After losing its spot to Sydney in last year’s guide, Tokyo has regained its place as the most expensive city in Asia Pacific for office fit-outs at US$2,071 per sqm. Inflationary pressure is having an impact on project pipelines, but despite a 20% rise in construction prices at a local currency level, confidence remains in the market as the flight to quality in workplaces remains a theme in Tokyo.

Australian markets follow Tokyo as the next most expensive including Sydney (US$1,929), Canberra (US$1,926), Adelaide (US$1,897) and Melbourne (US$1,868). These markets continued to show increases in construction prices, but previous high levels of inflation have tailed off in line with projections.