Thought Leadership

Cushman & Wakefield’s Office Fit Out Cost Guides provide an indication of the fit out construction costs for occupiers across key cities around the world. Whether it’s a basic, collaborative, or advanced hybrid fit out requirement, these Guides compiled by our Project & Development Services team serves to assist occupiers in defining their capital planning and relocation budgets.

The Guides include a comprehensive fit out cost section covering furniture, professional fees, mechanical & electrical works, construction works, audio visual/IT and other miscellaneous costs, as well as reinstatement and retrofit costs.

Estimated costs provided in our Guides are indicative of market averages based on certain assumptions. Extra costs for specific projects may defer to those presented – we recommend engaging a Project & Development Services professional to advise on precise costings base don your unique construction requirements.

The growth of major life sciences companies has started to normalise after a period of significant growth during the height of the pandemic. Weaker revenue growth and capital funding in the face of slowing global economies is shaping a new competitive landscape for the life sciences sector and the need for companies to rethink their real estate strategy.

This report explores the latest life sciences real estate trends and their impact on real estate strategy. It also examines the latest developments in R&D Laboratory and Office portfolios, as well as investment demand.

Key highlights are below:

• Office Portfolios: Most life sciences firms are seeking to keep costs under control and are therefore unwilling to add to their office portfolios. Workplace transformation and efficiency are a major focus.
• R&D Laboratory Portfolios: As of the end of 2022, there was more than 100 million sq. ft. of R&D laboratory space in Asia Pacific. Solid leasing demand is driving the emergence of new life science hubs.
• Life Sciences Real Estate Investment: Investment demand remains upbeat, with US$18 billion of funds raised for Asia Pacific life sciences real estate in the past five years. However, a shortage of assets for sale meant just US$717 million of direct investment was recorded in 2022.

This report was originally published in https://www.cbre.com/insights/reports/2023-asia-pacific-life-sciences-real-estate-trends

Released in December 2022, the Hong Kong Innovation & Technology Development Blueprint maps out the overall direction and key strategies for the city’s I&T development over the next five to 10 years with the objective of making the city more competitive and diversifying its sectors. This research paper provides the first in-depth review of the strategic plan towards developing Hong Kong into a world-leading hub for I&T and how it will bring valuable opportunities to the I&T sector and the city’s future development.

This report was originally published in https://www.colliers.com/en-hk/research/hong-kongs-i-and-t-future-and-its-property-implications

The office sector has shifted and while asset owners need to adjust so too do flexible workspace operators, otherwise flexible workspace operators, who were once seen as disruptors to the office market, will themselves be disrupted.

Shifting occupier profiles are leading to white space opportunities. We have seen an uptick in demand for enterprise solutions and turnkey offices. We believe this presents an opportunity for a managed suite product, which is a product yet to become mainstream in many Asia Pacific markets. The question is: who is best placed to deliver this?

Meanwhile, asset owners are aiming to placemake with holistic, integrated, hospitality-led amenity stacks to elevate the occupier experience. Is this an opportunity for a new type of operator?

This is an incredibly exciting time, with occupier trends driving innovation in how the market delivers the workplace of the future. This may be the dawn of Office 2.0; at the very least, it is the dawn of Flex 2.0.

This report was originally published in https://www.knightfrank.com/research/report-library/the-flexible-workspace-outlook-report-2023-2023-10012.aspx