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

Among Southeast Asian metros, Manila had the 2nd best average office fit out expense at $129 psf, followed by Bangkok at $144 psf.

” Designing for a curated office skill gets on the rise, with a continued focus on creating a spot that contributes to higher frequency, higher performance, and a total boost in end user experience,” he adds in

This produces offices in Singapore one of the most expensive to fit out in Southeast Asia for the 2nd year running. The cost assumes more than 50% of the room is designated to specific workstations and that the tenant has actually adopted adaptable running systems post-pandemic.

The standard cost of fitting out a workplace in Singapore increased 4.4% from $180 psf in 2022 to $188 psf last year, according to a review by international property consultancy Cushman & Wakefield (C&W).

The much higher costs in Singapore appear as normal fit out expenses remained to ascend all over the Asia Pacific (Apac) region, even if at a slower speed matched to last year.

Grant Carter, head of project and development services for Singapore at C&W, observes that the flight to high quality trend continues to be prominent, with more companies opting for much better quality structures in business-strategic places.

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C&W highlights that creating workplaces that market efficiency, wellbeing and sustainability remains to be a priority for occupiers much as they come to grips with cost demands.

In relations to global ranks, London has the most costly fit out prices worldwide at $355 psf.

According to C&W, the raise in costs was underpinned by sustained stressors within the international supply chain, leading to boosted freight fees. The ongoing conflict in Europe has reduced business flows and re-routed ship vessels far from the Suez Canal, adding roughly 10-14 days in travel time.

Within Apac, Japanese metros had the highest fit out prices. Tokyo ($ 268 psf) prevailed the top area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore rated 14th in regards to average fit out expense in Apac cities.

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