Hong Kong office fit-out costs hold firm at $160 per square foot as Greater China peers record declines

Hong Kong has maintained its position as the most expensive office fit-out market across Greater China, with costs holding steady at $160 (€147) per square foot in 2026 — significantly above mainland peers — according to the Asia Pacific Office Fit Out Cost Guide 2026 published by US-headquartered global real estate services firm Cushman & Wakefield.

Hong Kong Business reported that the findings form part of Cushman & Wakefield's annual Asia Pacific cost benchmarking exercise, covering 33 key office markets across the region and drawing on a contractor sentiment survey of 180 respondents. The guide reflects market conditions as of December 2025.

Whilst Hong Kong costs remained unchanged year-on-year, mainland Chinese markets saw notable declines, with Shenzhen falling from $94 (€87) to $87 (€80) per square foot and Seoul easing from $156 (€144) to $130 (€120) per square foot. Tokyo ($215/€198 psf) and Taipei ($145/€134 psf) posted the largest year-on-year increases across Asia Pacific.

Dr Dominic Brown, report author and head of International Research for APAC & EMEA at Cushman & Wakefield, said the Asia Pacific office market is transitioning into a more stable phase, supported by a gradual return of business confidence, adding that a tightening supply pipeline outside India is reshaping the competitive landscape for high quality space.

Across the region, 70% of contractors surveyed expect improved market conditions in 2026, with nearly two thirds reporting project backlogs of approximately six months — an indicator of stabilising delivery timelines. Office absorption across Asia Pacific reached 92 million square feet in 2025, stronger than anticipated, even as new supply pipelines contracted sharply in most markets outside India.

Explore the full findings on Hong Kong's fit-out market position in the 2026 Asia Pacific Office Fit Out Cost Guide.