APAC Office Fit Out Cost Guide

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OFFICE ASIA PACIFIC

FITOUT COST GUIDE 2024

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

INTRODUCTION

The global economy has proven to be remarkably resilient over the past twelve months as interest rate hikes have continued across most of the world to tame inflation at a time of heightened geo-political tensions, rising cost of living pressures and ongoing economic volatility. While the hiking cycle is now largely over in Asia Pacific, economic growth in the first half of 2024 is forecast to slow, albeit with significant variation at the local level. Notwithstanding, capital expenditure budgets will continue to be rigorously assessed to maximise the quality of spend as companies position themselves for the start of the anticipated rebound in the second half of the year. Furthermore, the need to innovate and evolve has not diminished. Having set ambitious Environmental, Social and Governance (ESG) targets, companies are now taking action to meet those targets. At the same time, new modes of working are being tested and adopted that embrace flexibility, collaboration and innovation, while fostering diversity and inclusion. The office is central to many of these transformative processes, with increasing focus on building quality, fit out design and raw material selection. In this guide, we have increased our coverage to 33 key cities across Asia Pacific. Whether it is 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. The guide includes a comprehensive fit out cost section covering furniture, mechanical & electrical works, builder works, audio visual/ IT, and other miscellaneous costs.

Cushman & Wakefield

BCG, GURUGRAM, INDIA

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

MARKET REVIEW AND OUTLOOK

KEY HIGHLIGHTS

ECONOMY

In economic terms, the focus for most Asia Pacific economies over the past 12 months has been squarely on taming inflation. This has necessitated many central banks to undertake one of the most aggressive rate hiking cycles, in speed if not absolute interest rate rises, seen in decades and certainly in the post-Global Financial Crisis era. The positive news is that inflation is well down on the peaks experienced in late-2022 as the impacts of higher costs of capital have reigned in excess expenditure. Notwithstanding that inflation is above many central banks’ target bands, it is widely believed that for the most part, the current hiking cycle is over. Rather, the debate has turned to when interest rate cuts will be introduced to help reinvigorate slowing economic growth.

The cost of greater economic resilience in 2023 has been a longer hiking cycle, which has pushed the economic trough into H1 2024. Consequently, economic growth in 2024 is forecast to be slower than the previous year. Asia Pacific growth is forecast at approximately 3.5% in 2024, compared to an estimated 4.3% in 2023. As economic recovery gains momentum in H2 2024, this should drive stronger growth into 2025. Intra-regionally, growth trajectories vary most evidently between advanced and emerging economies. Vietnam, Philippines, India, and Malaysia are forecast to lead the way, supported by infrastructure development, strong domestic consumption, and foreign investment. Singapore and South Korea are expected to benefit from an improvement in trade. Elsewhere, China’s outlook is a little more undetermined, reflecting soft domestic consumption and a tempered property market.

Australia and Japan are likely to trail the region. High interest rates in Australia are curtailing domestic consumption, while in Japan real wage growth remains a key issue to watch. Upside and downside risks to this outlook abound. Support for stronger growth can be found in tight labour markets, which have been fundamental to the resilience shown to date. In contrast, geo-political tensions continue, which have placed further stress on supply chains, complicated economic policy, and driven more cautious risk appetites. Against a volatile economic backdrop, the Asia Pacific office market remains steadfast and continues to grow. Over 63 million square feet (msf) of Grade A office stock was absorbed across the region’s top 25 cities in 2023, an 11% improvement on last year’s 57 msf. On the other side of the leger, new supply totalled 103 msf, outstripping demand and causing vacancy to tick upwards to 16.8% from 16.1% in Q4 2022. Rental growth has subsequently turned negative to -0.2% y-o-y on a weighted average basis. The outlook remains broadly skewed to the positive 1 . Demand is forecast to increase to 83 msf in 2024 and to 87 msf in 2025, which would match pre-pandemic performance. However, waves of new supply are also expected, with nearly 235 msf of completions forecast over the next two years to place further upward pressure on vacancy, which is now expected to peak at 18.4% in 2024 and then hold steady through 2025. This will keep downward pressure on rents which are likely to remain flat in 2024, at the weighted regional average level, before slowly accelerating from 2025. Accordingly, the window of opportunity remains open for occupiers over the near term 2 . OFFICE MARKET

Inflation has eased significantly but still sits outside target bands in most economies.

