Singapore has most expensive office fit-out costs in Southeast Asia

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Fit-out costs in the Asia Pacific region are on the rise, demonstrating the persistent effects of inflation, tight labour markets, and supply chain delays. Singapore has experienced the most drastic uptick in costs, with Cushman & Wakefield’s 2023 Asia Pacific Office Fit-Out Cost Guide registering an 18% increase in local currency, or 7% in US dollar terms.

Grant Carter, Head of Project & Development Services Singapore at Cushman & Wakefield, suggests that major occupiers are largely bearing the brunt of these rising costs in order to encourage return-to-office rates. He notes that this trend reflects occupiers’ desire to prioritize cost management while still providing up-to-date and optimized workspaces that can foster collaboration and innovation.

In light of these trends, Carter emphasizes the importance of considering a range of key factors when undertaking fit-outs, including workplace strategy and change implementation, technology, sustainability, and ESG (Environmental, Social, and Governance) factors. This is to ensure the best possible user experience, affording employees the right balance between individual and group workspaces.