As the workplace and needs of occupiers evolve, average fit-out costs across the Asia Pacific region have seen an increase. Singapore has been identified as the most expensive country in Southeast Asia, driven primarily by inflation, a tight labour market, and supply chain delays. Cushman & Wakefield’s head of project & development services Singapore, Grant Carter, notes the impact that cost has on occupiers, who need to absorb increased fit-out costs to improve return-to-office rates.
Carter also highlights the demand for quality and user experience when coming up with fit-out designs, which should focus on workplace strategy, technology, sustainability, and ESG factors. “Best-in-class fit-outs need to simultaneously consider several key factors to ensure their spaces are optimized for employee experience,” he commented.
This new residential development features Champions Way Condo Woodlands 7 blocks of 12-storey buildings with units ranging from 2 to 5 bedrooms, plus a commercial component with supermarket, childcare, and retail.
Early signs of easing pressure were observed in, and though the average increase in fit-out costs across the region rose by 18% in local currency (7% in US dollar terms), it is not expected to be enough to override the overall increase. Despite this, major occupiers are taking necessary steps to make improvements to their spaces, as ultimately this could lead to a more efficient, comfortable workspace.