Office fit-out costs rebound 9% YoY to HKD$935 per sq ft

HK costs are the 9th most expensive in the Asia Pacific.

Office fit-out price in Hong Kong has rebounded 9% YoY to HKD$935 per sq ft, making the city the 9th most expensive cost in the Asia Pacific.

Last year, the fit-out cost dropped by 8%.

The current average cost of design and building workspaces has now gone back to eh level prior to the onset of the COVID-19 pandemic, the JLL's Asia Pacific Fit-Out Cost Guide 2021/2022 report revealed.

Ryan Wong, head of project and development services at JLL in Hong Kong, said the improved contractor pricing for the year was supported by increased confidence of companies “toward the business outlook.”

Fitting out an office will likely become more costly over the next 12 months across Asia-Pacific, including Hong Kong, JLL said.

Currently, office fit-out cost in the Asia-Pacific region has risen 10.8% YoY to US$103 per sq ft. 

“The factors behind the price increases in most markets were due to direct implications of the pandemic, such as supply chain disruptions, labour shortages, material availability, and the rising cost of raw materials,” JLL said.