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PACIFIC
FIT-OUT
COST
GUIDE
Occupier Projects 2016/17 Edition
FOREWORD
What is the holistic cost over the The evolution of the Asia Pacific Cost
lifecycle of the corporate office? Guide into a more holistic guide was a
natural progression from the how much
is it going to cost? topic covered in 2014,
to the what solution will provide the best
value? focus point in 2015.
Martin Woods
To continue providing our clients with the best
Senior Managing Director, Asia Pacific
integrated service, in the 2016 edition we
CBRE Project Management
have addressed commercial office lifecycle
Global Leadership & Platform
costing through the modeling and regional
comparisons of key common costs across
capital expenses, operating expenses and
leasing for Grade A buildings. Again, all the
indices and tables provided are the result
of analysis of empirical data from CBRE
assignments covering the three major cost
elements.
As always, we are looking at ways to further
improve this guide and provide you, the client,
with the most relevant data to guide your real
estate decisions so please let us have your
feedback.
LEASING 14
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 an accurate cost estimate based on your
specific requirements.
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.
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Indonesia Jakarta 57 81 110 5
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South East Asia
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Malaysia Kuala Lumpur 64 87 125 14
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Singapore Singapore 80 109 127 14
2014 2015 2016
Thailand Bangkok 46 84 134 10
Mumbai 47 66 85 2 In Pacific, why the rebound in cost per square foot in 2016? JESS SURMAN
South Asia India Hyderabad/Kolkata/Pune 40 55 70 2 1. Smaller leasing deals resulting in density changes and increasing services costs by unit of area. Director, CBRE Project Management
Bangalore/Chennai/Delhi 43 60 78 2 2. Old stock - buildings requiring more CAPEX to perform the way the fit-outs require. Perth, Western Australia
Please note that the cost data only includes Consultancy fees, Builder Works, M&E works and Fixed Various cost trends have formed following the analysis of empirical data
Furniture and Equipment (FF&E) and should only serve as a guide reference across the region. gathered from completed projects managed by CBRE. Inflation, currency
This is not meant to be a budget document and CBRE Project Management Division Leads in each volatility and unique in-location market conditions each had a different degree
market should be approached to support on project specific budget estimates.
of impact on the fit-out rates.
Typical reinstatement rates for offices may vary to different degrees depending on the reinstatement
requirement.
Royston Toh
Senior Manager, Asia Pacific
CBRE Project Management
Global Leadership & Platform
10 ASIA PACIFIC FIT-OUT COST GUIDE CBRE PROJECT MANAGEMENT 11
PROJECT STANDARD MATRIX
PROJECT STANDARD PROJECT STANDARD
Description of items Basic Medium High Description of items Basic Medium High
BASIC OFFICE FUNCTIONALITY SYSTEM FURNITURE
Elaborate Pantry and Breakout Areas Flexibility in Workspace Churn & Expansion
Basic Pantry fit-out Powerhoop as an Uninterrupted Footprint Division
Very open office layout Resolved Design & Seamless Connectivity
M&E Redundancy N N+1 2N Simplicity with reduced kit-of-parts
MEETING ROOMS Unified look and combined usage
Integrated A/V and lighting control Cable trough and various cable outlet application
Basic A/V TASK CHAIRS
Brisbane Seoul
Taipei HCMC
Guangzhou Jakarta
Beijing
Leasing wheel Grade A Hyderabad 117
Tokyo
85
Bangalore Shanghai
85
20
While headline rental rates remain a critical component for any office Gurgaon
24 11 Delhi
27
user, we are witnessing an increased emphasis placed on a more holistic 27
70
MUMBAI BEIJING
CHENNAI SHANGHAI
BANGALORE TAIPEI
GUANGZHOU
BANGKOK
HONG KONG
KUALA LUMPUR
Markets such as the Pacific region tend to have longer MANILA
lease terms whereas most markets in Asia have terms SINGAPORE
ranging from 3 to 5 years. This is primarily due to HCMC
greater market volatility in Asia with landlords taking JAKARTA
advantage of rental cycles. More recently BRISBANE
there has been a trend for occupiers to PERTH
secure longer lease periods, especially for SYDNEY
larger build-to-suit or special use facilities
where lease terms of 5 to 9 years can be
achieved.
