APAC Cost Guide 2018-2019 PDF

ASIA
PACIFIC
FIT- OUT
COST
GUIDE
2018/19 EDITION
FOREWORD
CBRE Asia Pacific is delighted to present the

2018 Fit-Out Cost Guide, which covers 25 cities in Asia Pacific.
Now in its fifth year, the Asia Pacific Fit-Out Cost Guide 2018 aims to provide clients and real
estate professionals with true cost data to help guide capital planning and decision-making. CBRE
continually evolves the content to meet our clients’ needs and provide information to assist in
development of corporate real estate strategies, as well as ‘benchmarking’ at a strategic level.
As an addition to our Asia Pacific paper, CBRE is also pleased to introduce the Fit-Out Cost
Guide, Global Index providing a comparative CAPEX index guide for 23 key markets across the
globe. This important index provides a comparative benchmark view of project costs with similar
specifications.
I hope the Fit-Out Cost Guide offers useful insights and context. Please use this as a guide only, for
specific projects please contact our CBRE Project Management team in your market.
MARTIN WOODS
Senior Managing Director, Asia Pacific
CBRE Project Management
Global Leadership & Platform
GLOBAL WORKPLACE SOLUTIONS 1

CONTENTS
04 INTRODUCTION 06 GUIDE ASSUMPTIONS
NET PRESENT
FACILITIES
30 MANAGEMENT COSTS 36 LIFECYCLE
COSTING (NPLCC)
2 ASIA PACIFIC FIT-OUT COST GUIDE

10 FIT-OUT COSTS 26 LEASING COSTS
REGIONAL FIT-OUT REGIONAL FIT-OUT

42 COSTS ANALYSIS 64 PROJECT TIMELINE
Disclaimer: CBRE Ltd has taken every care in the preparation of this document. The sources of information used are believed to be accurate and
reliable, but no guarantee of accuracy or completeness can be given. The cost estimation are intended to be guides only. Please contact our market
leaders, provided within this document or available from our cbre.com website, who can provide accurate cost estimate based on your specific
requirements. Please note: The CAPEX Index and the rates provided in cost per square foot only benchmark the common project costs including
consultants fees, builders works, MEP works and furniture. The rates provided are a guide and a start point only for creating project budget estimates.
These rates are not to be used for creating specific project budgets.
Neither CBRE, nor any director, representative or employee of CBRE company, accepts liability for any direct or consequential loss arising from
the use of this document. The information and opinions contained in this document are subject to change without notice. No part or parts of this
document may be stored in a retrieval system or reproduced or transmitted in reprographics, recording or otherwise, now known or to be devised
without prior consent from CBRE.
INTRODUCTION
Facilities
Fit-out Costs Management
Costs
REGIONAL BENCHMARKING
NET PRESENT
LIFECYCLE COSTING
1. TRADITIONAL SOLUTION 2. HOT DESKING
3.COLLABORATIVE WORKPLACE 4. ACTIVITY BASED WORKPLACE
ACTIVITY BASED WORKING (ABW)

FLIGHT TO VALUE:
DECENTRALIZATION

Our CBRE Project Management business focuses
on partnering with clients to deliver projects from
“concept to completion”, implementing cost efficiency,
industry leading processes, minimising risk and
creating real value. We are pleased to present the Asia
Pacific Fit-Out Cost Guide 2018 providing market-
leading insights helping our clients make informed
decisions.
This year, CBRE continues to build on the in-depth

review and relative analysis of previous editions on
workplace strategy design options, net present life
cycle costing and decentralisation to address the
prevalent drivers for cost reduction. This data is a
collation across project management, commercial
leasing and facilities management to develop indices
for each corporate real estate cost area.
With corporate real estate portfolios dispersed

throughout Asia Pacific and the globe, clients will
benefit from the APAC Index and the introduction
of the Global Index which provides a broader,
holistic view to benchmark project costs with similar GLOBAL BENCHMARKING
specifications and design.
CBRE encourages the use of the Fit-Out Cost Guide

and Global Index as benchmarking indicators and
to guide development of strategies for capital project planning. For specific project budgets please consult the CBRE Project Management Division
Lead in market for budget estimates to assist with capital approval. CBRE can apply market knowledge and client understanding through information
gathering to fulfil to your project management requirements.
We look forward to partnering with you in the future.
ZAC ZDRAVEV
Executive Director,
GUIDE ASSUMPTIONS
Pricing in this document is based on the FM Costs Additional
following assumptions: Guide Assumptions:
The commercial tower is a Grade A office building within the Facility Management costs include:
Central Business District with the following characteristics: • Cleaning
• Mechanical & Electrical Maintenance
• A modern, flexible, column-free footprint of at least 15,000 sq ft • Security Services
• Total floor area of at least 300,000 sq ft • Utilities
• Sheltered parking GFA ratio of 1/2000 • Pest control
• Accessibility to public transport • Mailroom
• Reception
Commercial office assumptions: • Landscaping
• Office size – 30,000 sq ft • Confidential waste disposal
• Density range of 1 workstation to 110 to 150 sq ft
• Office space is predominately open plan Exclusions:
• Raised floor throughout the office space • Dedicated Chiller and Generator maintenance
• Property Tax
Fit-out costs include: • Management Fee
• Consultants fees
• Builders works Net Present Lifecycle Costing (NPLCC)
• M&E works
• Standard office FF&E Guide Assumptions:
• Physical IT infrastructure
• Active network equipment • 5 year commercial office investment period
• Physical security system • Grade A office building and defined as the gross lease cost
• Audio Visuals • Medium Standard office fit-out construction rates
• Medium Standard FM service
Exclusions: • FM Cost adopts the CBRE Research y-o-y inflation rates
• Dedicated chiller and generator installation • 10% discount rate applied for NPLCC Analysis
• Acoustic Consultancy
• Technology Consultant Fee
• Consideration for building abnormalities or variances such as
onerous landlord requirements

MACRO-ECONOMIC FACTORS
Driving Dramatic Shifts
Currency Volatility against USD Inflation
5.4% Thailand 1.5%

9.4% 0.4%
5.1% China 2.6%

-0.3% 1.8%
3.8% Japan 1.2%

6.3% 0.2%
2.2% Taiwan 1.5%

9.7% 1.0%
1.9% South Korea 2.0%

8.6% 1.5%
0.7% India 5.2%

3.6% 4.2%
2.3%
0.6% Malaysia
5.4% 3.0%
0.2% Hong Kong 2.4%

-0.8% 2.0%
-0.4% Singapore 1.2%

5.5% 0.0%
-0.6% New Zealand 2.1%

3.5% 1.3%
-0.6% Vietnam 4.1%

-0.9% 3.1%
-1.1% Philippines 4.3%
-5.8% 2.1%
-2.0% 2.5%
6.7%
Australia
1.6%
-2.7% Indonesia 3.9%

2.5% 3.7%
2017-2019 2015-2017 2017-2019 2015-2017
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0.0% 2.0% 4.0% 6.0%

BY THE NUMBERS
192
The average cost in USD/sq.ft. to fit-out a commercial office in Tokyo.
Which is now the most expensive market in Asia Pacific.
218
The average cost in USD/sq.ft. to fit-out a commercial office in New York.
Which is now the most expensive location when CBRE has delivered projects.
207
The cost in USD/sq.ft. per annum for commercial office space in Hong Kong.
The most expensive market to lease Grade A office space in Asia Pacific.
10.44
The cost in USD/sq.ft. to manage office facilities in Sydney per annum.
32,324,472
The total investment in USD for a medium standard 30,000sq.ft. office in
Hong Kong over a five year period.

