APAC Office Fit Out Cost Guide 2023

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2023

INTRODUCTION

The past 12 months have, again, proven to be turbulent. Although the public health impacts of COVID-19 have receded, the macro-economic impacts continue to exert myriad pressures on the global system, which has been exacerbated by heightened geo-political issues emanating out of Europe. With this, uncertainty continues to abound and capital expenditure budgets remain under close scrutiny. Notwithstanding and more positively, we continue to see progress across a range of other metrics. Most, if not all, major companies have adopted some form of hybrid working model, often in response to employee expectations of increased workplace flexibility, which then helps inform how these companies envisage and use their office space. Similarly, sustainability targets are increasingly becoming the norm, as are more visible practices to foster and promote diversity, equity, and inclusion (DE&I). The role of technology has never been more important – both as an enabler of change and as a means of measuring the impacts of change. Together, these factors mean that the fitting out of office space goes beyond how the space looks, to include how the space contributes to a company’s financial, social, and sustainability goals whilst also reflecting corporate brand and culture. In this guide, we cover 32 key cities across Asia Pacific, and a comprehensive fit out cost section covering furniture, mechanical & electrical works, builder works, audio visual/ IT, and other miscellaneous costs. Whether it’s a first generation fit out for hybrid working or a more advanced evolution in workplace strategy, a retrofit or reinstatement, this guide serves to assist occupiers in defining their capital planning and relocation budgets.

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Cushman & Wakefield

C&W Services Singapore Office