2017亚太区居住者成本指南（英文版）_33页_9mb

Summary of the ASIA PACIFIC OCCUPIER COST GUIDE (2017/18 Edition)

Core Content Overview

This document provides a comprehensive overview of the costs associated with corporate real estate in the Asia Pacific region. It includes fit-out, leasing, and facilities management costs, along with a Net Present Lifecycle Costing (NPLCC) model to estimate the full cost of a commercial office investment over a five-year period. The guide is based on empirical data and aims to support capital planning and real estate decision-making.

Main Sections

1. Guide Assumptions

• Commercial Tower: A Grade A office building in the Central Business District (CBD) with a modern, flexible, column-free footprint of at least 15,000 sq ft and total floor area of at least 300,000 sq ft.
• Office Size: Between 25,000 to 30,000 sq ft.
• Density: 1 workstation to 90–110 sq ft.
• Fixed Desk Ratio: 1-1.
• Office Layout: Predominately open plan.
• Fit-out: Raised floor throughout.
• NPLCC Assumptions:
  • 5-year investment period.
  • Grade A building and gross lease cost.
  • Medium standard fit-out construction rates.
  • Medium standard FM service.
  • CBRE Research y-o-y inflation rates.
  • 10% discount rate for NPLCC analysis.

2. Fit-out Costs

Fit-out costs are categorized into Basic, Medium, and High levels, with the following key components included:

• Consultants fees
• Builders works
• M&E works (structured cabling included)
• Standard FF&E (Fixed Furniture and Equipment)

Exclusions:

• Telephony/IT/AV/Security equipment
• Dedicated chiller and generator installation
• Acoustic Consultancy
• Technology Consultant Fee
• Building abnormalities or variances

3. Fit-out Cost Benchmarks

The following are the average fit-out costs in USD/sq ft across various cities:

4. IT Infrastructure & Audio Visual (AV) Costs

IT and AV costs are also categorized into Basic, Medium, and High levels. These are additional to fit-out costs and are based on standard specifications.

5. Leasing Costs

Leasing costs for Grade A and Prime office spaces are presented in USD/sq ft per annum. These costs are based on the Net Floor Area and reflect market practices.

6. Facilities Management (FM) Costs

FM costs include:

• Cleaning
• M&E maintenance
• Pest control
• Security services
• Utilities
• Mailroom
• Confidential waste disposal
• Landscaping
• Reception

These costs vary based on the final service standard adopted by the client and are included in the NPLCC model for comprehensive cost estimation.

7. Project Timeline

The document outlines typical project timelines (in months) for standard new office fit-out projects in various cities and office sizes. These timelines are indicative and based on the typical procurement strategy.

8. Key Insights

• Sydney has the highest fit-out cost at $142/sq ft.
• Hong Kong has the highest leasing cost at $197/sq ft.
• Decentralization is becoming a key trend, with the NPLCC difference for a 30,000 sq ft office in Hong Kong over 5 years being $18,256,113.
• Technology is playing an increasingly important role in workplace design and cost, especially with the rise of smart buildings and focus on employee wellness.
• Project timelines vary by city and office size, with some markets (e.g., Sydney, Melbourne) showing faster project completion than others (e.g., Bangkok, HCMC).
• The NPLCC model allows for benchmarking and estimating the total cost of a commercial office investment over a five-year period, factoring in inflation and a 10% discount rate.

9. Additional Notes

• The fit-out cost index is based on empirical data and CBRE's Project Management platform.
• The document is intended as a guide and not for specific budgeting purposes.
• For accurate cost estimates, it is recommended to contact the CBRE Project Management Division Lead in the relevant market.
• The guide highlights the importance of considering client-specific requirements, import taxes, and project size when estimating costs.