\n<\/p>\n
HONG KONG SAR –\u00a0Media OutReach<\/a>\u00a0– 16 December 2020 –\u00a0Hong Kong remains the most expensive office fit-out market in Greater \u00a0<\/p>\n Among all APAC markets in the study, cities \u00a0<\/p>\n Hong Kong ranked 9th<\/sup>, down two \u00a0<\/p>\n The top ten cities in Asia Pacific \u00a0<\/p>\n 2020 RANK<\/p>\n<\/td>\n CITY<\/p>\n<\/td>\n AVERAGE COST<\/p>\n (USD PSF)<\/p>\n<\/td>\n RANKING CHANGE<\/p>\n<\/td>\n<\/tr>\n 1<\/p>\n<\/td>\n Tokyo<\/p>\n<\/td>\n 201<\/p>\n<\/td>\n —<\/p>\n<\/td>\n<\/tr>\n 2<\/p>\n<\/td>\n Osaka<\/p>\n<\/td>\n 193<\/p>\n<\/td>\n —<\/p>\n<\/td>\n<\/tr>\n 3<\/p>\n<\/td>\n Nagoya<\/p>\n<\/td>\n 188<\/p>\n<\/td>\n —<\/p>\n<\/td>\n<\/tr>\n 4<\/p>\n<\/td>\n Sydney<\/p>\n<\/td>\n 160<\/p>\n<\/td>\n —<\/p>\n<\/td>\n<\/tr>\n 5<\/p>\n<\/td>\n Melbourne<\/p>\n<\/td>\n 155<\/p>\n<\/td>\n \u25b24<\/p>\n<\/td>\n<\/tr>\n 6<\/p>\n<\/td>\n Auckland<\/p>\n<\/td>\n 140<\/p>\n<\/td>\n \u25bc1<\/p>\n<\/td>\n<\/tr>\n 7<\/p>\n<\/td>\n Brisbane<\/p>\n<\/td>\n 137<\/p>\n<\/td>\n \u25bc1<\/p>\n<\/td>\n<\/tr>\n 8<\/p>\n<\/td>\n Adelaide<\/p>\n<\/td>\n 131<\/p>\n<\/td>\n New<\/i><\/p>\n<\/td>\n<\/tr>\n 9=<\/p>\n<\/td>\n Hong Kong<\/p>\n<\/td>\n 130<\/p>\n<\/td>\n \u25bc2<\/p>\n<\/td>\n<\/tr>\n 9=<\/p>\n<\/td>\n Seoul<\/p>\n<\/td>\n 130<\/p>\n<\/td>\n \u25b21<\/p>\n<\/td>\n<\/tr>\n 11<\/p>\n<\/td>\n Perth<\/p>\n<\/td>\n 123<\/p>\n<\/td>\n \u25bc3<\/p>\n<\/td>\n<\/tr>\n 12<\/p>\n<\/td>\n Busan<\/p>\n<\/td>\n 118<\/p>\n<\/td>\n \u25b22<\/p>\n<\/td>\n<\/tr>\n 13<\/p>\n<\/td>\n Beijing<\/p>\n<\/td>\n 115<\/p>\n<\/td>\n \u25bc3<\/p>\n<\/td>\n<\/tr>\n 14<\/p>\n<\/td>\n Shanghai<\/p>\n<\/td>\n 115<\/p>\n<\/td>\n \u25bc1<\/p>\n<\/td>\n<\/tr>\n 15<\/p>\n<\/td>\n Singapore<\/p>\n<\/td>\n 112<\/p>\n<\/td>\n \u25bc3<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Source: \u00a0<\/p>\n Asia Pacific is forecast to emerge from the downturn earlier than other \u00a0<\/p>\n “As a result of the global pandemic, the \u00a0<\/p>\n Bryant \u00a0<\/p>\n The survey further \u00a0<\/b><\/p>\n About Cushman
\nChina with an average of USD 130 per square foot, according to Cushman &
\nWakefield<\/a>‘s newly released Asia Pacific Office Fit-Out Cost Guide 2020-21<\/i>.
