Office Fit-Out Trends Influenced By Permanent Hybrid Work
SINGAPORE – Businesses are increasingly embracing more flexible working arrangements, which in turn is influencing office fit-out trends, reported The Edge on Monday afternoon (24 January, SGT), citing a new report from property consultancy Cushman & Wakefield (C&W).
“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,” said Tom Gibson, Head of project & development services for Asia Pacific at C&W.
“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,” he added.
In the real estate consultancy’s 2022 Asia Pacific Office Fit-out Cost Guide, it named 3 key office trends for this year. These include preparation for permanent hybrid work; experience-focused design that reflects a growing preference for flexibility and quality over quantity of space; and environmental, social and governance (ESG) considerations.
Aside from that, the latest report showed the average office fit-out expenses for 31 cities across the Asia Pacific (APAC) region.
Japan remained as the priciest office fit-out market for the 3rd straight year, with 3 Japanese cities claiming the top 3 spots. Tokyo was ranked number one with an average fit-out cost of US$166 ($223) psf, followed by Osaka (US$161 psf) and Nagoya (US$157 psf).
On the other hand, Singapore secured the 7th spot with an average fit-out cost of US$134 psf.
Moving ahead, C&W predicts a fuller return to the office as higher vaccination permits economies to open more fully. This is anticipated to propel office demand in the year ahead, and in turn would help Asia Pacific’s office fit-out market.