Interest rates are largely estimated to be at peak, attention is turning to when central banks will pivot to rate cuts.

Economic growth to slow over the year ahead, but for Asia Pacific to remain more resilient than other regions.

Heightened economic uncertainty and geo-political tensions to complicate decision making.

REAL GDP GROWTH (% AVERAGE ANNUAL) FOR SELECT MARKETS IN 2023 AND 2024

2023 2024

1 https://www.cushmanwakefield.com/en/insights/ asia-pacific-office-outlook 2 https://cushwake.cld.bz/reworking-lease-expiries

Source: Moody’s Analytics; Cushman & Wakefield

Cushman & Wakefield

SUPPLY CHAIN STRESS BACK ON THE RISE

RAW MATERIALS

RAW MATERIAL PRICING INDEX (December 2019 = 100)

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Although pricing pressure remain volatile, the positive news is that the cost of raw materials has continued to decline over the past year. The steepest decline has been in energy pricing, down 24% y-o-y, though both metal and minerals, and Brent Crude Oil are both down around 5% y-o-y. In total, raw material pricing has eased by up to 40% from the peaks seen in early 2022. However, conflict in Europe has not only reduced trade flows but also triggered the re-routing of vessels away from the Suez Canal and via the Cape of Good Hope instead – adding approximately 6,000km in distance and 10-14 days in time. At the same time, drought in the Panama Canal has caused a 36% reduction in transits y-o-y. Consequently, supply chain stress is starting to increase once again. Reduced capacity and longer transit times have caused container spot pricing to quadruple (Shanghai-Rotterdam) since October 2023. While the duration of these impacts remains unknown, the twin risks of reduced product availability and inflationary price pressures returning have become elevated. SUPPLY CHAIN STRESS SHIPPING COSTS

100 120 140 160 180 200 220

20 40 60 80

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Metals & minerals

Timber

Energy

Oil

Source: The World Bank; Cushman & Wakefield

TO ENGAGE ONE OF OUR EXPERTS.

SUPPLY CHAIN STRESS INDEX (100 = pre-pandemic normal)

60 70 80 90 100 110 120 130 140 150 160

More stressed than pre-pandemic normal

Less stressed than pre-pandemic normal

Mainland China

United States

Source: Moody’s Analytics; Cushman & Wakefield

CONTAINER SPOT RATES (USD per 40-ft container)

6,000

5,000

4,000

3,000

2,000

1,000

Jan-23

Mar-23

Jun-23

Aug-23

Oct-23

Jan-24

World Container Index

Shanghai to Rotterdam

Source: Drewry; Cushman & Wakefield

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

AVERAGE COST (USD PER SQ FT)