CBRE TOKYO

FIT-OUT COSTS

CBRE SYDNEY

FIT-OUT SPECIFICATION – BASIC
MANAGER ROOM
AND PHONE
BOOTH
BREAKOUT AREA
UNASSIGNED
SEATING
Specification Basic Basic Basic Medium High

Density Highier Lower Median Lower Lower
Work Type Proccess Knowledge Knowledge Knowledge Knowledge
WORK AREA
RECEPTION
BOARD ROOM
TEAM
COLLABORATION AREA
MEETING ROOM
Source: Layout and rendering by Haworth

FIT-OUT SPECIFICATION – MEDIUM
MANAGER
ROOM AND
PHONE BOOTHS
BREAKOUT AREA
UNASSIGNED
SEATING
TOWN HALL
Specification Basic Medium High

Density Median Lower Lower
Work Type Knowledge Knowledge Knowledge
WORK AREA
RECEPTION
BOARD ROOM
TEAM
COLLABORATION AREA
MEETING ROOM

FIT-OUT SPECIFICATION – HIGH
MANAGER
ROOM AND
PHONE BOOTHS
BREAKOUT AREA
UNASSIGNED
SEATING
TOWN HALL
Specification Basic Medium High

Density Median Lower Lower
Work Type Knowledge Knowledge Knowledge
WORK AREA
RECEPTION
BOARD ROOM
TEAM
COLLABORATION AREA
MEETING ROOM

PROJECT STANDARD MATRIX
PROJECT STANDARD
Description of items Basic Medium High
BASIC OFFICE FUNCTIONALITY
Process
Work type BPO Knowledge Knowledge
Knowledge
Collaboration area
Townhall
M&E redundancy N N+1 2N
WALL & PARTITIONS
Plasterboard with fabric finish / to slab with high acoustic
rating
Double glazed partition
Single glazed parition
Plasterboard walls
Operable wall
Open ceiling
FEATURE FLOOR FINISHES
Polished timbre
Marble / stone slab finishes
Carpet tile
SYSTEM FURNITURE
Flexibily in workspace churn & expansion

Powerhoop as an uninterrupted footprint division
Resolved design & seemless connectivity
Simplicity with reduced kits-of-parts
Unified look and combined usage
Cable through and various cable outlet application
Height adjustability
STORAGE
Lockers
Mobile pedestal / Caddy

PROJECT STANDARD
Description of items Basic Medium High
TASK CHAIRS
Asymmetrical lumbar support system

Pelvic support
4-D arms and seat pan adjustments
Upright back lock
Supportive mesh with tension zones
Synchronized tilt mechanism
Supportive mesh with optional upholstery back
PHYSICAL SECURITY SYSTEM
System via IT network

Access control doors 5 5 10
CCTV 3 3 6
Data storage 3 months 3 months 6 months
PHYSICAL IT INFRASTRUCTURE
Eternet Cables – Cat 6A

Data ports 100 200 200
PDU 2 2 4
Racks 1 1 2
Redundancy
ACTIVE NETWORK EQUIPMENT
40Gbps backbone
End points 100 200 200
Redundancy
AUDIO VISUAL
SD – Below HD – Below UHD – Above
Display
3000 lumens 5500 lumens 5500 lumens
Intergrated ceiling mounted sound distribution system
Video conference
Lighting integration
Room booking sytem integration
Digital signal processor
CBRE PROJECT MANAGEMENT 19

APAC FIT-OUT COST INDEX
In 2018, CBRE has compared the true cost of projects, including local market practices which have
cost implications as well as expanding from four basic costs to seven cost categories. CBRE has
also considered the work practice that would be suited to basic, medium and high standard layout
designs. Each standard is defined by the level of design, workstation density and work type such as
knowledge based work, process or business process outsourcing. In addition to specifications, the
layouts demonstrate density and design changes, to allow clients to decide the appropriate work
environment to achieve optimal productivity, and aligns with business strategy.
Whilst Grade A office space remains available

in the market, sustained traditional tenant
demand as well as growing demand from
the start-up sector, coupled with numerous
infrastructure projects has resulted in increased
leasing activity within all commercial markets.
Consequently, we have seen inflationary
pressure on rents which has resulted in many
occupiers postponing major fit-out projects or
reducing their overall CAPEX spend per project.
STEWART MATHEWS
Senior Director, Sydney

The index is generated from empirical project data gathered across multiple industries through the use of CBRE’s Project Management platform. The
index aims to help clients understand the capital cost differences across the region and to provide reference for cost benchmarking.
Tokyo
Bangk
Seoul
Kua
ok
1.30
la L
0.58 1.21
um
ney
pur
Syd
8 1.2
Hy
der 0.5 1.60
1
ab
ad 1.40 K ong
Hong
1.20
1
1.1
0.6
6
1.00
Man
ila 0.80 Perth
0.64
1.16
0.60
0.40
Bangalore 0.20
0.65
1.01
Auckland
0
1.01
0.68
i Beijing
Mumba
0
0.7
Sha
1.0
ar ta ngh
7
Jak ai
0.8 7
1 0.9
Sin
MC
ga
0.84
HC
0.96
po
re
0.93 0.95
ei
Melb
Taip
Brisbane
ourn
Guangzhou
Disclaimer:
This graph shows the capital expense multiplier for the design and construction of the same office project across Asia Pacific using Shanghai as the unit index. This cost index should be used as a guide only, for actual
project budget estimates please contact the CBRE Project Management Division Lead in your city.

FIT-OUT COST BENCHMARKING TABLE
BASIC MEDIUM HIGH
Reinstatement
Region Country City US$/sq.ft US$/sq.ft US$/sq.ft
US$/sq.ft
South Korea Seoul 118 170 249 21
North Asia
Japan Tokyo 115 175 285 49
Beijing 95 137 213 13
China Shanghai 93 134 216 12
Greater China Guangzhou 92 133 194 11
Taiwan Taipei 84 117 172 11
Hong Kong Hong Kong 103 156 255 36
Sydney 115 168 252 17
Melbourne 92 133 200 14

Australia
Pacific Perth 108 165 239 14
Brisbane 89 130 193 14
New Zealand Auckland 83 143 220 15
Philippines Manila 66 85 131 9
Vietnam HCMC 82 116 163 3
Indonesia Jakarta 74 107 160 5

South East Asia
Malaysia Kuala Lumpur 63 77 119 5
Singapore Singapore 100 124 205 11
Thailand Bangkok 54 73 130 10
Mumbai 64 95 142 3
South Asia India Hyderabad/Kolkata/Pune 58 83 128 3
Bangalore/Chennai/Delhi 60 89 138 3
CBRE has analysed empirical data from completed projects across multiple industries for each market. The fit-out cost table provides the cost of
projects in three high level categories. The figures provided include seven common areas of Consultancy Fees, Builder Works, M&E Works, Fixed
Furniture and Equipment, IT, AV, and Security.
This table only serves as a guide. For budget estimates, please contact CBRE Project Management Division Leads in the specific market. The typical
reinstatement rates for offices have been included, however note that rates may vary due to landlord requirements, reinstatement agreements and
project brief just to name a few variables.

