2025 Industrial Construction Cost Guide

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AMERICAS

Despite recent macroeconomic volatility, construction costs for new warehouses remained stable year-over-year (YOY) as of March 2025. Construction activity in the industrial sector had already slowed from the 2021-2023 highs before recent trade disruptions, and the pipeline is likely to slow further as companies adapt to ongoing uncertainty. A slower global construction pipeline has softened competition for materials and services, keeping price increases subdued. However, global trade uncertainty has begun to affect pricing as suppliers prepare to operate in a higher-cost environment. Cushman & Wakefield’s Industrial Cost Guide offers insights into construction costs across 46 markets in the Americas. It focuses on ground-up build to-suit projects for modern distribution centers in three sizes, based on rentable square feet (rsf): small (109,200 rsf), medium (476,400 rsf) and large (901,000 rsf). This guide includes comprehensive construction costs, including all relevant trade codes, general conditions, fees and contingency, targeting core and shell construction for a variety of industrial uses. The final use of the facility (e.g., cold storage, last mile or fulfillment) requires additional costs around racking, mechanical, electrical and plumbing (MEP), and conveying systems. The guide excludes costs for furniture, fixtures and equipment (FF&E), IT, audio/visual, and security for office components, as well as soft costs or purchase of land for the overall industrial project.

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2025 Industrial Construction Cost Guide 3

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KeyFindings

Commodity prices have begun to experience upward pressure but increases remain uneven.

Labor costs continue to rise amid uncertainty and a limited talent pool.

Construction cost increases across industries remained below their 10-year averages across the Americas.

Softer industrial demand in the Americas has led to a smaller construction pipeline, fewer new deliveries, and more repurposing of existing industrial buildings.

Despite declining activity, construction remains robust in several markets across the Americas, including Dallas-Fort Worth, Phoenix, Toronto and Monterrey.

A flight to quality among large warehouse occupiers means that leasing absorption is stronger in newer construction.

Construction costs for new warehouses have remained stable YOY. • Small ground-up construction projects (109,200 rsf) averaged $139 per square foot (psf), a 1.9% YOY decrease, due to lower base building architectural costs. • Medium-sized warehouses (476,400 rsf) averaged $85 psf, down 1.0% YOY, also driven by reduced architectural costs for base building construction. • Large project (901,000 rsf) costs increased slightly, ticking up 2.0% from 2024 levels to $77 psf. While base building architectural costs declined, increases in other categories like site work and base building MEP were not enough to offset these reductions.

2025 Industrial Construction Cost Guide 5

ConstructionTrends Impacting Industrial Costs

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Commodities Pricing Commodity prices have recently experienced upward pressure due to macroeconomic headwinds. Prices began rising as early as January 2025, following announcements of potential tariffs, well before U.S. tariff policies were enacted. In March 2025, a 25% tariff on steel and aluminum imports took effect. Additionally, duties on Canadian softwood lumber are expected to increase to 35%. 1 As of March 2025, prices for major commodity groups have increased on a month-over-month (MOM) basis. On a YOY basis, commodity price changes vary. • Steel: Prices are down 7.9% YOY and still 29% below peak 2022 prices. While prices are expected to increase 6.1% by year-end, they are not expected to reach 2022 levels this year. • Lumber: Prices are up 2.5% YOY but down 17% from peak 2022 prices. By year-end, prices are expected to increase by another 2.3%. • Concrete: Prices have steadily increased over the past 10 years, up 7% YOY and expected to increase another 2.2% by year-end. • Copper: Prices have surged 7.8% YOY and are expected to increase another 7.8% by year-end.

HIGH-COST ENVIRONMENT PERSISTS

Pandemic-driven inflation and strong demand for construction across most property sectors pushed commodity prices higher, a trend that continues today. While steel prices are below their 2022 highs, they remain 31% above pre-pandemic levels, with additional tariffs expected to drive further increases. Copper has been in high demand due to electrification efforts across industries, resulting in prices that are 71% higher than pre-pandemic levels. Demand for copper will remain robust, and prices will continue to increase in the near term. Overall, the construction sector should expect continued increases in commodity prices.