RANK REGION

CITY

AVERAGE FIT OUT COSTS IN 33 CITIES ACROSS ASIA PACIFIC

NORTH ASIA

TOKYO

199

NORTH ASIA

OSAKA

195

NORTH ASIA

NAGOYA

191

AUSTRALIA & NEW ZEALAND

CANBERRA

172

AUSTRALIA & NEW ZEALAND

AUCKLAND

158

NORTH ASIA

SEOUL

156

AUSTRALIA & NEW ZEALAND

SYDNEY

153

AUSTRALIA & NEW ZEALAND

MELBOURNE

150

195

OSAKA

SEOUL

BEIJING

110

GREATER CHINA

HONG KONG

147

156

10 AUSTRALIA & NEW ZEALAND

BRISBANE

146

199

TOKYO

BUSAN

143

SHANGHAI

107

NORTH ASIA

BUSAN

143

191

DELHI

NAGOYA

12= AUSTRALIA & NEW ZEALAND

PERTH

141

SHENZHEN

KOLKATA

103

GUANGZHOU

TAIPEI

12= AUSTRALIA & NEW ZEALAND

ADELAIDE

141

109

125

65 AHMEDABAD

HANOI

HONG KONG

147

SOUTHEAST ASIA

SINGAPORE

140

MUMBAI

GREATER CHINA

TAIPEI

125

HYDERABAD

PUNE

MANILA

GREATER CHINA

BEIJING

110

BANGKOK

CHENNAI

HO CHI MINH CITY

BENGALURU

GREATER CHINA

SHENZHEN

109

KUALA LUMPUR

GREATER CHINA

SHANGHAI

107

SINGAPORE

140

GREATER CHINA

GUANGZHOU

103

20 SOUTHEAST ASIA

MANILA

SOUTHEAST ASIA

BANGKOK

JAKARTA

SOUTHEAST ASIA

KUALA LUMPUR

INDIA

MUMBAI

24 SOUTHEAST ASIA

JAKARTA

INDIA

DELHI

146

BRISBANE

INDIA

BENGALURU

141

PERTH

27= INDIA

HYDERABAD

AUCKLAND

ADELAIDE

141

153

SYDNEY

27= INDIA

CHENNAI

172

158

CANBERRA

27= INDIA

PUNE

150

MELBOURNE

27= INDIA

AHMEDABAD

INDIA

KOLKATA

AVERAGE OFFICE FIT OUT COST (USD PER SQ FT)

SOUTHEAST ASIA

HANOI

SOUTHEAST ASIA

HO CHI MINH CITY

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

HOW DO WE CLASSIFY FIT OUTS?

NAVIGATING THE COMPLEXITY Corporate occupiers are currently having to navigate an office sector undergoing significant structural change at the same time as the global economy is encountering cyclical headwinds. Add in the need to factor

The office fit out plays an important role in all these areas by creating an environment in which employees can be at their most productive, innovate and connect with colleagues, while simultaneously creating value and helping achieve corporate sustainability and inclusiveness goals.

BASIC HYBRID

1 2 3 10

X One-to-one assigned workstations supplemented with additional spaces for group work X Some flexibility to address post-pandemic work styles X Support functions limited to basic pantry area, generic meeting rooms and limited drop-in collaborative spaces

in underlying market cycles and it is easy to appreciate why many believe the current environment has never been more complex. Without diminishing the scale of these issues, they can be summarised across three categories: Cost, Carbon and Culture.

COLLABORATIVE HYBRID

OFFICE PRODUCTIVITY BOOST FOR THOSE WITH LOW WELLBEING

X Mixture of one-to-one assigned workstations with zones of non-assigned work-points X Flexible working practices have been adopted post-pandemic X Support functions include an expanded break-out area, a variety of meeting rooms and dispersed collaborative spaces X More than 50% of the space is allocated to dedicated workstations

Employees reporting low Wellbeing* report higher Creativity/Innovation and the ability to do their best work when in the office.

I can do my best work

I can be creative / innovative

100%

90%

86%

80%

70%

83%

73%

71%

points +13

points +11

Percentage

60%

50%

40%

30%

ADVANCED HYBRID

31%

35%

20%

% AGREEMENT

22%

10% % AGREEMENT

High Wellbeing

Low Wellbeing

High Wellbeing

Low Wellbeing

X Post-pandemic destination office with more than 50% non-assigned workstations and work-points X Heavily tech-enabled spaces with frictionless audio-visual connectivity X Support functions include multi-functional break-out area, a variety of meeting rooms, dispersed collaborative spaces augmented with specialist lifestyle elements such as a library, focus and relaxation zones X Client facing areas have a hospitality look and feel

-10%

Remote

Office

Remote Office

* High Wellbeing includes survey respondents who reported “Good,” “Very Good,” or “Excellent” wellbeing. Low Wellbeing includes survey respondents who reported “Poor,” “Very Poor,” or “Terrible” wellbeing. Remote includes those who come into the office 3 or less days per month. Office includes those who come into the office 3+ days per week.