CBRE TOKYO
The technology industry in APAC is generally very busy as the major cities in the region continue
to grow leading to a shortage of good quality installation engineers which in turn is driving up
salary expectations and therefore, installation costs. Equipment and material supply costs are
generally increasing in line with the underlying inflation in any given location with logistics costs
seeing a small increase.
ANDREW GREEN
Group Director
PTS Consulting

GLOBAL FIT-OUT COST INDEX
The global economy began 2018 in its best shape since the Global Financial Crisis ended in 2009. All the major economic regions are growing at or
above trend, and economic policy – both fiscal and monetary remains expansionary.

Growing confidence has had the effect of continued growth in the office leasing sector, which has seen a rise in demand for different space usage
across all regions, such as the corporate real estate sector experimenting with the inclusion of co-working space as an example, as well as searching
for alternatives to the traditional acquisition, design, construction and operation of office space. The co-working office landscape has yet to be tested
over a full economic/real estate cycle, however, the increase in demand combined with occupiers focus on deploying technology and wellness has
seen the introduction of new corporate strategies, including increased flexibility and speed-to-market for real estate projects.
This burgeoning sector and other market disruptors such as decentralisation create a dynamic construction landscape.
From large corporations to start-ups, benchmarking remains a key tool to assist our clients in their decision-making process. CBRE is pleased to
introduce the inaugural CBRE Global Fit-Out Index which aims to highlight the relativity of key markets around the world. Specifically, this index shows
the effect on corporate real estate capital planning decisions by reporting the comparative difference of office fit-out costs in 23 key markets across
four global regions.
This industry leading benchmark data paired with CBRE’s global presence and market knowledge allows us to partner with our clients to provide our
expertise, and offer the best solutions to achieve our clients’ objectives.
The Global Index is a guide only. For budget estimates on specific projects, please contact the CBRE Project Management Division Lead from the
relevant market who can provide you with relevant and accurate information.
ZAC ZDRAVEV
Executive Director,

ancisco
New York
Bogotá
San Fr
1.48
San
ur t
0.65 1.48
nkf
tiag
Fr a
o
6 1.4
Mu 0.6 1.60 8
mb
ai ris
8 1.40 Pa
1.4
0.6
1.20
0
Mex
ico C 1.00
ity Tokyo
0.86
1.30
0.80
0.60
Dallas
Seattle
1.27
0.86
0.40
0.20
0
0.91
1.23
Buenos Aires Chicago
0.97
1.21
pore Londo
Singa n
1
0.9
Syd
1.2
nta ney
9
Atla
1.0 8
0 1.1
Joh
lo
1.00 1.16
Pau
an
ne
São
1.02 1.16
sbu
Hon
ghai
rg
g Ko
Shan
Madrid
Dublin
ng
Disclaimer:
This graph shows the capital expense multiplier for the design and construction of the same office project globally using Shanghai as the unit index. This cost index should be used as a guide only, for actual
project budget estimates please contact the CBRE Project Management Division Lead in your city.

LEASING COSTS

CBRE HYDERABAD

LEASING COST
The table provides the leasing costs in US$
per sq. ft. per annum in Net Floor Area basis
for Grade A office building in CBD of each
market unless stated otherwise. The figures are
presented on an effective basis which excludes
landlord benefits offers and rent free periods.
Gross leasing volume in the Grade A office market was 40% Inclusion of service charges varied by markets
higher in 2017 than that in 2016, totaled 4.6 million sq ft depending on local practice.
(NFA). Leasing momentum remains upbeat in H1 2018, with
another 4.2 million sqft being recorded during the period. CITIES GRADE A
Hong Kong – Central 207
Tokyo 101
STEVE PALFREY Beijing 92
Executive Director, Hong Kong Singapore 89

CBRE Project Management Shanghai 85
Delhi 63
Mumbai – BKC 58
Hong Kong – Kowloon East 52
Sydney 51
Guangzhou 47
Taipei 46
HCMC 45
Leasing markets have been highly active Seoul 44
with a proactive commitment to high quality Bangkok 34
supply. There has also been an increasing Bangalore 31
trend for occupiers - both domestic and Melbourne 29

Gurgaon 25
multinationals - executing creative strategies Auckland 25
within co-working spaces focused towards Brisbane 25
a more flexible workplace environment and Perth 21
minimizing capex impacts. Kuala Lumpur 21

Hyderabad 9.5
Source: CBRE Asia Pacific Research , Q2 2018
ROHINI SALUJA
Executive Director, Asia Pacific
CBRE Advisory & Transaction Services

Hong Kong
– Central
Hyder
Tokyo
abad
2.43 1.18
0.11
jing
Per
Bei
th 3 1.0
Ku
ala
Lum 0.2 2.40 8
re
pu po
r 2.10 ga
Sin
4
1.0
1.80
0.2
4
Gurg 1.50
aon hai
Shang
0.29
1.20
1.00
0.90
0.60
Auckland Delhi
0.75
0.29
0.30
0
0.68
0.30
Brisbane Mumbai – BKC
0.61
0.35
Hong
e
ourn Kow Kong –
Melb loon
East
0.3
0
Syd
0.6
e
6
lor ney
n ga
Ba 0.4 5
0 0.5
0.51
k
0.54
Gua
gko
0.53
n
Ban
gzh
Taipe
Seoul
ou
HCMC

FACILITIES
MANAGEMENT COSTS

CBRE TOKYO

FACILITIES MANAGEMENT COSTS
The operating cost of a corporate office within this document is defined as the Facilities Management (FM) cost. The FM cost shall be classified into
nine key and most common components namely, cleaning, M&E maintenance, pest control, security services, utilities, mailroom, confidential waste,
landscaping and reception. Depending on the facility, the cost may differ on the final service standard adopted by the client.
Key Components
CLEANING SECURITY PEST LANDSCAPING MAILROOM RECEPTION CONFIDENTIAL MECHANICAL UTILITIES

