Singapore has the priciest office fit-out costs in SEA
The Lion City’s fit-out cost for a basic hybrid is $113 (US$86 psf).
As inflation continues to raise fit-out costs across Asia, Singapore was declared as the most expensive city for office fit-out costs in Southeast Asia, a Cushman & Wakefield study showed.
According to the report, $113 (US$86) per square foot is the fitout cost for basic hybrid in Singapore. Following this is Manila, which has $92 (US$70). Next is Kuala Lumpur with $83 (US$63).
Whilst fit-out costs increase, Cushman & Wakefield said there were early signs of easing pressure.
“Cost is clearly a high priority for occupiers, as evidenced by the continued 0.8% q-o-q increase in CBD Grade A office rents in Q1 2023. However, we have observed positive attitudes from our clients as we assist them in focusing their design and capital expenditure on creating people and client-focused areas that activate spaces for hybrid ways of work” said Grant Carter, head of project & development services Singapore at Cushman & Wakefield.
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