Source: Cushman & Wakefield Experience Per Square Foot™ survey, results from January 1, 2021 – December 31, 2022

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

NORDEN, SINGAPORE

CREATING OFFICE VALUE

The fit out typology also needs to evolve. A greater proportion of space is being devoted to collaborative and wellbeing spaces, which has necessitated a reduction in individual workspaces. More importantly, the fit out of these spaces not only needs to support their intended uses, but also the individual differences in how employees use and experience the space. Environmental psychology, neurodiversity, and personality type, to name three factors, all need to be considered. Such an approach goes beyond Diversity, Equity and Inclusion (DEI) to also include Belonging, reflecting the growing expectations of work and the workplace.

Almost four years on from the “great work from home experiment” enforced by the pandemic in 2020, the debate around the return-to-office continues to be held. For the most part, levels of office occupancy and/or office attendance have been little changed over the past 18 months. Furthermore, focus on the optimum level of office attendance misses the wider issue at play. Rather, attention should turn towards the role of the office and maximising the value that it can bring. The data on the purpose of the office is clear and continue to be reinforced through ongoing analysis – the office provides a place for human connection be it through collaboration or socialisation. Further benefits are derived from creating balance by separating personal and work lives, while for some employees the office still provides better access to tools and resources

to enable focus work. These factors necessitate a change in mindset towards the fit out and overall experience and way of workings. Workplace experience needs to be enticing enough for people to make the investment to visit the office and compelling enough for people to repeat and return. Firstly, this means occupying the right building in the right location, with cost, talent (culture) and ESG (carbon) being the three main drivers in decision making. Frequently, though not exclusively, this means a flight to quality, with quality often inextricably linked with strong sustainability certification from a physical environment and wellbeing perspective, and central business district locations. Such locations and buildings attract a rental premium, often resulting in tenants occupying less space to keep rent cost increases neutral.

The workplace has transcended its traditional role as merely a space for work. It has become the ultimate destination where individuals achieve a balance of work, life, and play.

Carol Wong Total Workplace Lead Asia Pacific

CONSIDERATIONS FOR DESIGNING INCLUSIVE SPACES

X Doors/doorways X Car parking X Stairways X Lifts X Evacuation

WORKPLACE DRIVERS OF PRODUCTIVITY

X Technology X Meeting rooms X Workstations X Wayfinding

INCLUSIVE SPACES

X Bathrooms X Kitchens X Utility X Reception X First aid X Reset Room

Source: Experience per Square Foot TM ; Cushman & Wakefield

Cushman & Wakefield

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PARTNERING WTH LANDLORDS

It is important for corporate occupiers to recognise that they are not alone in trying to achieve these goals. Just as they have set themselves targets, so too have landlords in order to meet investor requirements as well as their own strategic corporate goals. This presents the opportunity to create a partnership for mutual benefit. The partnership can take a variety of forms, such as through the sharing of data to help with goal setting and tracking. Landlords need to know tenant energy usage, for example, in their submission to GRESB. More formally, the adoption of green leases can be used to clearly articulate roles and responsibilities in advancing the asset toward a more sustainable future. This may include joint commitments around funding for capital upgrades – lighting is a common topic as it is usually owned by landlords and the power bills are paid by tenants. Smart collaborators are co-investing or writing terms into their leases to see these upgrades take place quickly. The same possibility applies to other building services such as HVAC, electric vehicle charging infrastructure, and so on. The tenant is typically the end user, but the landlord may be the asset owner. Collaboration and co-investment can unlock faster progress, whilst also reducing the cost burden on one party doing it all themselves. There are also opportunities to collaborate on enhancing tenant experience within the building as well as creating social value and engaging with the wider community. The most successful occupiers and landlords will be those that identify these opportunities first, and more importantly, act on them together.

