Thursday, May 23, 2024
Thursday, May 23, 2024
Home » Singapore Ranks Most Expensive City to Fit Out in Southeast Asia

Singapore Ranks Most Expensive City to Fit Out in Southeast Asia

by Mon Mau
0 comment 66 views

Persistent inflation, tight labour markets, and ongoing supply chain delays have increased average fit-out costs across Asia Pacific, according to Cushman & Wakefield’s 2023 Asia Pacific Office Fit Out Cost Guide, but major occupiers are absorbing the higher spend in their quest to improve return-to-office rates.  While fit-out costs were up across the region by an average of 18 percent in local currency (7 percent in US dollar terms), 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.

Figure 1: Fitout cost (USD Per SQFT) across Southeast Asia

Creating spaces that are activated for hybrid ways of work

Occupiers are still trying to fully comprehend the impacts of new flexible working practices on their space requirements as well as fit-out design to boost collaboration and innovation while also providing space for individual-focused work. “With a flight to quality and user experience, best-in-class fit-outs now need to simultaneously consider several key factors: workplace strategy and change implementation, technology, sustainability and ESG factors to ensure that their spaces are optimized for employee experience.” he added.

Source : RETALK

You may also like

Hanoi Observer is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers.

We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public.

We are contrarian, we are committed to the news, speaking truth to power.

Hanoi Observer, A Media Company – All Right Reserved.