The Lion City’s average fit out costs are $100 psf versus the SAR’s $94.
Fitting out an office in Singapore costs US$100 or $132 which makes it the fourth most expensive market in the Asia Pacific region, according to real estate consultant JLL.
Average fit-out costs of offices come inclusive of builders works which account for the largest share of expenses followed by M&E works, design and professional fees, AV & data and preliminaries.
Furniture costs in Lion City offices are also located in the higher tier of the regional rankings with a fifth place ranking that costs around US$25 psf. This puts Singapore in a position where it trails behind Auckland, Sydney, Seoul and Tokyo.
“Exchange rate volatility had a notable impact on fit-out costs over the past year across the region,” noted JLL. “For example, in cities such as Singapore and Bangkok, domestic fit-out costs for domestic corporates were decreasing. However, for MNCs fitting out offices in these locations, costs in USD increased due to the local currency strengthening against the US dollar.”
Tokyo leads the regional rankings with average fit out costs of US$165 psf (JPY17,970) as construction costs compete with the forthcoming Olympics coupled by an ageing labour market is pushing costs up.
Seoul and Sydney follow closely at US$109 psf and US$107 psf respectively. Fitting out an office in Singapore also costs more than the SAR at US$100 whilst Taipei and Perth complete the Tier 1 markets where costs exceed US$90 psf.
However, average fit-out costs in Asia-Pacific which range from US$50-US$165 psf is still cheaper than the United States and Canada region where costs can go between US$140-US$203 psf but more expensive than the Europe, Middle East and Africa region at US$44-US$97 psf.
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