Commodity Price Increases Accelerating Cost index for concrete, lumber, steel and copper

800

700

600

500

400

300

200

100

Jul-17

Jul-21

Jul-15

Jul-18

Jul-19

Jul-16

Jul-14

Jul-22

Jul-23

Jul-25

Jul-24

Jan-17

Jan-21 Concrete

Jan-14

Jan-15

Jan-16

Jan-18

Jan-19

Jul-20

Jan-22

Jan-23

Jan-25

Jan-24

Jan-20

Forecast

Lumber

Steel

Skilled Labor

Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted

1 https://www.bloomberg.com/news/articles/2025-04-07/us-hits-canada-lumber-with-34-duties-even-before-trump tariffs?srnd=homepage-americas

2025 Industrial Construction Cost Guide 7

Labor Costs Persistent labor constraints in the construction sector continue to drive up construction costs in the Americas. In the U.S., average hourly construction earnings rose 4.1% to $39.15/hour as of the first quarter of 2025, outpacing the private sector’s wage growth of 3.9%. Construction jobs also grew faster at 1.9% YOY compared to the total employment sector’s 1.2% YOY growth. Canada has also experienced strong growth in construction employment and wages. At the end of 2024, construction employment was up 1.6% YOY, and construction wages were up 2.9% YOY. However, both metrics trailed national figures, with total employment up 1.9% YOY and wages up 6.9% YOY. Wages are expected to remain elevated in 2025 as labor constraints escalate. However, increased economic and geopolitical uncertainties could impact hiring and stabilize wage growth.

U.S.: Construction Employment and Wages 10%

Canada: Construction Employment and Wages 10%

$40 $39 $38 $37 $36 $35 $34 $33 $32 $31 $30

8% 6% 4% 2% 0%

-2% -4% -6% -8% -10%

Year-over-Year Change

Average Hourly Earnings (USD)

2021 Q1

2019Q1

2022Q1

2023Q1

2025Q1

2021 Q3

2024Q1

2019Q3

2020Q1

2022Q3

2023Q3

2024Q3

2020Q3

ConstructionEmployment

ConstructionWages (RHS)

ConstructionEmployment ConstructionWages (RHS) Off Chart: Q2 2020: -17%;Q2 2021: +24% ; and Q3 2021: +10% Source: Statistics Canada; Moody’s Analytics

Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics

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2025 Industrial Construction Cost Guide 9

Overall ConstructionCosts Overall construction costs, not limited to industrial projects, continue to rise. Recent macroeconomic and geopolitical impacts have further driven higher costs due to increased raw material prices and preemptive price increases. According to March 2025 estimates from Engineering News Record (ENR), U.S. construction costs grew 2.1% YOY, while building costs edged higher by 1.8%. Both remain below their 10-year averages. ENR’s construction and building cost indices incorporate material prices but vary in focus. The building cost index includes skilled labor and is more applicable to structural work, while the construction cost index factors in common labor and is better suited to projects where labor represents a larger share of total expenses. Notably, skilled and common labor costs have both climbed above their respective 10-year averages.

U.S. new warehouse construction costs have remained subdued over the past two years, according to the Bureau of Labor Statistics (BLS) Producer Price Index (PPI). Robust demand for warehouses drove new construction prices up 45% from 2021 to 2022, and while recent pricing has not increased as dramatically, it remains elevated. Prices grew 0.4% YOY but were still down 0.2% from 2023 levels as softer demand in the sector has slowed the construction pipeline. Canadian new commercial building costs increased 3.9% YOY, falling short of the 10-year average increase of 4.9%. Similarly, building costs in Mexico climbed 3.2% YOY, also below the 10-year average increase of 7.1%.

