Office fit-out costs in Singapore rise to $188 psf, highest in Southeast Asia
The standard cost of fitting out an office space in Singapore climbed 4.4% from $180 psf in 2022 to $188 psf in 2023, according to a statement by global residential property consultancy Cushman & Wakefield (C&W).
According to C&W, the surge in expenses was underpinned by continual stress factors throughout the global supply chain, causing risen freight costs. The continuous dispute in Europe has minimized trade movements and re-routed delivery vessels far from the Suez Canal, adding roughly 10-14 days in travel time.
This creates offices in Singapore one of the most expensive to fit out in Southeast Asia for the second year operating. The cost estimates greater than 50% of the place is alloted to dedicated offices and that the tenant has taken on versatile running systems post-pandemic.
Grant Carter, head of project and development services for Singapore at C&W, monitors that the trip to high quality pattern stays prominent, with even more firms going with much better quality structures in business-strategic locations.
” Designing for a curated workplace background gets on the increase, with an ongoing goal on producing a spot that adds to higher frequency, better efficiency, and an overall boost in end user experience,” he adds in
Amongst Southeast Asian metropolitan areas, Manila had the second best standard office fit out expense at $129 psf, followed by Bangkok at $144 psf.
The much higher costs in Singapore come as common fit out expenses remained to go up throughout the Asia Pacific (Apac) region, though at a slower pace compared to last year.
In relations to global rankings, London has the most expensive fit out expenses worldwide at $355 psf.
C&W accentuate that creating offices that market productivity, wellness and sustainability remains to be a concern for residents much as they grapple with expenditure demands.
Inside Apac, Japanese metropolitan areas had the top fit out costs. Tokyo ($ 268 psf) took the main place followed by Osaka ($ 263 psf) and Nagoya ($ 258 psf). Singapore ranked 14th in with regards to average fit out price in Apac metros.
