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.
- 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.