Share:
get-the-most-from-your-asia-pacific-office-fit-out get-the-most-from-your-asia-pacific-office-fit-out-mobile

Get the Most from Your Asia Pacific Office Fit-out

25/09/2019

In our Asia Pacific Office Fit-out Cost Guide 2019-2020, corporate occupiers can get the latest data on fit-out costs across 28 key gateway cities in the region. Whether it’s a low, medium or high-quality specification fit-out requirement, the guide serves to assist occupiers in defining their capital planning and relocation budgets. Here’s a sneak peek at some of the headlines.

Growth Driving Demand

This year robust economic growth across Asia Pacific has driven corporate expansion, which has led to healthy levels of demand for office space. With limited space availability across many cities in the region, competition for space has intensified, driving rental growth. Simultaneously construction costs continue to rise, especially in Japan where preparation for the 2020 Olympics has exerted greater pressure on available resources.

Costs Remain a Priority

Looking ahead, corporate occupiers will continue to scrutinise costs closely, with the cost of office fit-outs being a high priority concern in an office relocation project. Office fit-out costs average around USD110 per square foot, although the cost range is wide from as little as USD45 per square foot in Taipei to as much as USD275 per square foot in Tokyo.

There is also great variability in costs between different levels of finish, with up to a threefold difference between below average and above average finishes. With such price ranges across Asia Pacific, it is not surprising that corporate occupiers are increasingly seeking insight and guidance from project management experts.

Headline Statistics

  • Tokyo, Japan is the most expensive fit-out market in Asia Pacific, with an average cost of USD202 psf 
  • With the average fit-out cost of USD115 psf, Singapore has the highest average fit-out cost in Southeast Asia
  • The average fit-out cost in Beijing is higher than Shanghai, Shenzhen and Guangzhou
  • Mumbai recorded the highest average fit-out cost amongst the other key cities in India
  • Sydney is the most expensive office fit-out market in Australia, with an average cost of USD154 psf 

To get the full details, download the report here.

Related Insights

Cushman & Wakefield Q2 Asia Pacific Webinar: Spotlight on Singapore
Insights • Investment

Cushman & Wakefield Q2 Asia Pacific Webinar: Spotlight on Singapore

As Asia Pacific begins to show signs of recovery from COVID-19, led by a rebound originating from China, what is the current status of the commercial real estate market and where is it headed?
Anna Town • 13/08/2021
residential-building
Insights • Residential

Cushman & Wakefield's comments on URA 2Q2021 statistics

The implementation of the higher alert restrictions from 16 May to 13 June 2021 with the cap on two visitors per group including property agents has slowed new project launch activities in June 2021 with no new project launch.
Xian Yang Wong • 26/07/2021
Glass office facade with tree Australia
Video • Sustainability

Webinar: Carbon Neutrality - Shifting to Neutral to Drive Real Estate Sustainability

Learn about a whole lifecycle carbon reduction plan – a road map for real estate investors/developers/landlords in China, and other considerations and what's in it for real estate investors, developers and landlords.
James Shepherd • 23/06/2021