Tokyo most expensive office market for fifth consecutive year

The average cost of designing and building workspaces has risen 10.8 percent year-on-year across the Asia Pacific region, with the average fit-out cost per square meter now at $1,109, according to JLL’s Asia Pacific Fit-Out Cost Guide 2021/2022.

The global real estate firm reported that the factors behind the price increases in most markets were due to direct implications of the pandemic, such as supply-chain disruptions, labor shortages, material availability, and the rising cost of raw materials.

“As the region grapples with the reopening of economies, we’re seeing a significant jump in pricing for office fit-outs, especially in cities that rely heavily