Singapore has most expensive office fit-out costs in Southeast Asia
Fit-out costs across Asia Pacific are on the rise, with Singapore being the most expensive market for such costs. Inflation, tight labour markets, and supply chain delays have all contributed to the surge. Grant Carter, head of project & development services Singapore at Cushman & Wakefield, has noted that occupiers are absorbing the fit-out costs to improve return-to-office rates, with the costs up an average of 18% across the continent in local currency over the last year.
Major occupiers need to evaluate the impacts of flexible working practices on their space requirements and the design of the fit-outs to support collaboration and innovation. According to Carter, best-in-class fit-outs must consider workplace strategy and change implementation, technology, and sustainability and ESG factors to ensure that their spaces optimize the employee experience.
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This requires a flight to quality and user experience, with modern approaches to space optimization and fit-outs being integral to employee experience and engagement. With such costs on the rise, it is increasingly important for occupiers to fully understand the impacts of their fit-out decisions.
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