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Comprehensive Guide to Office Fit-Out Costs in Singapore for 2024

Planning an office fit-out in Singapore involves understanding various cost factors and trends. This guide offers insights from CBRE, JLL, and Cushman & Wakefield on office fit-out costs, trends, and strategies to optimize your budget effectively.

Office Fit-Out Cost Overview:

1. Basic Fit-Out: S$70 to S$80 per square foot (including designer fees).
2. Upper Mid-Range Fit-Out: S$85 to S$110 per square foot.
3. Premium Fit-Out: S$125 to S$200 per square foot.

Trends and Insights:

• Hybrid Workspaces: Emphasis on flexible and collaborative environments.
• Sustainability: Increasing focus on LEED, WELL, and Fitwell certifications to meet ESG goals.
• Productivity and Wellbeing: Designs aimed at boosting employee productivity and satisfaction.

Factors Impacting Costs:

• Size and Location: Larger and centrally located offices are more expensive.
• Project Scope: Extensive projects with specialized requirements increase costs.
• Material Quality: Higher quality materials and finishes raise costs.
• Timeline: Urgent projects with tight deadlines incur higher costs.

Practical Examples:

1. Tech Startup Office:
   • Space: 2,000 sq ft.
   • Fit-Out Type: Upper Mid-Range.
   • Cost: S$85 to S$110 per sq ft.
   • Features: Open-plan workstations, collaborative spaces, mid-range furniture, and energy-efficient lighting.
2. Financial Services Firm:
   • Space: 5,000 sq ft.
   • Fit-Out Type: Premium.
   • Cost: S$125 to S$200 per sq ft.
   • Features: High-end finishes, private offices, advanced IT infrastructure, and luxury furniture.
3. Co-Working Space:
   • Space: 10,000 sq ft.
   • Fit-Out Type: Basic.
   • Cost: S$70 to S$80 per sq ft.
   • Features: Flexible workstations, communal areas, essential IT setup, and standard furniture.

Cost-Saving Tips:

• Opt for open-plan designs to simplify the fit-out process.
• Choose mid-range workstations and avoid high-expense finishes.
• Select efficient buildings with fully utilizable spaces.
• Shortlist several interior designers for competitive quotes.

Regional Insights:

• Asia-Pacific (APAC): Fit-out costs have increased slightly by 0.5% year-on-year, with Tokyo being the most expensive city.
• Singapore: Ranked 14th in average fit-out costs across APAC, with a focus on “Collaborative Hybrid” typology and a strong emphasis on sustainability.

Conclusion: Understanding and managing office fit-out costs are crucial for businesses planning new office spaces. By leveraging insights from leading industry reports and focusing on cost-saving strategies, businesses can effectively plan their office fit-outs to align with their budget and operational needs.

For more detailed information and personalized advice, visit CBRE’s Global Office Fit-Out Cost Guide and Cushman & Wakefield’s Office Fit-Out Cost Guide.