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November 19, 2019

Cities in Japan and Australia are the most expensive office fit-out markets in Asia Pacific
Japan and Australia are the most expensive office fit-out locations in the Asia Pacific, according to Cushman & Wakefield's Asia Pacific Office Fit-out Guide, which provides an indication of the office fit-out construction costs across 28 key gateway cities in the region. The guide, which serves to assist occupiers in defining their capital planning and relocation budgets, includes a comprehensive fit-out cost section covering furniture, mechanical & electrical works, builder works, AV/IT and other miscellaneous costs and takes into consideration the reinstatement cost in Asia Pacific.
 
The top ten cities in Asia Pacific with the highest office fit-out costs are:
Ranking City Average Cost
(USD/sq ft)
1 Tokyo 202
2 Osaka 194
3 Nagoya 190
4 Sydney 154
5 Auckland 140
6 Brisbane 134
7 Hong Kong 130
8 Perth 123
9 Melbourne 122
10 Beijing 118

Source: Cushman & Wakefield
 
Tom Gibson, Managing Director, Project & Development Services, Asia Pacific said, "Tokyo's position as the most expensive office fit-out market in Asia Pacific is a reflection of the unique construction requirement in this market. The practice of working with building-appointed general contractors and the pursuit of high-quality finishes contribute to the high fit-out and reinstatement cost."
      "We anticipate the gap between high and low office fit-out cost cities to narrow in the future as Vietnam and India will be looking to further improve the quality of their office space including having better technology, end-of-trip amenities and higher quality furniture, fixtures and equipment. This will drive up the total office fit out costs in these markets, which are already facing rising labor and material costs."


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