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Singapore offices most expensive to fit-out in SEA

Firms sink an average of $140 per square foot to fit-out their offices.

Singaporeans looking to retrofit and fit-out their offices are shelling out more than their Southeast Asian peers.

The city retained its spot as the most expensive city in SEA to fit-out per square foot, at an average of US$140 per square foot (psf), according to a report by Cushman & Wakefield. 

Retrofit costs, meanwhile, are at US$57 psf, whilst reinstatement costs range between US$14 to US$17 psf.

Across Asia Pacific, Singapore ranked 14th in average fit-out costs. The city of Tokyo in Japan was the most expensive, costing $199 psf.

In contrast, Vietnam in Ho Chi Minh City was the least expensive city in terms of fit-out costs, at just US$61 psf.  

Beyond simply paying, offices should also consider certain values that will reportedly enable employees to be at their most productive whilst promoting well-being and achieving corporate sustainability and inclusivity goals, noted Cushman & Wakefield.

ALSO READ: How will HDB's self-listing portal impact the need for real estate agents?

The key considerations, broadly categorized as the 3Cs–Cost, Carbon and Culture – continue to shape companies’ strategies for the future of work, the report stated.

“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 for Singapore at Cushman & Wakefield.
 
Many firms are designing for a “curate office experience”, Carter added.

In 2023, 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 APAC
 
Globally, London is the most expensive city to fit-out, at US$263 psf. In the Americas, the city of San Francisco took the top spot, at US$223 psf on average.

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