2024 Retail Fit Out Cost Guide

INTRODUCTION

Cushman & Wakefield’s Project & Development Services (PDS) team developed this Retail Fit Out Cost Guide to provide guidance on current construction costs across major U.S. regions and markets. This retail cost guide features a modern-day retail space fit out, which includes a customer area, back-of-house area and two ADA restrooms. We assumed an 1,800 square foot (sf), in-line project space located within a single-story, multi-tenant strip center, and in a market’s Central Business District (CBD). Additional assumptions include: > The existing floor infrastructure is currently set up to have the electricity separately metered. > The building is a steel-framed, metal composite deck structure with a glass curtain wall system, with 12-foot finish floor deck heights. > All demising walls are installed for this project with the appropriate fire rating. Please note that no furniture, fixtures and equipment (FF&E) are applicable to this cost exercise. Technology costs are also excluded.

Fit out costs for this guide were gathered through a non-competitive bid process of 14 general contractors (GCs) in the fall of 2023. Some GCs submitted bids for several markets within their region of coverage, and others submitted bids for individual markets. We have designated the regions and markets as accurately as possible below. Regions covered in the guide include: > Appalachia (Tenn., Ky., W. Va.) > Chicago MSA > Mid-Atlantic (Washington, D.C., Va., N.C., S.C., Del., Eastern Pa., N.J., Md.) > Midwest (Wis., Mich., Ind., Ohio, Western Pa., Western N.Y.) > Mountain (Idaho, Wyo., Colo., Mont., Utah) > New England 1 (Boston, Connecticut, Mass., Vt., N.H., Maine, R.I.) > New York City MSA > Northern California (San Francisco MSA, Silicon Valley) > Pacific Northwest (Portland, Seattle) > Southeast (West Fla., Ark., La., Miss., Ala., Ga.) > Southern California (Los Angeles, Santa Barbara, Orange County, San Diego) > Southwest (Ariz., Nev., N.M., Okla.) > Texas (Dallas, Houston) > Upper Midwest (N.D., S.D., Minn., Iowa, Ill., Mo., Neb., Kan.)

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1 New England includes one GC estimate for Boston and a GC estimate for the greater New England region.

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