SINGAPORE: Based on the Knight Frank Asia Pacific Fit-Out Cost Guide 2026, which was published on Wednesday (March 4), Singapore is the most expensive city in the region to outfit an office.
The city-state topped the list for all three categories in the Knight Frank report: basic, standard, and premium outfits.
Fitting out a premium office in Singapore costs a substantial US$3,117 (S$3,980) per square metre, and the high prices underscore “its position as a regional business and financial hub.”
Moreover, Singapore commands “a substantial premium relative to the rest of Southeast Asia,” the report added.
The price of outfitting offices in Singapore has gone up due to a number of reasons, including higher costs for labour, stringent building standards, and a shortfall of contractors.
The South China Morning Post noted that as Chinese businesses have expanded overseas, the vacancy rates of offices in Singapore have decreased while rental rates have only gone up, particularly office spaces in the central business district.
However, the costs for fitting out offices are expected to go up by 2 to 5 per cent across the region, the report warns.
On average, an office fit-out in Singapore costs US$2,029 (S$2822) per square metre. Taking second place is Tokyo, at US$1,994 (S$2547) per square metre, and Taipei takes third place at US$1,593 (S$2035) per square metre.
Phnom Penh ranked last on the list, where the average cost of outfitting an office is US$375 per square meter.
Interestingly, Hong Kong ranked eighth on the list, at US$1,292 (S$1,650) per square meter. Furthermore, in Beijing, Shanghai, Guangzhou, and Shenzhen, the costs are all the same US$929 (S$1187) per square metre. These four major cities in China ranked eleventh on the Knight Frank list, which ranks 23 cities in Australasia, East Asia, Southeast Asia, and India.
According to the study, “occupiers are investing in workplaces that enable collaboration, productivity, and employee experience.”
The report pointed out how “India stands out as a compelling value market,” with Bengaluru, Mumbai, and Delhi-NCR, among the most cost-competitive office markets in the region.
These cities offer consistent fit-out costs, scalable, high-quality workplace delivery, lower reinstatement risk, and greater flexibility for occupiers.
“Even at high and premium specifications, India continues to deliver future-ready workplaces at a relatively modest capital outlay, reinforcing its attractiveness for global and domestic occupiers,” Knight Frank said. /TISG
Read also: Premium office space pushes Singapore’s CBD rents to new heights – CBRE
