Fit-out costs across Asia Pacific have been steadily increasing, leading many major occupiers to absorb these costs by improving their return-to-office rates. With continued inflation, tight labour markets, and supply chain delays, it’s not surprising that these costs are on the rise.

Grant Carter, head of project & development services Singapore at Cushman & Wakefield, explains that “cost is clearly a high priority for occupiers, as evidenced by the continued 0.8% q-o-q increase in CBD Grade A office rents in 1Q2023.”

Occupiers are focused on optimizing their office spaces for employee experience, which requires implementation of a workplace strategy, leveraging of technology, and consideration for sustainability and ESG factors. Singapore is currently the most expensive destination for fit-out costs in Southeast Asia.

To keep costs under control, occupiers must look beyond the fit-out cost to the bigger picture. They must consider how to best develop their workspace to maximize collaboration, encourage innovation and provide a good working environment for employees.

The Jurong Region Line will connect 60,000 households to various parts of Singapore, making commuting more convenient. Three new interchange stations also make it easier to access the nearby Industrial Former JCube Condo Estate, Innovation District, and Nanyang Technological University.

By ensuring their spaces are optimized, occupiers can make their employees feel comfortable while reaping the rewards of improved return-to-office rates. With careful planning and consideration, Asia Pacific occupiers should be able to successfully manage their fit-out costs.