SERVICES CONTROL WASTE & ELECTRICAL
MAINTENANCE
Labour inflation and currency volatility continue

to drive cost changes across APAC. Skills gaps in
certain markets have also driven salaries in the
service delivery space. CBRE has mitigated these
cost pressures by improving operating efficiencies
through its Asset Performance programme. The
benefits of energy and sustainability strategies have
resulted in utilities costs remaining steady and even
MICHAEL HARRINGTON
reducing. Enhancing the workplace experience is Senior Managing Director, Asia Pacific
changing services and the interaction with end users CBRE Enterprise Facilities Management
is driving how technology is being used.
FACILITIES MANAGEMENT COST INDEX
Sydney
Hyder
Perth
abad
1.35
1.26
ore
0.52
Ba
gap
ng
alo
Sin
1.60 1.1
r
7
e
0.5 1.40
2
Ban ul
gko
k 1.20 Seo
1.0
7
0.5
1.00
7
0.80
Manila Beijing
1.04
0.60
0.58
0.40
0.20
1.01
Tokyo
0.62
Mumbai 0
1.00
Shang
0.67
ne hai
Brisba
0
0.7
Auc
1.0
arta kla
6
Jak nd
0.7 9
9 0.9
Ho
pur
0.83 0.95
ng
um
0.90
Kon
la L
g
Taipe
urne
Kua
Guangzhou
Melbo
Disclaimer:
This graph shows the FM Cost index across Asia Pacific using Shanghai as the unit index. This cost index should be used as a guide only, for actual project budget estimates please contact the CBRE EFM Division Lead
in your city.
FACILITIES MANAGEMENT COSTS
Shown below are the unit rates per sq. ft. in USD for various components annually. Rates in different locations are directly affected by the labour
market condition and local tariff rates.
CLEANING SECURITY PESTS CONTROL LANDSCAPING
MAILROOM RECEPTION CONFIDENTIAL WASTE M&E UTILITIES
$0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11
Sydney 1.44 0.97 1.74 1.93 2.41 1.69 10.44

Perth 1.34 0.91 1.62 1.80 2.25 1.57 9.72
Singapore 1.53 0.99 1.40 1.56 1.92 1.06 8.69
Seoul 1.24 0.91 1.68 1.87 1.50 0.90 8.25
Beijing 1.25 0.90 1.05 1.20 2.00 1.45 8.06

Tokyo 1.80 0.49 1.38 1.53 1.63 0.80 7.82
Shanghai 1.20 0.86 1.00 1.15 1.92 1.39 7.72
Auckland 1.36 0.88 1.24 1.38 1.71 0.94 7.71
Hong Kong 1.33 0.38 1.30 1.44 1.59 1.41 7.63
Taipei 1.31 0.38 1.26 1.41 1.95 0.85 7.34
Guangzhou 1.08 0.78 0.90 1.03 1.72 1.25 6.95
Melbourne 1.13 0.73 1.04 1.15 1.42 0.79 6.43
Kuala Lumpur 0.67 0.32 0.89 0.99 1.97 1.10 6.11
Jakarta 0.44 1.14 0.89 0.99 1.44 0.80 5.89
Brisbane 0.91 0.59 0.83 0.92 1.14 0.63 5.16
Mumbai 0.87 0.60 0.72 0.80 0.85 0.85 4.80
Manila 0.71 0.40 0.87 0.97 0.67 0.72 4.45
Bangkok 0.80 0.39 0.85 0.94 0.50 0.84 4.43
Bangalore 0.79 0.55 0.66 0.73 0.78 0.78 4.39
Hyderabad 0.73 0.50 0.60 0.67 0.71 0.72 4.02

CBRE TOKYO

NET PRESENT LIFECYCLE COSTING (NPLCC)
Net Present Lifecycle

Costing is a quantitative
estimate of the total cost
of a commercial office
investment in present value.
The expenses included

are capital or office fit-out
costs, leasing costs, facilities
management costs and
reinstatement costs.
Guide Assumptions:
• 5 year commercial office investment period
• Grade A office building and defined as the
gross lease cost
• Medium Standard office fit-out
construction rates
• Medium Standard FM service
• FM Cost adopts the CBRE Research
y-o-y inflation rates
• 10% Discount Rate applied for
NPLCC analysis

CBRE SYDNEY

NET PRESENT LIFECYCLE COSTING
The below table presents the NPLCC for each market over a period of five year investment and applying the USD/sq ft cost to a medium standard
30,000 sq ft office.
FIT-OUT COST LEASING COST FM COST REINSTATEMENT

NPLCC NPLCC
(USD/sq ft) (USD-30,000 sq ft)
Hong Kong $156 $863 $1,077 $ 32,324,472

Tokyo $175 $420 $662 $ 19,853,129
Beijing $137 $384 $565 $ 16,936,633
Shanghai $134 $355 $531 $ 15,922,231
Singapore $108 $371 $524 $ 15,709,901
Sydney $138 $214 $409 $ 12,280,999
Seoul $170 $182 $402 $ 12,062,997
Guangzhou $133 $195 $366 $ 10,966,603
Mumbai $95 $240 $359 $ 10,761,553
Delhi $68 $264 $355 $ 10,636,683
Taipei $117 $190 $346 $ 10,378,602
Perth $137 $82 $271 $ 8,132,703
Melbourne $105 $123 $266 $ 7,978,256
Auckland $115 $104 $263 $ 7,882,736
Bangkok $87 $141 $254 $ 7,625,025
Brisbane $102 $106 $240 $ 7,200,685
Bangalore $89 $127 $220 $ 6,613,780
Kuala Lumpur $94 $87 $211 $ 6,325,510
Gurgoan $89 $102 $196 $ 5,867,119
Hyderabad $83 $40 $143 $ 4,285,017
$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100

The graph below illustrates a yearly cash-flow outlay considering a typical five year lease period for a medium standard 30,000 sq ft office fit-out in
Hong Kong brought forward to present value.
FIT-OUT COST LEASING COST FM COST REINSTATEMENT
Year 1 Year 2 Year 3 Year 4 Year 5
$400 $8
$36
$300
$207
$8 $8 $8 $8
$200
$207 $207 $207 $207

$100 $156
$0
Total Annual
Cost
$371 $215 $215 $215 $251
NPLCC $1,077 $32,324,472

per sq ft for 30,000 sq ft
All costs are expensed in the year in which the activities are billed. Most office fit-out projects can be completed within a 12 month period so for the
purpose of this exercise all capital expenses are accounted for in Year 1.
For the purpose of this exercise no “rent free” period has been assumed. Many markets commence lease payment from the point of possession and
this has been adopted for direct comparison.

