2024 Retail Fit Out Cost Guide

BREAKDOWN OF EXPENSES BY CATEGORY

FIT OUT COST SEGMENTATION AND COMPOSITION AVERAGE COST BY CATEGORY, PER SQUARE FOOT

Fit out costs are segmented into 11 categories:

7%, Ceiling, $9.66 4%, Specialties , $5.28 4%, Existing Conditions, $5.15 2%, General Requirements , $3.23 2%, Concrete , $2.57

7%, Ceiling, $9.66 4%, Specialties , $5.28 4%, Existing Conditions, $5.15 2%, General Requirements , $3.23 2%, Concrete , $2.57 2%, General Requirements*, $3.23

100%

100%

> Carpentry, Doors & Windows > Ceiling > Concrete > Electrical > Existing Conditions > Finishes > General Conditions > General Requirements > Mechanical > Project Overhead and Profit > Specialties

90%

90%

80%

80%

70%

70%

9%, Finishes , $12.63

9%, Finishes , $12.63

60%

60%

10%, Project Overhead and Profit , $14.44

10%, Project Overhead and Profit , $14.44 and Profit, $14.44

50%

50%

12%, Electrical , $17.64

12%, Electrical , $17.64

40%

40%

16%, General Conditions , $23.16 16%, General Conditions, $23.16 16%, General Conditions , $23.16

30%

30%

20%

20%

17%, Carpentry, Doors, & Windows, $25.18

17%, Carpentry, Doors, & Windows, $25.18 17%, Carpentry, Doors, & Windows, $25.18

10%

10%

19%, Mechanical , $27.99 19%, Mechanical, $27.99

19%, Mechanical , $27.99

0%

0%

Among these categories, 19% of the cost is allocated to Mechanical, followed by Carpentry, Doors, and Windows (17%) and General Conditions (16%). While cost allocation is highest for Mechanical across most markets, Carpentry, Doors and Windows are the costliest category in Northern California (18%) and Southern California (21%). Project overhead costs average 10% of total costs across most markets but trend higher in Texas, averaging 16% of total costs.

Source: Cushman & Wakefield Project & Development Services *Permits and Fees

Other significant variations include:

> Ceiling costs average 7% of total costs but have a higher allocation in Northern California at 11%. > Finishes average 9% but are nearly 14% of total costs in Northern California. > While Mechanical is the largest cost

allocation nationally, it trends much higher in the Midwest, averaging 30% of total costs.

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Cushman & Wakefield