with a continued aim on developing a destination that contributes to greater frequency, higher efficiency, and a general boost in client experience,” he includes
Grant Carter, head of project and development services for Singapore at C&W, observes that the journey to high quality trend remains prominent, with more business choosing much better quality structures in business-strategic places.
Among Southeast Asian metros, Manila had the second highest average workplace fit out expense at $129 psf, followed by Bangkok at $144 psf.
In relations to global positions, London has the most expensive fit out expenses globally at $355 psf.
According to C&W, the surge in prices was underpinned by continual stress factors inside the global supply chain, leading to risen freight costs. The recurring problem in Europe has actually lowered business flows and re-routed freight vessels far from the Suez Canal, including around 10-14 days in travel time.