CBRE TOKYO

NET PRESENT LIFECYCLE COSTING INDEX
Hong Kong
Hyder
Tokyo
abad
2.03
0.27 1.25
Gu
jin g
rga
Bei
2.40 1.0
on
7
Kua 0.3 2.10
6
la L ai
um
pur ngh
1.80 Sha
1.0
0
0.4
1.50
0
1.20
Banga ore
lore Singap
0.99
0.90
0.42
0.60
0.30
0.77
Sydney
0.45
Brisbane 0
0.76
Seoul
0.48
ok
Bangk
9
0.5
Gu
0.6
d ang
lan
0
uck zhou
A
0.5 8
0 0.6
Mu
e
0.51 0.67
urn
mb
0.65
lbo
ai
Me
Perth
Delhi
Taipei
Corporate real estate decisions should be made with holistic office investment information benchmarked regionally. This provides the opportunity to
create accurate capital plans as well as help decide where projects can be activated based on current macro economic factors.
CBRE, through extensive data analysis from each GWS business line, is able to provide our clients a concise index and representation of the major
cost considerations for their commercial office investment. The NPLCC can help develop real estate strategies that support corporate objectives.
Disclaimer:
This graph shows the NPLCC index across Asia Pacific using Shanghai as the unit index. This cost index should be used as a guide only, for actual project budget estimates please contact the CBRE Project
Management Division Lead in your city.
REGIONAL FIT-OUT
COST ANALYSIS

JAPAN COST ANALYSIS – TOKYO
TOKYO
Construction costs continue to increase in 2018 as the construction market booms due to factors
including earthquake and natural disaster restoration work, the Tokyo Olympics buildup, and
burgeoning Class A office building construction. The construction industry's labor force demand
continues to exceed supply as average worker age increases, inducing higher labor costs. Japan's
contractors are all working at full capacity, causing overhead costs to rise, as profit margins
continue to reach record levels.
HISANAO KAJIURA
Senior Director
Tokyo Project Management
+81 3 52889749
hisanao.kajiura@cbre.co.jp
USD285
1.0%
Security
AV
17.9% Soft Cost
IT
Builder Works
9.2%
M&E Works
USD175 5.8% Furniture
0.7%
11.8%
25.9%
7.5%
USD115 8.0%
0.8%
10.4%
8.2% 26.4%
10.5%
28.0%
27.4%
31.2%
29.8%
12.2%
14.4%
12.9%
Basic Medium High

SOUTH KOREA COST ANALYSIS – SEOUL
SEOUL
In 2018, the team observed several key relocations by local conglomerates moving into major
Grade A office. Co-working operators extending their focus from GBD to CBD. GBD continued
to see solid leasing demand from the technology and manufacturing sectors. In the YDB, the
forthcoming redevelopment of the Private Teacher’s Pension building is creating a considerable
volume of relocation demand.
BRUCE LEE
With regards to construction related cost, contradictory to inflation reports, there has been little to
Senior Director
no change in costs over the last 12 months. Competition has kept cost of supply and hardware
South Korea Project Management
stagnant with labour cost the main driver for higher costs.
+822 21705870
bruce.lee@cbrekorea.com
USD249
Security
1.4%
AV
Soft Cost
14.3%
IT
Builder Works
USD170 13.1% M&E Works
Furniture
0.9%
5.7%
8.9%
USD118
9.7%
1.0%
9.7% 28.5%
6.2%
9.9%
12.4%
36.2%
37.4% 22.8%
18.5%
20.7%
14.2%
16.1%
12.4%
Basic Medium High

TAIWAN COST ANALYSIS – TAIPEI
TAIPEI
Total office net absorption in Taipei surged in 2018, driven by strong demand for medium and
large office units in both Grade A and Grade B offices. Leasing activity was led by professional
services firms and local start-ups. Several multinational companies relocated for flight to quality
purposes, while selected local start-ups committed to large quality office spaces in CBD areas as a
means to attract talent.
JAMES HO
Leasing demand for Grade A offices is expected to remain robust, driven by consolidation and
Senior Director
expansion by technology and professional services companies. On the other hand, Grade B office
Taiwan Project Management
vacancy is forecast to increase modestly over the next two quarters as a result of several large
+886 2 77069538
james.ho@cbre.com corporates moving to newly built Grade A office buildings.
USD172
1.4%
Security
15.4%
USD117 AV
Soft Cost
13.9%
0.9%
IT
USD84 11.3%
4.9%
Builder Works
0.9% 10.4%
6.2% 30.4% M&E Works
7.9%
10.5% Furniture
7.3% 34.0%
34.7%
20.8%
22.5%
23.4%
14.7% 13.2%
15.3%
Basic Medium High

HONG KONG COST ANALYSIS
HONG KONG
Decentralisation has been a key HK trend in recent years, with MNCs seeking cost effective options
outside of the CBD. With Corporates relocating 560,000 sq ft of space away from the core office
submarkets in 2017, we have seen a steady increase in the volumes of medium grade office fit
outs and Agile working spaces being adopted more commonly, if not the norm. The development
of new higher-specification buildings in Kowloon East and Hong Kong East has given traditional
Corporate occupiers the greater diversity for positive building stock options in these locations.
STEVE PALFREY

Executive Director
HK has seen a sharp increase in Co-working centers that is driving demand for space in the Hong
Hong Kong Project Management
Kong office market. This sector has leased a total of 340,000 sqft of space in H1 2018, bringing
+852 282 02996
steve.palfrey@cbre.com.hk the year-to-date stock to 1.4 million sqft. CBRE Research expects Hong Kong’s co-working stock to
reach 1.6 million sqft by year end 2018. As the number of start-ups grows and corporate occupiers
increasingly embrace agile working, demand for co-working space is expected to climb, putting
further pressure on the supply chain of HK that will result in an upturn in 2019 delivery costs.
USD255
0.9%
Security
9.9% AV
8.9% Soft Cost

IT
6.4%
USD156 Builder Works
M&E Works
0.6%
8.1% 28.1% Furniture
USD103 7.4%
8.4%
0.7%
6.1% 27.7%
8.2%
11.0% 28.9%
28.9%
31.9%
32.4%
16.9%
12.7% 15.9%
Basic Medium High

CHINA COST ANALYSIS
– BEIJING/GUANGZHOU
BEIJING
Increase in both labour cost and material procurement, mainly caused by more stringent policy
from local government on labour control and air pollution treatment in Bejing and Northern
China. High volume of IT and AV investment in high-profile projects is also in line with market
trend of network-driven office operation.
USD213
CATHERINE XIONG
Executive Director 1.2%
China Project Management Security
14.0%
+86 10 85880788 USD137 AV
catherine.xiong@cbre.com.cn 12.6% Soft Cost
USD95 0.9%
7.2%
10.9% IT
0.9% 10.0% Builder Works
10.2% 22.4%
7.9%
10.5% M&E Works
14.5% 22.7%
Furniture
22.6% 28.9%
28.9%
27.5%
16.1% 16.4% 13.7%
Basic Medium High
GUANGZHOU
USD194
1.4%
USD133 Security
15.4%
0.9% AV
USD92 11.2% 13.9% Soft Cost
1.0% 10.3% 6.9% IT

