Cushman & Wakefield’s report also revealed the average office fit-out costs for 31 cities in Asia Pacific. Japan remained as the most expensive office fit-out market in the region for the third consecutive year, with Tokyo, Osaka, and Nagoya taking the top three spots.
“A large pipeline of new supply and the consequent impact on rents is offering Indonesian occupiers, particularly in Jakarta, the opportunity to relocate to high quality buildings at similar or, at times, lower costs,” said Dwitje Wangsadiputra, Director, Project & Development Services, Indonesia.
The Asia Pacific office market has remained resilient, being the only region to have posted consistent, positive office demand since the pandemic began. Looking ahead, we expect a fuller return to the office as higher vaccination allows economies to open more fully, which will potentially drive office demand over the year ahead. Net absorption is forecast to increase from 55 million square feet (msf) in 2021 to around 72msf in 2022 before returning to pre-pandemic levels of around 82msf in 2023. This positive forecast bodes well for the office fit-out market in the region.
Click here to download the 2022 Asia Pacific Office Fit-out Cost Guide.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries.
In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit cushmanwakefield.com or follow @CushWake on Twitter.