STEPHENSON HARWOOD, SINGAPORE

THE PATH TO NET ZERO

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The momentum behind sustainability initiatives continues to increase. Science Based Targets Initiative (SBTI) maintains a database of over 7000 companies taking action on climate change. Within that dataset, 99% of those that have set Net Zero targets have done so since 2022 3 . While the European Union and the United Kingdom combined have the largest number of commitments, Asia Pacific has seen the greatest proportional growth in companies setting targets. Aside from occupying buildings with high sustainability credentials, there are further measures that corporates can take to improve their workspaces. This comes through gaining accreditation for fit out design. LEED, WELL and Fitwell are three of the leading measures that have been adopted across the world. Seeking accreditation brings several benefits, not least that they detail the exact requirements to meet set standards across all aspects of the occupied space and so provide corporate occupiers a roadmap of what needs to be achieved. Aside from the clarity they bring on understanding the operational performance of spaces, the fact that they are globally adopted means that multinational corporations can set common performance requirements across their entire portfolio.

These include assessments of air, light and thermal systems, as well as healthy food availability, green purchasing, wellbeing and mental health. Green spaces have continually been proven to drive superior outcomes including higher cognitive performance 4 , lower levels of sickness, higher productivity and greater creativity 5 . Accordingly, analysis of any ESG investment should go beyond pure sustainability metrics but also be measured by returns on employee wellbeing, productivity and talent retention/attraction.

There’s never been a more important time to invest in a sustainable, healthy, and productive office, and the good news is that it’s easier than ever too.

Matthew Clifford Head of Sustainability & ESG Asia Pacific

Landlords are increasingly recognising the need to partner with tenants to achieve ESG goals, showing how collaboration can drive change towards a net-zero future and benefit everyone.

Many of the metrics analysed for such certifications dovetail neatly with the elements required for a healthy and inclusive environment.

4 https://ehp.niehs.nih.gov/doi/10.1289/ ehp.1510037#:~:text=On%20average%2C%20 cognitive%20scores%20were,independently%20 associated%20with%20cognitive%20scores 5 https://convene.com/catalyst/office/green-offices better-jobs/

James Young Head of Investor Services EMEA and Asia Pacific

3 https://sciencebasedtargets.org/

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

OFFICE FIT OUT COST BY MARKET APAC PACIFIC

AUSTRALIA & NEW ZEALAND

RETROFIT COST (USD PER SQ FT)

FIT OUT COST (USD PER SQ FT)

BASIC HYBRID

COLLABORATIVE HYBRID

ADVANCED HYBRID

CITY

AVERAGE

ADELAIDE BRISBANE CANBERRA MELBOURNE

96 97 96 99 82

141

232 244 286 249 234 255 247

85 88

146 172 150 141 153 158

90 85 92 95

PERTH

SYDNEY

102

AUCKLAND

REINSTATEMENT COST (USD PER SQ FT)

CITY

LOW

AVERAGE

HIGH

ADELAIDE BRISBANE CANBERRA MELBOURNE

7 8 9

12 13 14 13 12 15 13

23 24 24 25 23 25 20

PERTH

SYDNEY

AUCKLAND

“ALL-IN” FIT OUT COSTS

USING THE GUIDE Estimated costs provided herein are indicative of market averages based on certain assumptions. Exact costs for specific projects may differ to those presented here, and so we recommend engaging a Project & Development Services professional to advise on precise costings based on your unique construction requirements.

Mitch Wilson mitch.wilson@cushwake.com AUSTRALIA

Todd Hanrahan todd.hanrahan@cushwake.com NEW ZEALAND

NORDEN, SINGAPORE

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

GREATER CHINA

INDIA

ADI, SHANGHAI, CHINA

7-ELEVEN, BENGALURU, INDIA

RETROFIT COST (USD PER SQ FT)

FIT OUT COST (USD PER SQ FT)

BASIC HYBRID

COLLABORATIVE HYBRID

ADVANCED HYBRID

BASIC HYBRID

COLLABORATIVE HYBRID

ADVANCED HYBRID

CITY

AVERAGE

CITY

AVERAGE

AHMEDABAD BENGALURU

36 37 36 38 36 35 43 36

65 67 65 69 65 64 73 65

128 130 124 134 128 124 143 128

57 58 55 59 57 55 66 57

BEIJING

110

180

GUANGZHOU

103

152

CHENNAI

HONG KONG

147

237

DELHI

SHANGHAI

107

182

HYDERABAD

SHENZHEN

109

162

KOLKATA MUMBAI

TAIPEI

125

178

PUNE

REINSTATEMENT COST (USD PER SQ FT)