8.5% Builder Works
8.2%
10.9% 23.6%
25.6% M&E Works
14.4%
Furniture
26.4%
28.8% 25.5%
28.7%
16.1% 14.7% 13.2%
10.4%
Basic Medium High
CHINA COST ANALYSIS – SHANGHAI
SHANGHAI
Companies in finance, TMT and co-working sectors contributed to most market transactions. The
new supplies in the coming quarters are increasing. More firms considering to relocate from CBD
to decentralized area. Clients are also implementing workplace strategy from cost saving and
space efficiency perspective.
USD216
1.2%
Security
AV
13.8%
Soft Cost
IT
12.5% Builder Works

M&E Works
USD134 Furniture
7.2%
0.9%
11.2%
21.0%
USD93 10.2%
1.0% 10.9%
8.1%
10.8%
21.8%
13.6% 29.8%
22.5%
29.4%
28.0%
14.5%
16.0% 15.6%
Basic Medium High

INDIA COST ANALYSIS – MUMBAI
MUMBAI
Supply addition was witnessed in western suburbs, Kurla and Santacruz. Primary leasing continued
to dominate space take up, owing to ample availability of space in recently completed investment-
grade developments. The momentum gained by co-working spaces in 2017 is likely to continue
this year as well as large corporates look at consolidating businesses to maximise their productivity.
GURJOT BHATIA
Managing Director
India Project Management USD142
+91 1142490200
gurjot.bhatia@cbre.com 1.9%
Security
AV
Soft Cost
21.0%
IT
Builder Works
USD95 M&E Works
1.2% Furniture
19.0%
15.8%
6.4%
USD64
14.5%
1.4%
11.8% 8.9% 17.4%
15.7%
19.9%
10.0%
19.9% 25.6%
30.1%
29.8%
9.6% 8.7%
11.4%
Basic Medium High

INDIA COST ANALYSIS
– HYDERABAD / KOLKATA / PUNE
HYDERABAD/ KOLKATA/ PUNE
The city witnessed supply addition in the form Office market has maintained a steady growth
over the past two years, dispelling apprehensions about the adverse impacts of bifurcation on
commercial activity. In 2017 alone, the city witnessed the absorption of about seven million sq ft of
office space. The 2018 began on a positive note with IT corridor leading the demand for office.
USD128
2.0%
Security
AV
Soft Cost
23.2%
IT
Builder Works
USD83
M&E Works
1.4% Furniture
20.9%
18.1%
USD58
9.7%
1.5% 16.5%
12.9%
12.2% 15.1%
17.3%
13.6% 17.9%
19.1%
22.1%
25.6%
27.4%
8.3% 7.0%
8.2%
Basic Medium High

INDIA COST ANALYSIS
– NEW DELHI / BANGALORE / CHENNAI
NEW DELHI/ BANGALORE/ CHENNAI
IT hubs remained the most active office markets, despite deferment of supply, subdued business
sentiments and recent layoffs by technology companies.
The momentum gained by co-working spaces in 2017 is likely to continue this year as well as
large corporates look at consolidating businesses to maximise their productivity.
(10) New Delhi/Bangalore/Chennai
GURJOT BHATIA
Managing Director
India Project Management
+91 1142490200
gurjot.bhatia@cbre.com
USD138
1.9%
Security
AV
21.7% Soft Cost
IT
Builder Works
USD89
M&E Works
19.5%
1.3% Furniture
USD60 16.9%
6.8%
1.5% 15.4%
17.1%
12.6%
9.3%
16.8%
11.8% 19.3%
19.4% 25.0%
28.5%
28.9%
9.3% 8.0%
9.0%
Basic Medium High

SOUTH-EAST ASIA COST ANALYSIS
– SINGAPORE
SINGAPORE
The fit-out market remains active, with the technology sector continuing to lead the growth and
the banking and finance sector generally focusing on spatial efficiencies through consolidation.
As clients look for opportunities to reduce cost and offload risk, there remains an appetite for
exploring co-working solutions, whose operators have cemented a share in the market with one
or two notably demonstrating market dominance in this highly competitive arena. Whilst growth
has moderated throughout 2018, with Singapore’s focus on digitisation and transformation of key
GARTH CHAPMAN
industries, this should help pave the way for a more sustainable growth in the longer term.
Executive Director
SEA Project Management USD205
+65 62291114
garth.chapman@cbre.com.sg 1.0%
Security
AV
18.6%
Soft Cost
IT
Builder Works
10.1% M&E Works
0.7%
USD100 11.7%
25.3%
0.7% 8.5%
5.5% 5.5%
7.7%
8.6%
26.1%
29.3%
26.7%
31.7%
34.4%
14.1%
13.8% 15.8%
Basic Medium High

SOUTH-EAST ASIA COST ANALYSIS
– KUALA LUMPUR
KUALA LUMPUR
An increased number of informed client representatives has seen improved appreciation of
compliant and good quality office solutions. This has long been a cornerstone the project
management team's advice to our clients and there is now a marked increase in the number of
good quality fit-out designer and contractor options available to our clients.
GARTH CHAPMAN
Executive Director
SEA Project Management
+65 62291114
garth.chapman@cbre.com.sg USD119
1.8%
Security
AV
20.4% Soft Cost
IT
USD77 Builder Works
M&E Works
1.2% 4.2%
Furniture
USD63
15.8%
18.3%
1.2
9.7% 6.2%
8.4% 19.0%
14.4%
12.9%
21.3%
24.4%
22.6%
26.0%
30.4%
15.1% 13.7%
13.0%
Basic Medium High

SOUTH-EAST ASIA COST ANALYSIS – VIETNAM
HCMC / HANOI
There was no new supply on the office markets in HCMC in first half of 2018. Amid stability in
supply, average asking rents, as well as occupancy rates improved. Net absorption for the past
year showed rapid absorption. It is expected that Grade A will maintain its increasing path, though
at a slower rate, for rental rates because of limited available supply. Grade B is expected to have
a more stabilized and healthy performance because of its small but more constant supply. Looking
forward to the rest of 2018, the office market continues to be landlord-driven.
USD163
1.5%
Security
AV
14.1%
Soft Cost
IT
14.4%
0.9% M&E Works
4.9% Furniture
10.1%
USD82 10.1%
18.9%
1.0% 6.3%
7.2%
10.4% 21.3%
8.1%
24.5%
24.4%
29.2%
31.0%
21.7%
22.1%
17.9%
Basic Medium High

SOUTH-EAST ASIA COST ANALYSIS – BANGKOK
BANGKOK
Net take up in 2018 is forecasted by to be at the same level as last year as there is no expected
a sudden jump in demand while tenants are using space more efficiently and some are choosing
co-working space which means in general, companies will require less space per person when
they expand. Future supply continues to be limited from now until 2021 forcing tenants to
consider renovation of existing premises and space optimization projects. Based on developer’
announcements new office completions could reach over 500,000 sq.m. per year between 2022
GARTH CHAPMAN
and 2023. Some developers are anticipating that tenants will move from Grade B buildings to
Executive Director
Grade A buildings and that the future vacancy will be in Grade B buildings.
+65 62291114
garth.chapman@cbre.com.sg
USD130
2.0%
Security
AV
21.7% Soft Cost
IT
Builder Works
M&E Works
1.6%
3.4%
USD54
19.3%
1.7%
22.0%
13.1% 18.1%
4.9%
17.9%
8.1% 22.0%
23.6% 21.9%
23.7%
25.5%
9.0%
10.1% 10.4%
Basic Medium High

