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Credit: Samuel Isaac Chua/The Edge Singapore
SINGAPORE (EDGEPROP) - A new report by Cushman & Wakefield states that companies are increasingly adopting more flexible working practices, which in turn is affecting office fit-out trends.
“We have seen a shift in how corporates are envisioning their space requirements, which in turn impacts fit-out decision-making, all within an environment where costs are still being closely scrutinised,” says Tom Gibson, head of project & development services, Asia Pacific at Cushman & Wakefield.
In the firm’s 2022 Asia Pacific Office Fit-out Cost Guide, Cushman & Wakefield identified three key office trends for this year: planning for permanent hybrid work conditions; experience-focused design that reflects an increasing preference for flexibility and quality over quantity of space; and environmental, social and governance (ESG) considerations.
“We expect to see further advances in office fit-outs that promote a healthy workplace and provide a strong platform that contributes to business success,” Gibson remarks.
Cushman & Wakefield’s report also revealed the average office fit-out costs for 31 cities in Asia Pacific.
Japan remained the most expensive office fit-out market in the region for the third consecutive year, with three Japanese cities taking the top three spots. Tokyo topped the list at an average fit-out cost of US$166 ($223) psf, followed by Osaka (US$161 psf) and Nagoya (US$157 psf)
Meanwhile, Singapore came in at seventh on the list, with an average fit-out cost of US$134 psf.
Looking ahead, Cushman & Wakefield expects a fuller return to the office as higher vaccination allows economies to open more fully. This is anticipated to drive office demand over the year ahead, and in turn benefit the office fit-out market in the region.