Hong Kong outpaces Greater China peers with fit-out costs above $1,200 psf

Cushman & Wakefield's 2026 Guide ranked the city as the 8th most expensive APAC market for new office interiors.

Hong Kong’s average office fit-out cost stands at $1252.78 (US$160) per square foot (psf), ranking it as the 8th most expensive market in the Asia Pacific region, according to the Cushman & Wakefield APAC Office Fit-Out Cost Guide 2026.

Within Greater China, Hong Kong remains the highest-cost market. Taipei follows at $1135.33 (US$145) psf, Shanghai at $751.67 (US$96), Beijing at $743.84 (US$95), and Shenzhen at $681.20 (US$87).

The guide shows that 31% of Hong Kong’s total fit-out budget is allocated to construction works, whilst the remaining budget covers materials, furniture, and other components.

The report notes that real GDP growth for Hong Kong was 3.4% in 2025 and is forecast to moderate to 2.2% in 2026. Contractor sentiment in the city suggests that price increases for office fit-outs remain muted compared with other regional markets.

Project timelines in Hong Kong are in line with the regional average for execution and lead times, contrasting with shorter lead times reported in mainland China and Vietnam.

Cushman & Wakefield states that labor and material costs are expected to rise only marginally over the next six months.

“The stabilisation of project backlogs and lead times indicates a suitable period for occupiers to undertake fit-out projects before activity picks up further into 2026,” the report says.

The guide surveyed 180 contractors across the Asia Pacific region, providing detailed cost analyses for 33 cities.