Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
The average expense of fitting out an office space in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf last year, according to a report by worldwide property consultancy Cushman & Wakefield (C&W).
C&W highlights that creating workplaces that promote efficiency, health and wellbeing and sustainability continues to be a top priority for occupiers much as they face expenditure challenges.
Grant Carter, head of project and development services for Singapore at C&W, notices that the trip to quality trend continues to be prominent, with even more companies choosing far better quality buildings in business-strategic places.
Reserve Residences Far East Organization
The higher rates in Singapore come as normal fit out costs continued to go up all over the Asia Pacific (Apac) region, though at a slower pace compared to last year.
Amongst Southeast Asian cities, Manila had the second highest average workplace fit out expense at $129 psf, followed by Bangkok at $144 psf.
” Designing for a curated workplace experience is on the surge, with an ongoing aim on developing a location that contributes to greater frequency, better efficiency, and an overall rise in user experience,” he adds in
In regards to global rankings, London has the most costly fit out expenses globally at $355 psf.
This creates offices in Singapore some of the most very expensive to fit out in Southeast Asia for the second year running. The price assumes greater than 50% of the room is alloted to dedicated workstations and that the renter has actually adopted versatile running systems post-pandemic.
In Apac, Japanese metropolitan areas had the utmost fit out prices. Tokyo ($ 268 psf) got the main spot followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore rated 14th in regards to standard fit out cost in Apac metros.
According to C&W, the raise in prices was underpinned by continued stressors within the worldwide supply chain, leading to boosted delivery charges. The continuous dispute in Europe has lowered trade movements and re-routed delivery vessels away from the Suez Canal, including around 10-14 days in transit time.
