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ASIA PACIFIC CORPORATE REAL ESTATE COST GUIDE (2017/18 EDITION)

Core Content Overview

This document provides a comprehensive overview of the costs associated with corporate real estate in 25 cities across the Asia Pacific region. It includes fit-out, leasing, and facilities management (FM) costs, as well as a net present lifecycle cost (NPLCC) analysis. The guide is intended to support capital planning and decision-making for real estate professionals and corporate clients by offering data-driven insights into cost benchmarking and project timelines.

Main Points and Key Information

1. Introduction and Purpose

• The guide is developed from empirical data and aims to help companies understand capital cost differences and provide a reference for cost benchmarking.
• It includes cost indices for key areas: capital, leasing, and operating costs, as well as a holistic cost in present value.

2. Fit-Out Costs

• Fit-out costs are based on standard categories including consultants fees, builders works, M&E works (structured cabling), and FF&E.
• Exclusions include AV/IT/telephony equipment, dedicated chiller and generator installation, and other specialized services.
• The APAC Fit-Out Cost Index includes basic, medium, high, and reinstatement cost categories for each city.

Fit-Out Cost Benchmarks (US$/sq ft)

3. Leasing Costs

• The leasing cost table provides Prime and Grade A rent figures for each city in US$ per sq ft per annum.
• These figures are based on Net Floor Area and reflect market practices, with Prime rent being for the highest-quality office space in prime locations.

Leasing Cost Benchmarks (US$ per sq ft per annum)

4. Facilities Management (FM) Costs

• FM costs include cleaning, mechanical & electrical maintenance, security, utilities, pest control, mailroom, reception, and landscaping.
• Exclusions include dedicated chiller and generator maintenance, property tax, and management fees.
• The costs are based on the CBRE Research year-on-year inflation rates and a 10% discount rate for NPLCC analysis.

FM Cost Benchmarks (US$/sq ft per annum)

5. Project Timelines

• The project timelines are based on the typical procurement strategy and vary by city and office size.
• Timelines are provided in months and are indicative of the period from Project Management appointment to handover and project closeout.

Project Timeline (Months)

| Region | Country | City | 5,001 - 10,000 SF | 10,001 - 20,000 SF | 20,001 - 30,000 SF | 30,001 - 40,000 SF | 40,001 - 50,000 SF | 50,001 - 60,000 SF | 60,001 - 70,000 SF | 70,001 - 80,000 SF | 80,001 - 90,000 SF | 90,001 - 100,000 SF |
|--------------|------------|--------------|------------------|------------------|------------------|------------------|------------------|------------------|------------------|------------------|------------------|------------------|------------------|
| North Asia | South Korea | Seoul | 5 | 6 | 6 | 7 | 8 | 8 | 8 | 9 | 10 | 10 | 14 |
| North Asia | Japan | Tokyo | 6 | 7 | 9 | 9 | 9 | 11 | 11 | 12 | 13.5 | 14 |
| Greater China| China | Beijing | 5 | 5.5 | 6.5 | 7.5 | 8 | 8.5 | 9 | 10 | 11 | 13 |
| Greater China| China | Shanghai | 5 | 6 | 6.5 | 7.5 | 8 | 8.5 | 9 | 10 | 12 | 14 |
| Greater China| China | Guangzhou | 5 | 5.5 | 6 | 7 | 7.5 | 8 | 8 | 9 | 11 | 13 |
| Greater China| Taiwan | Taipei | 4 | 5.5 | 6 | 7 | 7 | 7.5 | 8 | 8 | 9 | 11 |
| Greater China| Hong Kong | Hong Kong | 4 | 5 | 6 | 6.5 | 7.5 | 8 | 8 | 9 | 10 | 13 |
| Pacific | Australia | Sydney | 4 | 5.5 | 6 | 7 | 7.5 | 8 | 9 | 10 | 11 | 13 |
| Pacific | Australia | Melbourne | 4 | 5.5 | 6 | 7 | 7.5 | 8 | 9 | 10 | 11 | 13 |
| Pacific | Australia | Perth | 4 | 5.5 | 6 | 7 | 7.5 | 8 | 9 | 10 | 11 | 13 |
| Pacific | Australia | Brisbane | 4 | 5.5 | 6 | 7 | 7.5 | 8 | 9 | 10 | 11 | 13 |
| Pacific | New Zealand | Auckland | 4 | 5.5 | 6 | 6.5 | 7.5 | 8 | 8.5 | 9 | 10 | 11 |
| South East Asia | Philippines | Manila | 5 | 6 | 6 | 7 | 7.5 | 8 | 8 | 9 | 10 | 13 |
| South East Asia | Vietnam | HCMC | 4 | 5 | 6 | 6 | 7 | 8 | 8.5 | 9 | 9.5 | 11 |
| South East Asia | Indonesia | Jakarta | 6 | 6 | 6 | 6.5 | 7.5 | 8 | 8 | 9 | 10 | 13 |
| South East Asia | Malaysia | Kuala Lumpur | 4 | 5 | 6 | 6.5 | 7.5 | 8 | 8 | 9 | 10 | 13 |
| South East Asia | Singapore | Singapore | 4 | 5 | 6 | 6.5 | 7.5 | 8 | 8 | 9 | 10 | 13 |
| South East Asia | Thailand | Bangkok | 5 | 5.5 | 6 | 6 | 7.5 | 8 | 8.5 | 9 | 10.5 | 14.5 |
| South Asia | India | Mumbai | 5.5 | 6 | 6 | 6 | 6 | 7 | 7 | 7.5 | 7.5 | 8.5 |
| South Asia | India | Hyderabad/Kolkata/Pune | 5.5 | 6 | 6 | 6 | 6 | 7 | 7 | 7.5 | 7.5 | 8.5 |
| South Asia | India | Bangalore/Chennai/Delhi | 5.5 | 6 | 6 | 6 | 6 | 7 | 7 | 7.5 | 7.5 | 8.5 |

6. Net Present Lifecycle Costing (NPLCC)

• The NPLCC model provides a holistic cost estimate for a 5-year commercial office investment across Asia Pacific.
• It includes cost benchmarking for decentralization, comparing CBD and city fringe locations in five cities.
• The NPLCC difference for decentralizing a standard 30,000 sq ft office in Hong Kong is $18,256,113 over a 5-year period.

7. Key Assumptions

• Fit-Out Costs:

  • Office size: 25,000 to 30,000 sq ft
  • Density: 1 workstation to 90–110 sq ft
  • Fixed desk ratio
  • Open plan office
  • Raised floor throughout

• Leasing Costs:

  • Prime and Grade A rents based on Net Floor Area
  • Excludes service charges and taxes in some cases

• FM Costs:

  • Includes cleaning, maintenance, security, utilities, pest control, etc.
  • Excludes dedicated chiller and generator maintenance, property tax, and management fees

• NPLCC:

  • 5-year investment period
  • Grade A office building
  • Medium standard fit-out and FM services
  • 10% discount rate applied

8. Additional Notes

• The data provided is a guide and should not be used for specific project budgeting.
• Contact the CBRE Project Management Division Lead in the relevant city for accurate budget estimates.
• Reinstatement rates vary depending on landlord requirements and project briefs.

Conclusion

The 2017/18 Asia Pacific Cost Guide offers a detailed analysis of corporate real estate costs, including fit-out, leasing, and FM expenses. It emphasizes the importance of technology in modern workplaces and highlights the impact of decentralization on lifecycle costs. The guide is a valuable tool for informed decision-making and planning, with all data based on empirical project analysis and market research.