\nThe study provides an overview of office fit-out costs across 31 key markets in
\nthe Asia Pacific region and gives insights on business and workplace strategies
\nfor the pandemic recovery period and adoption to the “new normal.”<\/p>\n
\nin Japan and Australasia continue to dominate the Top 10 list. Tokyo, Osaka,
\nNagoya and Sydney lead the rankings, with Melbourne climbing four spots to
\nfifth this year.<\/p>\n
\nplaces from last year. However, the city remains the highest-ranked market in
\nGreater China. Beijing, down three places from last year, is jointly ranked
\nwith Shanghai at 13th on the list. Both cities are the most expensive markets
\nin mainland China.<\/p>\n
\nwith the highest office fit-out costs are:<\/p>\n\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\nCushman & Wakefield<\/p>\n
\nregions across the globe and is well-positioned to return to strong economic
\ngrowth by the end of 2020. While the region’s long-term fundamentals remain
\nintact, the short but sharp recession will continue to echo and shape corporate
\ndecision-making into the future. Effectively, trends that may have taken many
\nyears to come to full fruition are being fast-tracked. <\/p>\n
\nincreases in fit-out costs seen in recent years has reversed in most markets
\nacross the region. This trend is likely to persist as corporate occupiers
\ncontinue to assess their capital expenditure budgets and corporate footprint
\nrequirements,” said Tom Gibson, Head of Project & Development Services,
\nAsia Pacific, Cushman & Wakefield<\/b>. “We are also seeing greater
\nintegration of workplace strategy expertise into the early stages of the design
\nand fit-out process. With working lifestyles and preferences evolving following
\nthe pandemic, companies are increasingly focused on aligning their space
\nrequirements with efficient workplace strategies and HR policies to better meet
\ntheir corporate business and financial goals.”<\/p>\n
\nCheung, Head of Project & Development Services, Hong Kong, Cushman &
\nWakefield, <\/b>commented, “There has been a slowdown in Hong Kong’s office market, with softening
\ndemand and substantial new supply coming in 2022 together underpinning rising availability
\nand declining rental levels. The pandemic has evidently impacted how occupiers
\nconsider their space needs. Looking ahead, Q1 of 2021 will be characterized by
\na greater emphasis on agility, with reduced demand from office expansion or
\nupgrading. Instead, we expect to see more cases of consolidation and relocation
\ndriven by business needs and concerns.”<\/p>\n
\nsuggested an intensifying focus on health and safety, bringing forward greater
\nadoption of touchless technology, improved Heating, Ventilation, and Air
\nConditioning (HVAC); and smarter cleaning practices. Prolonged, enforced
\nworking from home has highlighted that productivity can be maintained, but at
\nthe cost of personal connection to colleagues and company culture. This raises
\nquestions around the optimal size and composition of the corporate footprint,
\nwhile highlighting the need for ongoing investment into IT and audio-visual
\ntechnology for collaborative team working. All these factors are important
\nconsiderations as companies remain laser-focused on costs. <\/p>\n
\nCushman & Wakefield’s Asia Pacific Office Fit-out Cost Guide<\/b><\/p>\n
\n& Wakefield’s Asia Pacific Office Fit-out Cost Guide is an essential tool
\nto assist in corporate real estate decision-making regarding both fitting out
\nand reinstating office space. The annual guide, which was
\nfirst published in 2019, serves to assist occupiers in defining their capital
\nplanning and relocation budgets. It provides an overview of the office fit-out
\nconstruction costs across 31 key gateway cities in the region, including a comprehensive fit-out cost
\nsection covering furniture, mechanical & electrical works, builder works,
\naudio visual\/IT and other miscellaneous costs. Download the Asia Pacific Office Fit-out Cost Guide 2020-2021
\nhere<\/i><\/a>. <\/u><\/i><\/p>\n