1、ASIA PACIFICFit Out Cost Guide 2025OFFICEIntroductionThe Asia Pacific economy took meaningful steps forward through 2024,with inflation back within,or near to,target bands in most of the regions economies.This has allowed central banks to pivot and begin the rate easing cycle,albeit later and at a s
2、lower pace than seen in other regions.Although there are several reasons why Asia Pacific is lagging in rate cuts,one factor is the strength of the U.S.dollar,which is creating foreign exchange pressures within the region.Such pressures are also evidenced in fit out costs,which have shown strong inc
3、reases year-on-year in local currency but a mild moderation in U.S.dollar terms.Looking to the year ahead,economic growth is expected to rebalance,with normalisation of growth in emerging markets,following out-performance over the past 12 months,and acceleration of growth in select advanced economie
4、s.Should the region follow this script,it is consistent with the Asia Pacific region absorbing approximately 75 million square feet of space through 2025.While cost increases are easing,they have not fully abated;rather they are expected to grow at a slower pace.This is true for raw materials and la
5、bour costs,leading to construction accounting for a significantly greater proportion of fit out costs in some markets.Consequently,companies need to consider allocating greater capital expenditure budgets to accommodate the fit out of their choice.Positively,lead times are little changed and are exp
6、ected to remain stable over the year ahead which should provide greater security in project timelines.In this guide,we have maintained our coverage to 33 key cities across Asia Pacific,but have provided greater insights into industry conditions through our inaugural Asia Pacific Contractor Sentiment
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