SOUTH-EAST ASIA COST ANALYSIS – JAKARTA
JAKARTA
The completion of Phase I of the Jakarta Mass Rapid Transit in 2019 is expected to begin to
alleviate the city’s traffic gridlock and provide other benefits such as less time wasted in traffic
and reduced fuel consumption. The real estate sector, particularly those areas along the new MRT
lines and in close proximity to stations, is also expected to be a major beneficiary, with land prices
already having risen significantly since construction of the MRT line began.
In terms of real estate trends, Jakarta is no stranger to the co-working space. The number of co-
working providers has expanded rapidly in recent years and co-working spaces in Jakarta are still
largely occupied by start-ups seeking cost effective and collaborative offices.
USD160
1.3%
Security
AV
15.0%
Soft Cost
IT
Builder Works
USD107 12.6%
M&E Works
0.9% 5.7% Furniture
11.2%
USD74 9.6%
23.4%
7.8%
1.0%
8.2%
10.2% 25.1%
9.7%
25.7%
25.8%
29.0%
30.6%
16.3%
16.4%
14.5%
10.1%
Basic Medium High
SOUTH-EAST ASIA COST ANALYSIS – MANILA
MANILA
Metro Manila Office take-up is expected to increase over 2018 by approximately 20% from 2017.
The BPO industry is anticipated to maintain its growth whilst Offshore Online Gaming is bolstering
2018 growth. Despite the volatile political environment, foreign investments are still showing
steady growth and investment. There are numerous infrastructure development programmes
ongoing under the current administration’s ‘Build, build, build program’, the new developments
in the provinces being designed to decongest Manila. The many initiatives and investments are
GARTH CHAPMAN
collectively driving significant market activity, which is adding significant pressure to the overall
Executive Director
supply chain beyond normal expectations, requiring very close management.
+65 62291114
garth.chapman@cbre.com.sg
USD131
1.9%
Security
AV
20.3%
Soft Cost
USD85
IT
1.3% 19.0% Builder Works
USD66 M&E Works
15.6%
3.5%
1.3% Furniture
10.2% 14.9%
5.5% 23.0%
14.1%
8.9% 24.6%
26.1%
22.9%
26.5%
28.2%
11.6% 9.4%
11.2%
Basic Medium High

PACIFIC COST ANALYSIS – SYDNEY
SYDNEY
Weaker business conditions and subdued leasing activity over the first half of this year suggest a
lower growth profile over the near term. Vacancy is still forecast to reach historic lows by 2018. The
key difference between the current environment and past recoveries is that declining vacancy will
be driven by stock withdrawals as opposed to expansionary demands.
IAN REA
Managing Director
Pacific Project Management USD252
+61 2 9333 9102
ian.rea@cbre.com.au
1.0%
Security
10.9% AV
Soft Cost
9.9% IT
Builder Works
USD168
8.7% M&E Works
0.6% Furniture
8.3%
7.6%
USD115 26.4%
10.7%
0.7%
6.0%
8.0% 26.2%
13.6%
28.8%
27.3%
30.9%
31.6%
14.3%
15.7%
12.8%
Basic Medium High

PACIFIC COST ANALYSIS – MELBOURNE
MELBOURNE
The Melbourne CBD has seen strong growth in white collar jobs. This was the largest rise across
the capital city CBD markets. Key growth industries are expected to include accommodation &
food, professional services, the public sector and administrative services.
IAN REA
Managing Director
+61 2 9333 9102
ian.rea@cbre.com.au 1.2%
Security
AV
13.8%
Soft Cost
IT
7.3% Builder Works

USD133 M&E Works
0.8% 12.4% Furniture
10.4%
USD92 9.5%
25.4%
0.9% 9.5%
7.5%
14.7%
26.2%
10.0%
26.1%
26.9%
29.3%
28.6%
13.8%
14.3%
11.4%
Basic Medium High

PACIFIC COST ANALYSIS – BRISBANE
BRISBANE
While CBD net absorption exceeded expectations in 2016, more modest take up is expected in the
next two years. The most recent office development cycle peaked in 2016, there will be minimal
change to stock levels in the next two years.
USD193
1.3%
Security
AV
14.2%
Soft Cost
IT
USD130 12.8% Builder Works

M&E Works
0.8% Furniture
7.9%
10.6%
USD89 9.7%
22.9%
0.8% 9.5%
7.8%
10.4%
25.2%
12.9%
25.8%
26.7%
28.4%
30.1%
15.1%
15.8%
11.3%
Basic Medium High

PACIFIC COST ANALYSIS – PERTH
PERTH
Rents are at or near their low point while vacancy is expected to begin its forecast decline. The
CBD is also benefiting from a “flight to centre” from the suburbs as tenants take advantage of
competitive rents to upgrade accommodation they could traditionally not afford.
IAN REA
Managing Director
+61 2 9333 9102
ian.rea@cbre.com.au 1.0%
Security
11.5% AV
Soft Cost
IT
10.4%
M&E Works
0.7% 10.0%
Furniture
8.4%
7.7%
USD108 25.5%
13.3%
0.8%
6.4%
8.6% 25.8%
14.3%
26.9%
27.0%
29.1%
28.6%
14.7%
15.0%
11.3%
14.3%
Basic Medium High

PACIFIC COST ANALYSIS – AUCKLAND
AUCKLAND
The property market impact of the softer term economic scenario translate to softer demand
growth for the year, especially in the retail and office markets. The overall implication of the supply
demand projections has resulted in weaker aggregate rent growth across most market sectors.
USD220
1.1%
Security
12.5% AV
Soft Cost
IT
11.3%
Builder Works
USD143 M&E Works
12.8% Furniture
0.8%
9.6%
8.8%
27.0%
USD83 16.2%
1.0%
8.3%
11.1% 30.7%
18.3%
24.0%
31.8%
24.2%
21.5%
11.3%
9.7%
8.0%
Basic Medium High

REGIONAL FIT-OUT
PROJECT TIMELINE

PROJECT TIMELINE
The table below provides typical project 5,001 10,001
timelines (in months) for a standard new – –
office fit-out project employing the typical Region Country City
10,000 20,000
procurement strategy for each size category SF SF
and each market. The timelines are indicative South Seoul
for agency services only from Project 5 6
North Asia Korea
Management appointment to handover and
Japan Tokyo 6 7
project closeout, excluding reinstatement.
Please note that this is a guide only. Beijing 5 5.5
Timelines for a specific project must be
reviewed based on its merits such as China Shanghai 5 6
location, authority approval process,
Greater Guangzhou
stakeholder availability and proximity, 5 5.5
China
building type, project brief, and market
Taiwan Taipei 4 5.5
demands are just a few factors that
affect the project duration. Please approach Hong Kong Hong Kong 4 5
the CBRE Division Lead in each market for
accurate project timeline estimates. Sydney 4 5.5
Melbourne 4 5.5
Australia
Perth 4 5.5
Pacific
Brisbane 4 5.5
New Auckland
4 5.5
Zealand
Philippines Manila 5 6
Vietnam HCMC 4 5
Indonesia Jakarta 6 6
South East
Asia Malaysia Kuala Lumpur 4 5
Singapore Singapore 4 5
Thailand Bangkok 5 5.5

