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Singapore ranks 14th in average fit out cost across Asia Pacific, at $140 USD per square foot up from $134 per square foot last year.
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Retrofit costs in Singapore are $57 USD per square foot.
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Reinstatement costs range between $14 to $17 USD per square foot.
The average office fit out costs across Asia Pacific continue to rise in 2024, albeit at a much slower rate as compared to a year ago, according to Cushman & Wakefield’s APAC Office Fit Out Cost Guide 2024. While inflation has started to ease in some markets, concerns about the interest rate environment, supply chain issues and geo-political tensions remain prevalent although there is hope for an economic rebound in the second half of 2024.
Figure 1: Fit Out cost (USD Per SQFT) across Southeast Asia
Singapore ranks 14th in average fit out cost across Asia Pacific, at $140 USD per square foot up from $134 per square foot last year. Retrofit costs in Singapore are $57 USD per square foot while Reinstatement costs range between $14 to $17 USD per square foot.
Creating office value comes to the fore amidst productivity and well-being concerns
Cushman & Wakefield also noted in the report that creating a workplace that enables employees to be at their most productive, promotes wellbeing and helps achieve corporate sustainability and inclusivity goals remain high on the agenda for occupiers even as they grapple with cost challenges and increased scrutiny on the quality of spend. These key considerations, broadly categorized as the 3Cs - Cost, Carbon and Culture – continue to shape companies’ strategies for the future of work.
“As occupiers assess and rethink their space requirements while juggling cost, carbon and culture parameters, the flight to quality trend remains prominent with more companies opting for better quality buildings in business-strategic locations,” said Grant Carter, Head of Project & Development Services Singapore at Cushman & Wakefield.
Designing for a curated office experience is on the rise, with a continued focus on creating a destination that contributes to higher frequency, higher performance, and an overall increase in user experience. An office where people do their very best work."he added.
Last year, Cushman & Wakefield noted that identifying the right office design that can balance working from home and having people in the office was the number one conversation in most markets across Asia Pacific.
Today, this conversation remains important and in fact, has broadened to address other growing concerns such as lower productivity levels, lower sense of well-being, as well as net zero commitments and inclusivity goals.
Global Fit-Out Cost Perspectives
Besides the APAC Office Fit Out Cost Guide, Cushman & Wakefield has also published the EMEA and Americas versions and a global summary. In total, the three guides provide a detailed look at office fit out costs for 134 markets across the world, to help guide occupiers through the early stages of defining their office relocation budgets. Below is a summary from a global fit out cost comparison perspective:
Most Expensive Fit Out Costs (USD PSF)
EMEA London, UK $263
Americas San Francisco, USA $223
APAC Tokyo, Japan $199
Least Expensive Fit Out Costs (USD PSF)
EMEA Gaborone, Botswana $50
APAC Ho Chi Minh City, Vietnam $61
Americas Argentina $67
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1 According to Cushman & Wakefield’s Experience Per Square Foot™ survey results from Q2 2020 – Q4 2023, productivity levels dip for the first time in 2023 while well-being remains low.
Notes:
Read the 2024 Office Fit Out Cost Guide – Global Summary, Americas, APAC, EMEA
Learn more about Cushman & Wakefield’s Project & Development Services