CITY

LOW

AVERAGE

HIGH

CITY

LOW

AVERAGE

HIGH

BEIJING

GUANGZHOU

AHMEDABAD BENGALURU

6 6 5 6 6 5 7 6

9 9 8

13 13 12 13 13 12 15 13

HONG KONG

CHENNAI

SHANGHAI

DELHI

SHENZHEN

HYDERABAD

9 8

TAIPEI

KOLKATA MUMBAI

“ALL-IN” FIT OUT COSTS

PUNE

BEIJING

10%

15%

32%

30%

13%

“ALL-IN” FIT OUT COSTS

GUANGZHOU

15%

33%

30%

15%

AHMEDABAD

14%

34%

21%

19%

12%

HONG KONG

10%

15%

32%

30%

13%

BENGALURU

17%

33%

21%

18%

11%

SHANGHAI

10%

15%

31%

30%

14%

CHENNAI

15%

33%

21%

20%

11%

SHENZHEN

15%

33%

30%

15%

DELHI

16%

32%

21%

19%

12%

TAIPEI

10%

15%

35%

25%

15%

HYDERABAD

17%

32%

20%

19%

12%

20%

40%

60%

80%

100%

KOLKATA

17%

32%

20%

19%

12%

FURNITURE

M&E WORKS

CONSTRUCTION WORKS

AV/IT

PROFESSIONAL FEES

MUMBAI

15%

36%

19%

18%

12%

PUNE

14%

34%

21%

19%

12%

20%

40%

60%

80%

100%

David Shi david.dw.shi@cushwake.com GREATER CHINA – MAINLAND

Bryant Cheung bryant.cheung@cushwake.com GREATER CHINA – HONG KONG

FURNITURE

M&E WORKS

CONSTRUCTION WORKS

AV/IT

PROFESSIONAL FEES

Gile Wei gile.wei@cushwake.com GREATER CHINA – TAIWAN

Shashi Bushan shashi.bushan@cushwake.com INDIA (OCCUPIERS)

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

NORTH ASIA

SOUTHEAST ASIA

BRISTOL MYERS SQUIBB, TOKYO, JAPAN

RETROFIT COST (USD PER SQ FT)

FIT OUT COST (USD PER SQ FT)

BASIC HYBRID

COLLABORATIVE HYBRID

ADVANCED HYBRID

BASIC HYBRID

COLLABORATIVE HYBRID

ADVANCED HYBRID

CITY

AVERAGE

JAKARTA

72 80 96

102 120 148 210 147

32 53 63 57 60 33 32

NAGOYA

121

191

301

KUALA LUMPUR

60 75 90 54

OSAKA

123

195

308

MANILA

SINGAPORE BANGKOK

140

TOKYO

126

199

314

85 63

BUSAN

143

236

HANOI

96 90

SEOUL

156

240

HO CHI MINH CITY

REINSTATEMENT COST (USD PER SQ FT)

