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City expensive for office furnishings
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Shanghai remains the most expensive city on the Chinese mainland in terms of office furnishing costs, according to an annual furnishing cost guide released by international property adviser JLL.
The average cost of designing and building workspaces in Shanghai rose nearly 20 percent year on year to US$1,101 per square meter, JLL said in its latest Asia Pacific Fit-Out Cost Guide 2021/2022.
Two other Chinese mainland cities registered a similar growth pace, with Beijing and Chengdu finishing at US$1,002 per sqm and US$947 per sqm, respectively. Guangzhou, with an average cost of US$961 per sqm, posted an annual increase of more than 12 percent.
“Restrictions on power consumption and more expensive raw materials are the main factors impacting furnishing costs in the Chinese mainland, which were mainly caused by increasing coal prices and stringent emissions goals,” said Cindy Li, managing director of project and development services for JLL China.
In the Asia Pacific region, office furnishing cost averaged US$1,109 per sqm, up 10.8 percent from the same period a year ago, according to JLL’s cost guide, which has cited the availability of skilled resources, material shortages, and supply chain disruption as three major drivers behind the cost increase as COVID-19 continues to impact the real estate and construction sectors.
Looking forward, office fit-out costs on the Chinese mainland are expected to rise further in 2022, with companies focusing more on hybrid working and sustainability, two key factors that will continue to transform office design.
Specifically, the top three areas that business leaders have earmarked for further investment in 2022 are office technology and audio-visual tools, mechanical and electrical facilities, like sensors and filtration, and sustainability features, such as rooftop gardens, indoor greenery, and water conservation, according to the guide.
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