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Singapore has been listed as the fourth most expensive market within the Asia Pacific region to fit out an office, reported Singapore Business Review citing a JLL report.
Average fit-out costs in the city-state stand at US$100 psf ($137), higher than the US$94 psf cost in Hong Kong.
Tokyo topped the regional rankings at US$165 psf, followed by Seoul and Sydney at US$109 psf and US$107 psf respectively. Completing the Tier 1 markets, where fitting out costs exceed US$90 psf, are Taipei and Perth.
JLL noted that the average fit-out cost of offices include expenses for builders works, M&E works, AV & data, design and professional fees as well as preliminaries.
Furniture costs in Singapore offices are also the fifth highest in the region, behind Auckland, Sydney, Seoul and Tokyo, at about US$25 psf.
Over the past year, exchange rate volatility has had a significant impact on fit-out cost across the region, said JLL.
“For example, in cities such as Singapore and Bangkok, domestic fit-out costs for domestic corporates were decreasing. However, for MNCs fitting out offices in these locations, costs in USD increased due to the local currency strengthening against the US dollar.”
While Asia Pacific’s average fit-out cost of US$50-US$165 psf is still lower compared to that in Canada and United States where costs stand at between US$140 psf and US$203 psf, it remains more expensive than Africa, Europe and the Middle East at US$44-US$97 psf.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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