CITY

LOW

AVERAGE

HIGH

CITY

LOW

AVERAGE

HIGH

JAKARTA

7 6

10 14 25 24

NAGOYA

KUALA LUMPUR

OSAKA

MANILA

15 14

TOKYO

SINGAPORE BANGKOK

8 4 4

11 5 5

BUSAN

HANOI

7 7

SEOUL

HO CHI MINH CITY

“ALL-IN” FIT OUT COSTS

JAKARTA

27%

18%

34%

11%

10%

NAGOYA

16%

20%

36%

16%

12%

KUALA LUMPUR

15%

24%

32%

19%

10%

OSAKA

14%

21%

37%

16%

12%

MANILA

14%

28%

20%

10%

TOKYO

12%

22%

38%

16%

12%

SINGAPORE

15%

30%

33%

12%

10%

BANGKOK

20%

25%

30%

15%

10%

BUSAN

14%

24%

40%

12%

10%

HANOI

26%

21%

37%

SEOUL

16%

24%

33%

17%

10%

HCMC

26%

21%

37%

20%

40%

60%

80%

100%

20%

40%

60%

80%

100%

FURNITURE

M&E WORKS

CONSTRUCTION WORKS

AV/IT

PROFESSIONAL FEES

FURNITURE

M&E WORKS

CONSTRUCTION WORKS

AV/IT

PROFESSIONAL FEES

Grant Carter grant.carter@cushwake.com SINGAPORE

Riaz Khan riaz.khan1@cushwake.com SOUTHEAST ASIA

Yasushi Otomo yasushi.otomo@cushwake.com JAPAN

Jaehong Lee jaehong.lee@cushwake.com SOUTH KOREA

Poonish Viramuthu poonish.puveneswaran@cushwake.com MALAYSIA

Dwitje Wangsadiputra dwitje.wangsadiputra@cushwake.com INDONESIA

Haidee Lim haidee.lim@cushwake.com PHILIPPINES

Hung Huynh hung.huynh@cushwake.com VIETNAM

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

AVERAGE COSTS AT A GLANCE IN USD/SQFT

AVERAGE COSTS AT A GLANCE IN LOCAL METRICS

REGION

CITY

FIT OUT

RETROFIT REINSTATEMENT

REGION

CITY

METRIC FIT OUT RETROFIT REINSTATEMENT

AUSTRALIA & NEW ZEALAND

ADELAIDE

141

ADELAIDE

AUD/sqm 2,225

1,343

190

AUSTRALIA & NEW ZEALAND

BRISBANE

146

BRISBANE

AUD/sqm 2,313

1,390

205

AUSTRALIA & NEW ZEALAND

CANBERRA

172

CANBERRA

AUD/sqm 2,592

1,438

221

AUSTRALIA & NEW ZEALAND

MELBOURNE

150

MELBOURNE

AUD/sqm 2,366

1,422

205

AUSTRALIA & NEW ZEALAND

PERTH

141

PERTH

AUD/sqm 2,226

1,343

190

AUSTRALIA & NEW ZEALAND

SYDNEY

153

SYDNEY

AUD/sqm 2,419

1,454

237

AUSTRALIA & NEW ZEALAND

AUCKLAND

158

AUCKLAND

NZD/sqm 2,680

1,618

221

GREATER CHINA

BEIJING

110

BEIJING

RMB/sqm 8,181

2,980

917

GREATER CHINA

GUANGZHOU

103

GUANGZHOU

RMB/sqm 7,660

3,057

764

GREATER CHINA

HONG KONG

147

HONG KONG

HKD/sqft

1,148

508

297

GREATER CHINA

SHANGHAI

107

SHANGHAI

RMB/sqm 7,975

3,210

841

GREATER CHINA

SHENZHEN

109

SHENZHEN

RMB/sqm 8,106

3,133

764

GREATER CHINA

TAIPEI

125

TAIPEI

TWD/ping 126,300

98,224

18,970

INDIA

AHMEDABAD

INR/sqft

5,378

4,743

730

INDIA

BENGALURU

INR/sqft

5,544

4,827

730

INDIA

CHENNAI

INR/sqft

5,378

4,577

700

INDIA

DELHI

INR/sqft

5,709

4,910

832

INDIA

HYDERABAD

INR/sqft

5,378

4,743

727

INDIA

KOLKATA

INR/sqft

5,295

4,577

687

INDIA

MUMBAI

INR/sqft

6,040

5,492

829

INDIA

PUNE

INR/sqft

5,378

4,743

730

NORTH ASIA

NAGOYA

191

NAGOYA

JPY/tsubo 906,231

401,450

240,870

NORTH ASIA

OSAKA

195

OSAKA

JPY/tsubo 925,209

411,486

245,888

NORTH ASIA

TOKYO

199

TOKYO

JPY/tsubo 944,188

423,054

250,906

NORTH ASIA

BUSAN

143

BUSAN

KRW/sqm 1,943,909 1,046,247

265,049

NORTH ASIA

SEOUL

156

SEOUL

KRW/sqm 2,120,628 1,171,797

320,849

SOUTHEAST ASIA

JAKARTA

IDR/sqm 12,103,031

5,222,339