AUCKLAND
MELBOURNE
MANAGEMENT
COST
The operating cost of a corporate office is classified into 9 key components namely, waste, landscaping and reception. Depending MAILROOM RECEPTION CONFIDENTIAL WASTE M&E UTILITIES
defined as the Facilities Management (FM) cleaning, M&E maintenance, pest control, on the facility, the cost may differ on the final Sydney 1.34 0.91 1.62 1.80 2.25 1.61 9.75
cost in this document. The FM cost shall be security services, utilities, mailroom, confidential service standard adopted by the client.
Singapore 1.62 1.05 1.48 1.64 2.03 1.23 9.26
Key Components Tokyo 2.11 0.58 1.62 1.80 1.92 0.84 9.07
LANDSCAPING MAILROOM RECEPTION Jakarta 1.55 1.11 0.86 0.96 1.40 0.80 6.87
NET PRESENT
LIFECYCLE
COSTING
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K
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Be
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Melbourne
ng
Sy
$37
is
ur
M
ng
Lu
$103
Ja
$146 295
uc
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ng
e
M
Ba
Br
Sh
el
on
G
yd
ua
Ba
la
Si
M
H
H
G
ua
Jakarta $81 $171 $31 286
K
Auckland $114 $121 $37 282
Bangkok $84 $125 $21 237 Corporate Real Estate needs to take into account the total cost of an asset
Manila $89 $100 $20 216 when presenting the cost/benefit analysis to the business for real estate
Kuala Lumpur $87 $83 $28 207
decisions. CBRE has provided a holistic cost guide as well as Workplace
Bangalore
solutions to support corporate objectives.
$60 $113 $19 193
Gurgaon $60 $113 $19 193
Hyderabad $55 $46 $18 121 Nick Lee
Regional Director, Asia Pacific
$0 $100 $200 $300 $400 $500 $600 $700
CBRE Project Management
Assumptions: Grade A office building and defined as the gross lease cost. Medium standard office fit-out construction rates. FM cost will be adopting the CBRE Research y-o-y inflation rates and the discount rate for NP Global Leadership & Platform
analysis is 10%.
1.03
Kuala Lumpur 0.39 Shanghai
0.39 0.24 1.00
0.42
Manila Seoul
0.44 0.79
0.48 0.75
Bangkok Delhi
0.57
0.71
0.58 0.66
Auckland Mumbai
0.60
0.60 0.61 0.66 0.66
Jakarta Sydney
Melbourne Perth
Guangzhou Brisbane
Taipei
Through collaboration and extensive data mining from our integrated services, CBRE is able
to provide our clients a concise index and representation of the major cost considerations
for their commercial office investment. The NPLCC provides clients with the advantage of
understanding the full cost over the total lease period. This together with the labour analytics
can help develop real estate strategies that support corporate objectives.
Royston Toh
Senior Manager, Asia Pacific
CBRE Project Management
Global Leadership & Platform
CBRE BALTIMORE OFFICE
Change Management IT Cost Workplace Manager / Concierge Real-time Occupancy Upgraded FM support Booking system
Continue change management and IT Function needs to be more pro-active in Services Management More frequent cleaning of surfaces and devices Advanced check-in system to monitor utilization
communication support until desired changes managing maintenance and ensuring that (keyboards and phones as they are shared), for meeting rooms and workstations.
Re-shaping FM services to include concierge Real-time information on how space is being
are fully incorporated in attitudes, behaviors the platform that supports mobility (hardware, digitization support.
function. Expansion of roles to being an utilized, space loading monitoring so as to
and culture. bandwidth availability, software) is always ambassador for the new work practices, answer activate reactive/proactive RE and FM actions.
operating at an optimum level. questions about how the new workplace
operates and taking a more proactive role in
ensuring that everything works.
