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HK among areas with costliest office fit out in APAC

Office fit-out costs $1,149 psf on average. 

Hong Kong was ranked ninth among the top ten locations with the most expensive office fit-out costs in the Asia-Pacific, 

Hong Kong ranks ninth in Asia-Pacific for most expensive office fit-out costs, according to Cushman & Wakefield.

The real estate agency noted that the average cost in Hong Kong was $1,149 psf (US$147 psf). 

Within Greater China, Hong Kong was the only city to make the top 10.

“Hong Kong remains the costliest market in Greater China, followed by Taipei, Beijing, Shenzhen, Shanghai and Guangzhou,” said David Shi, managing director, head of project and development services, China at Cushman & Wakefield.

The agency noted that basic cost was at $750 psf (US$96 psf), collaborative cost was at $1,149 psf (US$147), and advanced cost was at $1,852 psf (US$237).

Bryant Cheung, executive director and head of project and development services for Hong Kong at Cushman & Wakefield, said this indicates the higher costs of office space and a focus on high-end fit-outs in the city. 

Overall, cities in Japan topped the list, led by Tokyo, Osaka, and Nagoya. 

"The evolving workplace landscape continues to present both challenges and opportunities to companies as they strive to maintain and enhance productivity, connectivity and employee well-being,” Cushman & Wakefield's Asia Pacific Head of Project & Development Services Tom Gibson said. 

“Scrutiny on capital expenditure will always be tight and companies have to be smarter and more creative in their workplace and office fit-out decisions,” he added.

With the office now serving as a hub for social interaction, community building and innovation, the type, size and layout of space, furniture and furnishing details, technology-enabled amenities, and other fit-out elements have to embellish this new purpose, Gibson noted.

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