2024 Retail Fit Out Cost Guide

RETAIL FIT OUT COST GUIDE 2024

PROJECT TIMELINES REMAIN EXTENDED

Equipment lead times have eased for some systems but remain extended for most. Electrification efforts tied to net-zero initiatives have significantly increased demand for electrical components. Electric switchboards continue to have some of the longest lead times of more than 60 weeks, and it is very likely that longer lead times are here to stay. Generators also continue to have extended lead times of more than 66 weeks. There has been some easing for air handling units (AHU), although they still have lead times of 44–72 weeks. Permitting has contributed to the extension of timelines. GCs were asked to estimate the average time from requesting to receiving a permit. Pre-pandemic, the permitting process generally took one to two weeks. Among GCs surveyed, nearly half (42%) estimate that permitting takes four to eight weeks, 26% estimate eight to 12 weeks, and 16% experience permitting processes that take more than 12 weeks. Regionally, permitting is faster in Appalachia, Mountain, and Upper Midwest regions. On the other end of the spectrum, the Chicago MSA, N.Y. MSA, Florida, and Northern California have expectations that the permitting process will take much longer, beyond 16 weeks in some cases.

WHAT IS THE AVERAGE TIME FROM REQUESTING TO RECEIVING A PERMIT? CUSHMAN & WAKEFIELD CONSTRUCTION CONTRACTOR SENTIMENT SURVEY, FALL 2023

100%

17%

17%

20%

20%

25%

25%

25%

33%

80%

50% 50%

20%

25%

75%

25%

60%

50%

50%

100%

33%

50%

100% 100% 100%

40%

80%

40%

50%

17%

50% 50%

50%

20%

33% 33%

25%

25%

20%

17%

0%

2-4 Weeks 4-8 Weeks 8-12 Weeks 12-16 Weeks Greater Than 16 Weeks

Source: Cushman & Wakefield Research

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