28 ASIA PACIFIC FIT-OUT COST GUIDE CBRE PROJECT MANAGEMENT 29
REGIONAL FIT-OUT
COST ANALYSIS
30
30 ASIA PACIFIC FIT-OUT COST GUIDE CBRE PROJECT MANAGEMENT 31
JAPAN COST ANALYSIS TOKYO TAIWAN COST ANALYSIS TAIPEI
TOKYO TAIPEI
Tokyo continues to see strong demand from companies looking to expand their footprint or Office investment volume surged mainly driven by solid activity from owner-occupiers. Despite the
upgrade to better buildings. However, some tenants began to delay decisions ahead of the large surge in total investment turnover, the number of transactions remained low, reflecting the ongoing
Tokyovolume of supply due for completion from 2018 onwards. Landlords of buildings that have been lack of investable office assets. On the other hand, owners-occupiers continue to benefit from low
less successful in letting space started to offer more flexible terms. interest rates after the Central Bank cut policy rates.
US$168 US$113
Furniture
Furniture
M&E Works
Hisanao Kajiura 17% M&E Works
James Ho 19%
Builder Works
Builder Works
Senior Director Senior Director Soft Cost
Soft Cost US$86
Tokyo Project Management Taiwan Project Management
US$126
+81 3 52889749 +886 2 77069538 19% 30%
hisanao.kajiura@cbre.co.jp 18% 39% james.ho@cbre.com US$65
US$84 19%
29%
16% 29%
39%
37% 44%
36%
44%
33% 43%
34%
13% 10% 8% 9% 8% 7%
19%
US$65 37%
13% 37%
36%
34%
33%
33%
34 ASIA PACIFIC FIT-OUT COST GUIDE new delhi/bangalore/chennai CBRE PROJECT MANAGEMENT 35
INDIA COST ANALYSIS MUMBAI/ INDIA COST ANALYSIS NEW DELHI/
HYDERABAD/PUNE/KOLKATA BANGALORE/CHENNAI
MUMBAI NEW DELHI/ BANGALORE/ CHENNAI
Co-working space is gaining traction, with several new openings in Bangalore and Mumbai in New Delhi is still registering solid demand for front office space, activities mainly focus on
mumbai recent quarters. Most providers are domestic operators focusing on catering to start-ups. Among Gurgaon, where IT companies are particularly active. Many companies in Bangalore have capped
domestic firms, particularly those in the financial services sector, there is still a strong focus on
new delhi/bangalore/chennai
their growth as city centre rents are quite high.
acquiring properties for self-use,especially in Mumbai.
US$85
Furniture
15% M&E Works US$78
Gurjot Bhatia Builder Works Furniture
Soft Cost 14% M&E Works
Managing Director US$66 Builder Works
India Project Management Soft Cost
14% US$60
+91 1142490200
gurjot.bhatia@cbre.com 44% 14%
US$47
16% 44% 44%
US$43
13% 43%
42%
30%
29% 42%
28% 30%
29%
14% 13% 11% 28%
Basic Medium High 17% 14% 12%
40% 28%
28%
28%
19% 18%
20%
16% 38%
27%
40% 36%
27%
33% 30%
34% 10% 8% 7%
10% 7% 6%
Basic Medium High
Basic Medium High
BANGKOK
KUALA LUMPUR The current market condition of low vacancy rates and rising rents is expected to continue due
The coming few years will continue to be a tenants market with more quality office space
to the limited future supply with reasonable level of demand in the next few years. However, after
available in the market and owners/investors may experience stiff competition in retaining
KL 2018, the market condition could change if all the planned office developments (1 million sq. m.)
existing tenants or leasing out new space. Prime rentals are expected stay stable, but may
were to start at the same time. US$134
see a dip in occupancy rates with the increase competitiveness. Furniture
M&E Works
US$125 16% Builder Works
Furniture Soft Cost
M&E Works
23% Builder Works
Soft Cost
US$87 US$84
39%
22% 17%
US$64 38%
17%
38% US$46 39%
15%
40%
32% 38% 39%
31%
36%
32%
35%
11% 9% 7% 12% 8% 6%
38 ASIA PACIFIC FIT-OUT COST GUIDE Basic Medium High Basic Medium High CBRE PROJECT MANAGEMENT 39
SOUTH EAST ASIA COST ANALYSIS PACIFIC COST ANALYSIS SYDNEY/
JAKARTA/MANILA MELBOURNE
JAKARTA PACIFIC
With the ongoing influx of new office buildings for the next 1-2 years and given that for the past Landlords are reviewing how they interact with tenants as they seek to become more customer-
1 year, the total amount of demand has been vastly superseded by the total amount of supply, centric. One popular measure has been to introduce simplified and shorter-form leases. Occupiers
jakarta
occupancies and rental rates will have further adjustments. Occupancy rates of CBD office in Q2 is are pushing landlords to install high quality end-of-trip facilities for employees. There is demand
still on the downhill trend due to limited demand with strong supply situation. for co-working space but some concern over the longevity of this sector.