Mumbai 5.5 6
South Asia India Hyderabad/Kolkata/Pune 5.5 6

Bangalore/Chennai/Delhi 5.5 6
20,001 30,001 40,001 50,001 60,001 70,001 80,001 90,001 100,001
– – – – – – –
30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 150,000
SF SF SF SF SF SF SF SF SF
6 7 8 8 8 9 10 10 14
9 9 9 11 11 12 13 13.5 14
6.5 7.5 8 8.5 9 10 10 11 13
6.5 7.5 8 8.5 9 10 11 12 14
6 7 7.5 8 8 9 10 11 13
6 7 7 7 .5 8 8 9 11 11
6 6.5 7.5 8 8 9 10 11 13
6 7 7.5 8 9 10 11 13 15
6 7 7.5 8 9 10 11 13 15
6 7 7.5 8 9 10 11 13 15
6 7 7.5 8 9 10 11 13 15
6 7 7.5 8 9 10 11 13 15
6 7 7.5 8 8 9 10 11 13
6 6 7 8 8.5 9 9.5 11 13
6 6.5 7.5 8 8 9 10 11 13
6 6.5 7.5 8 8 9 10 11 13
6 6.5 7.5 8 8 9 10 11 13
6 6 7.5 8 8.5 9 10.5 11 14.5
6 6 6 7 7 7.5 7.5 7.5 8.5
6 6 6 7 7 7.5 7.5 7.5 8.5
6 6 6 7 7 7.5 7.5 7.5 8.5

KEY CONTACTS
CBRE CONTACTS ACKNOWLEDGEMENTS
Martin Woods Michael Harrington Lee Seng Han

Senior Managing Director, Senior Managing Director Senior Operations Manager
CBRE Project Management, Asia Pacific CBRE Enterprise Facilities Management, CBRE Project Management, Asia Pacific
+852 2820 2869 Asia Pacific +65 6328 7322
martin.woods@cbre.com.hk +65 6347 8886 senghan.lee@cbre.com
mike.harrington@cbre.com
Zac Zdravev Kathy Miag-ao
Executive Director Desmond Sim Operations Manager
CBRE Project Management, Asia Pacific Head of Research CBRE Project Management, Asia Pacific
+65 6326 1661 Singapore & Southeast Asia +65 6326 1639
zac.zdravev@cbre.com.sg +65 6326 1638 kathy.miagao@cbre.com.sg
desmond.sim@cbre.com.sg
Nick Lee Ada Choi
Senior Director Executive Director
CBRE Project Management, Asia Pacific CBRE Research, Asia Pacific
+852 2820 8178 +852 2820 2871
nick.lee@cbre.com.hk ada.choi@cbre.com.hk
Rohini Saluja Cynthia Chan

Executive Director, Asia Pacific Associate Director
CBRE Advisory & Transaction CBRE Research, Asia Pacific
+65 6326 1665 +852 2820 2839
rohini.saluja@cbre.com.sg cynthia.chan@cbre.com.hk
Andrew Green
Peter Andrew
Group Director
Senior Director
PTS Consulting Group
CBRE Workplace Strategies, Asia Pacific
andrew.green@ptsconsulting.com
+65 6326 1677
peter.andrew@cbre.com.sg
Brendan Bruce
Managing Director
Haworth, South East Asia
brendan.bruce@haworth.com
© 2018 CBRE Group, Inc. All Rights Reserved. CBRE has taken every care in the preparation of this report. The sources of information used are believed to be accurate and reliable, but no guarantee accuracy or
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ASIA

CBRE Asia Pacific is delighted to present the

GLOBAL WORKPLACE SOLUTIONS 1

04 INTRODUCTION 06 GUIDE ASSUMPTIONS

2 ASIA PACIFIC FIT-OUT COST GUIDE

REGIONAL FIT-OUT REGIONAL FIT-OUT

1. TRADITIONAL SOLUTION 2. HOT DESKING

3.COLLABORATIVE WORKPLACE 4. ACTIVITY BASED WORKPLACE

ACTIVITY BASED WORKING (ABW)

4 ASIA PACIFIC FIT-OUT COST GUIDE

This year, CBRE continues to build on the in-depth

With corporate real estate portfolios dispersed

CBRE encourages the use of the Fit-Out Cost Guide

We look forward to partnering with you in the future.

6 ASIA PACIFIC FIT-OUT COST GUIDE

Currency Volatility against USD Inflation

5.4% Thailand 1.5%

5.1% China 2.6%

3.8% Japan 1.2%

2.2% Taiwan 1.5%

1.9% South Korea 2.0%

0.7% India 5.2%

0.2% Hong Kong 2.4%

-0.4% Singapore 1.2%

-0.6% New Zealand 2.1%

-0.6% Vietnam 4.1%

-2.7% Indonesia 3.9%

2017-2019 2015-2017 2017-2019 2015-2017

GLOBAL WORKPLACE SOLUTIONS 7

8 ASIA PACIFIC FIT-OUT COST GUIDE

GLOBAL WORKPLACE SOLUTIONS 9

10 ASIA PACIFIC FIT-OUT COST GUIDE

GLOBAL WORKPLACE SOLUTIONS 11

Specification Basic Basic Basic Medium High

Source: Layout and rendering by Haworth

GLOBAL WORKPLACE SOLUTIONS 13

Specification Basic Medium High

Source: Layout and rendering by Haworth

GLOBAL WORKPLACE SOLUTIONS 15

Specification Basic Medium High

Source: Layout and rendering by Haworth

GLOBAL WORKPLACE SOLUTIONS 17

Flexibily in workspace churn & expansion

18 ASIA PACIFIC FIT-OUT COST GUIDE

Asymmetrical lumbar support system

System via IT network

Eternet Cables – Cat 6A

CBRE PROJECT MANAGEMENT 19

Whilst Grade A office space remains available

20 ASIA PACIFIC FIT-OUT COST GUIDE

GLOBAL WORKPLACE SOLUTIONS 21

Beijing 95 137 213 13

China Shanghai 93 134 216 12

Greater China Guangzhou 92 133 194 11

Taiwan Taipei 84 117 172 11

Hong Kong Hong Kong 103 156 255 36

Sydney 115 168 252 17

Melbourne 92 133 200 14

Brisbane 89 130 193 14

New Zealand Auckland 83 143 220 15

Philippines Manila 66 85 131 9

Vietnam HCMC 82 116 163 3

Indonesia Jakarta 74 107 160 5