Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
The higher costs in Singapore become as normal fit out prices continued to rise across the Asia Pacific (Apac) area, even if at a slower pace matched to last year.
Grant Carter, head of project and development services for Singapore at C&W, observes that the journey to quality trend continues to be prominent, with even more firms choosing better good quality buildings in business-strategic locations.
According to C&W, the surge in expenses was underpinned by continual stress factors inside the international supply chain, resulting in increased shipping fees. The continuous dispute in Europe has actually reduced business runs and re-routed delivery vessels far from the Suez Canal, adding roughly 10-14 days in transit time.
” Creating for a curated office space background gets on the rise, with an ongoing aim on developing a destination that adds to greater frequency, better performance, and an overall boost in user experience,” he adds in
In relations to global positions, London has one of the most expensive fit out costs globally at $355 psf.
C&W emphasize that developing workplaces that market productivity, health and wellbeing and sustainability continues to be a concern for occupiers and even as they come to grips with expense challenges.
Inside Apac, Japanese metros had the top fit out expenses. Tokyo ($ 268 psf) got the main area followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore placed 14th in with regards to average fit out cost in Apac metros.
The Botany at Dairy Farm floor plan
This creates offices in Singapore the most expensive to fit out in Southeast Asia for the 2nd year operating. The price deems greater than 50% of the space is allocated to dedicated offices and that the tenant has embraced versatile working systems post-pandemic.
Among Southeast Asian cities, Manila had the 2nd highest common office fit out cost at $129 psf, followed by Bangkok at $144 psf.
The average price of fitting out an office space in Singapore increased 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a review by international real estate consultancy Cushman & Wakefield (C&W).