US$110 SYDNEY
Furniture
M&E Works
Ian Rea
Sydney enjoyed solid leasing activity supported by strong white collar employment growth.
Garth Chapman 23% Builder Works
Managing Director Financial, business services and education & training firms were especially busy.
Senior Director Soft Cost
SEA Project Management
US$81 Pacific Project Management US$180
+65 62291114 +61 2 9333 9102 Furniture
21% M&E Works
garth.chapman@cbre.com.sg ian.rea@cbre.com.au 19%
US$57 Builder Works
36% Soft Cost
18% US$115
37% 19%
37%
38% US$85
33% 15% 37%
32% 37%
32%
34%
12% 10% 8% 31%
32%
Basic Medium High
16% 13% 10%
MANILA
Buildings slated for turnover in the next 2 years continue to be traded at fast rates as more Basic Medium High
manila
companies, both business process outsourcing (BPO) and non-BPO, help build up this quarters MELBOURNE
tenant representation sales. US$129 Both enquiry levels and the volume of leasing transactions recorded a steady increase in
Furniture
M&E Works Melbourne. Technology firms were noticeably more active this quarter.
16% Builder Works
Soft Cost US$141
Furniture
M&E Works
19%
Builder Works
US$89 Soft Cost
39% US$103
17%
18%
36%
US$73
US$50 39% 14% 37%
15%
35%
38% 39% 35%
33%
36% 33%
35%
18% 12% 10%
12% 8% 6%
Basic Medium High
40 ASIA PACIFIC FIT-OUT COST GUIDE Basic Medium High CBRE PROJECT MANAGEMENT 41
PACIFIC COST ANALYSIS BRISBANE/PERTH PACIFIC COST ANALYSIS AUCKLAND
BRISBANE AUCKLAND
Brisbane continued to see a certain degree of uncertainty but the worst appears to be over. Lease
expiries are driving deals. More companies are taking smaller spaces and/or moving to a flexible US$163
working environment. Furniture
M&E Works
US$135 15% Builder Works
Furniture Soft Cost
M&E Works
US$114
Ian Rea 21%
Builder Works 12%
Managing Director 32%
US$100 Soft Cost
Pacific Project Management US$65
+61 2 9333 9102 20%
36% 10% 30%
ian.rea@cbre.com.au
US$70
27%
14% 36% 36%
38%
37% 40%
32%
32% 23% 20% 17%
33%
Basic Medium High
16% 12% 11%
PERTH
In Perth the period saw flight to quality across all sectors driven by expiring leases. Occupiers in this
market are taking advantage of landlords weakness to secure attractive deals.
US$171
Furniture
M&E Works
19% Builder Works
Soft Cost
US$113
18%
35%
US$78
17% 35%
34%
33%
31%
32%
1.25
Bangalore Frankfurt
1.20
0.55
0.91
1.02
Mexico City Sydney
0.92
1.00
Nick Lee
Regional Director
CBRE Project Management, Asia Pacific
+852 2820 8178
nick.lee@cbre.com.hk
Cameron Ahrens
Executive Director
CBRE Enterprise Facilities Management,
Asia Pacific
+65 6229 1122
cameron.ahrens@cbre.com.sg
Peter Andrew
Regional Director
CBRE Workplace Strategies, Asia Pacific
+65 6326 1677
peter.andrew@cbre.com.sg
Rohini Saluja
Executive Director, Asia Pacific
CBRE Advisory & Transaction
+65 6326 1665
rohini.saluja@cbre.com.sg
2016 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
completeness can be given. Neither CBRE, nor any CBRE company, nor any director, representative or employee of CBRE company, accepts liability for any direct or consequential loss arising from the use of this
document or its content. The information and opinions contained in this report are subject to change without notice.
No part or parts of this report may be stored in a retrieval system or reproduced or transmitted in any form or by any means electronic, mechanical, reprographics, recording or otherwise, now known or to be devised
without prior consent from CBRE. Agency Licence No.: L3002163I.
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