Cushman & Wakefield’s Office Fit-out Cost Guides provide an indication of the fit-out construction costs for occupiers across key cities around the world. Whether it’s a basic, collaborative, or advanced hybrid fit-out requirement, these Guides compiled by our Project & Development Services team serves to assist occupiers in defining their capital planning and relocation budgets.
The Guides include a comprehensive fit-out cost section covering furniture, professional fees, mechanical & electrical works, construction works, audio visual/IT and other miscellaneous costs, as well as reinstatement and retrofit costs.
Estimated costs provided in our Guides are indicative of market averages based on certain assumptions. Exact costs for specific projects may differ to those presented – we recommend engaging a Project & Development Services professional to advise on precise costings based on your unique construction requirements.
EMEA Guide 2022 Highlights
Construction in EMEA has remained resilient throughout the COVID-19 pandemic and economic recovery is strong. However, many uncertainties remains around how employees will occupy and use space, a tightening global supply chain and labour challenges generating upward pressure on costs.
The expectations of an office and what it needs to provide have perhaps evolved more in the past two years then in the previous 20. The office plays a role in recruitment, development, retention as well as being the physical manifestation of a business. The requirements from any fit out encompass many diverse aspects and we look to address some of these in this year’s guide.
Across 26 cities and 15 countries this year’s Cost Guide covers:
- Average cost SQM, average low, medium and high costs and average cost breakdown
- An ‘all-in’ section to include furniture, audio visual, professional fees, and contingency on total costs
- Clear comparisons across different cities
- Technology, collaboration, sustainability and current cost driver’s commentary
Americas Guide 2022 Highlights
Across the Americas we’re seeing several key market forces having an impact on office fit-out costs.
From inflationary pressure on pricing, to project delivery challenges due to supply chain delays and labor shortages, to continued uncertainty related to hybrid work structures and office workplace layouts, occupiers are facing complex office fit-out challenges.
In the pursuit of cost-effective, timely, and valuable office environments within which businesses can build culture, drive collaboration, and expedite innovation, it has never been more crucial to understand market dynamics, and use that intelligence to plan for future office fit-out strategy.
Across 50 cities & 9 countries in the Americas, this year’s Cost Guide External Link covers:
- Comprehensive tenant improvement construction costs including all relevant construction trade codes, general conditions fees & contingency
- An assessment of labor challenges and the knock-on impact on U.S. office construction timelines and costs
- The impact of global supply chain bottlenecks on commodity pricing
- A ranking of the most expensive and most cost-effective markets across the Americas for office-fit outs
Asia Pacific Guide 2022 Highlights
One clear factor that has come out of the COVID-19 pandemic so far has been the resilience of the Asia Pacific region.
However, many uncertainties remain especially around what the office of the future will look like and how employees will occupy and use that space. With this we have seen a shift in how corporates are envisioning their space requirements, which in turn impacts fit-out decision-making, all within an environment where costs are still being closely scrutinized.
For 31 key cities across 14 markets in APAC, this year’s Guide covers:
- A comprehensive fit-out cost breakdown including furniture, professional fees, and construction works
- Average costs to reinstate office spaces
- Cost estimates of the different styles of fit-out to cater to the post-pandemic workforce
- Average retrofitting costs for a budget-friendly alternative if you’re looking to update and refresh your office environment