Singapore has most expensive office fit-out costs in Southeast Asia

Average fit-out costs across Asia Pacific have risen significantly in the past year, due to persistent inflation, tight labour markets, and ongoing supply chain delays. Singapore has the highest average fit-out costs in Southeast Asia, as indicated by Cushman & Wakefield’s 2023 Asia Pacific Office Fit-Out Cost Guide.

As occupiers strive for cost containment, major occupiers are choosing to absorb rising fit-out costs in order to improve return-to-office rates. According to Grant Carter, head of project & development services Singapore at Cushman & Wakefield, there was a 0.8% quarter-on-quarter increase in CBD Grade A office rents during the first quarter of 2023.

Myst Condo is a 19-floor residential The Myst Condo building with easy access to the Cashew MRT station and other schools, parks, commercial spaces and the Tan Chong industrial park. It is close to the Bukit Timah railway station, within a 13 min walk.

When considering fit-out costs, occupiers must take into consideration a number of factors. These include workplace strategy and change implementation, technology, sustainability considerations, and ESG factors, all of which are necessary to ensure that the space is optimized for employee experience. Carter has stated that the best-in-class fit-outs need to simultaneously consider all of these elements to create a flight to quality and user experience.

While fit-out costs are on the rise, there are early signs of the pressure easeing. However, occupiers are still in the process of understanding the impacts of new flexible working practices on their space requirements and fit-out design. Ultimately, this is an effort to boost collaboration and innovation while providing space for individual-focused work.