1,325,467

SOUTHEAST ASIA

KUALA LUMPUR

MYR/sqft

352

244

SOUTHEAST ASIA

MANILA

PHP/sqm 57,538

37,551

11,921

SOUTHEAST ASIA

SINGAPORE

140

SINGAPORE

SGD/sqft

188

SOUTHEAST ASIA

BANGKOK

THB/sqm 31,684

22,230

4,075

SOUTHEAST ASIA

HANOI

VND/sqm 16,014,557 8,619,139

1,305,930

SOUTHEAST ASIA

HO CHI MINH CITY

VND/sqm 15,506,159 8,357,953

1,305,930

Cushman & Wakefield

ASIA PACIFIC OFFICE FIT OUT COST GUIDE 2024

PROJECT & DEVELOPMENT SERVICES (PDS)

CUSTODIANS OF CAPITAL EXPENDITURE

HOW WE HELP OCCUPIERS AND INVESTORS

Cushman & Wakefield is a trusted partner for occupiers and investors to manage their capital expenditure and project delivery in Asia Pacific. By seeing things differently, we anticipate market changes and are first to capitalise, ensuring clients and the business can be what’s next in their respective sectors. Leveraging our global networks and local experience, we prudently optimise capital expenditure and deliver integrated design, project and construction management services for our clients. We listen closely to our clients, fully understanding their project goals and business needs while driving business results well beyond project delivery “on time and on budget”. Our interdisciplinary teams use data-driven, predictive analytics to provide strategic and forward looking advice to guide our clients through the entire real estate decision-making process, unearthing innovative facility solutions critical for productivity and maximising return on investment.

INVESTORS

OCCUPIERS

2023 STATISTICS

550M SQUARE FEET PROJECTS DELIVERED

1000+ PROFESSIONALS

55 OFFICES ACROSS 14 MARKETS IN ASIA PACIFIC

1000+ PROJECTS DELIVERED

US$3.5B PROJECTS CAPEX VALUE

Cushman & Wakefield

ADI, SHANGHAI, CHINA

CONTACTS

RESEARCH

DR DOMINIC BROWN Head of International Research dominic.brown@cushwake.com

PROJECT & DEVELOPMENT SERVICES

TOM GIBSON Head of PDS, Asia Pacific tom.gibson@cushwake.com ASIA PACIFIC

ANDREW CARMICHAEL Senior Director, Asia Pacific andrew.carmichael@cushwake.com

AUSTRALIA

SOUTHEAST ASIA

GRANT CARTER grant.carter@cushwake.com SINGAPORE

MITCH WILSON mitch.wilson@cushwake.com

RIAZ KHAN riaz.khan1@cushwake.com

NEW ZEALAND

INDONESIA

DAVID SHI david.dw.shi@cushwake.com GREATER CHINA – MAINLAND HUNG HUYNH hung.huynh@cushwake.com VIETNAM BRYANT CHEUNG bryant.cheung@cushwake.com GREATER CHINA – HONG KONG

TODD HANRAHAN todd.hanrahan@cushwake.com

DWITJE WANGSADIPUTRA dwitje.wangsadiputra@cushwake.com

JAPAN

MALAYSIA

YASUSHI OTOMO yasushi.otomo@cushwake.com

POONISH VIRAMUTHU poonish.puveneswaran@cushwake.com

SOUTH KOREA

PHILIPPINES

JAEHONG LEE jaehong.lee@cushwake.com

HAIDEE LIM haidee.lim@cushwake.com

INDIA (OCCUPIERS)

THAILAND

GREATER CHINA – TAIWAN

SHASHI BUSHAN shashi.bushan@cushwake.com

RIAZ KHAN riaz.khan1@cushwake.com

GILE WEI gile.wei@cushwake.com

AMERICAS

EMEA

BRIAN UNGLES brian.ungles@cushwake.com

NIC WILKINSON nic.wilkinson@cushwake.com

ABOUT CUSHMAN & WAKEFIELD

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.

For additional information, visit www.cushmanwakefield.com

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