Construction Cost Index

Monthly YOY Changes

25,000

18% 16% 14% 12% 10%

20,000

15,000

8% 6% 4% 2% 0%

10,000

5,000 ENR: Cost index, (1913=100, NSA)

Jan-17

Jan-21

Jan-15

Jan-18

Jan-19

Jan-16

Sep-21

May-21

Jan-22

Jan-23

May-23 Building Skilled Labor Jan-23 Sep-23

Jan-25

Jan-24

Jan-20

Sep-22

Sep-24

May-22

Sep-20

May-24

May-20

Construction Common Labor

Building Skilled Labor

Construction Common Labor

Source: Engineering News Record (ENR) (McGraw-Hill)

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New Warehouse Construction Costs Leveling Out

260 240 220 200 180 160 140 120

+0.2%MOM +0.4%YOY

(Dec2004=100)

Producer Price Index (PPI) - NewWarehouse Construction

Jul-17

Jul-21

Jul-15

Jul-18

Jul-19

Jul-16

Jul-22

Jul-23

Jul-24

Source: Moody’s, Bureau of Labor Statistics, Cushman & Wakefield Research Jan-15 Jan-17 Jan-16 Jan-18 Jan-19 Jan-20 Jan-21 Jul-20

Jan-22

Jan-23

Jan-25

Jan-24

Canada Commercial Building Construction Price Index

110

100

+1.2%QOQ +3.9%YOY

60 NewCommercial Buildings (Index 2023=100, SA

Source: Moody’s Analytics, Cushman & Wakefield Research 2015Q1 2017Q1 2016Q1 2018Q1 2019Q1 2020Q1 2021 Q1 2022Q1 2023Q1 2024Q1 2015Q3 2017Q3 2016Q3 2018Q3 2019Q3 2020Q3 2021 Q3 2022Q3 2023Q3 2024Q3

Mexico Building Price Index (Commercial and Residential)

150 140 130 120 110 100

+0.8%MOM +3.2%YOY

90 80 70 60 Producer Price Index-Buildings (Index Jul2019=100, NSA)

Jan-17

Jan-21

Jan-15

Jan-19

Sep-17

Sep-21

Sep-15

Sep-19

Jan-23

Jan-25

May-18

May-16

Sep-23

May-22

May-24

May-20

Source: Moody’s Analytics, Cushman & Wakefield Research

2025 Industrial Construction Cost Guide 11

Industrial Market Update

Industrial Demandand Construction

Industrial Deliveries Last 3 Years by Quarter

Absorption of industrial space in the Americas has been strong over the past five years, reaching a cyclical high of 653 million square feet (msf) in 2021. However, as demand slowed, absorption fell to 194 msf in the Americas by year-end 2024, turning negative in Canada. In response to slower demand, the global industrial construction pipeline waned from its recent highs. The slowdown also impacted construction in the Americas. By year-end 2024, the industrial construction pipeline in the Americas totaled 340 msf, a 34% decline from year-end 2023. Despite this slowdown, the pipeline remains above the five-year pre-pandemic (2015-2019) average of close to 290 msf per year. The construction pipeline slowdown has already led to reduced completion totals over the past six quarters. Completions peaked at 192 msf in the third quarter of 2023 but fell to 85 msf in the first quarter of 2025, nearly half the earlier level of new industrial space delivered. Despite the lower level of completions, the Americas accounts for just over 70% of total global industrial completions, continuing to lead the way in new construction.

300

250

200

150

MSF

100

2022Q1

2023Q1

2025Q1

2024Q1

2022Q3 United States Greater China 2022Q4

2023Q3 EMEA LATAM

2022Q2

2023Q2

2024Q3

2024Q2 Canada

2023Q4

2024Q4

APAC

Source: Cushman & Wakefield Research

Construction inKeyMarkets New industrial construction activity remains strong in Southern and Western U.S. markets. Southern markets have been particularly favored, with Atlanta, Houston and Dallas-Fort Worth adding a combined 323 msf of new industrial inventory between 2022 and 2025. In the West, Phoenix alone contributed 108 msf of new industrial inventory over the same three-year

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period. Outside of U.S. markets, Toronto leads Canada’s industrial markets with nearly 46 msf of new industrial inventory added since 2022. Sao Paolo, Brazil, tops South America, with over 35 msf added during this time. Monterrey, Mexico, benefitting from its proximity to the U.S. border, has emerged as a hub for nearshoring in the last few years, adding over 22 msf of new space since 2022. Currently, Texas has nearly 48 msf of industrial inventory under construction, with the largest projects in the Dallas-Fort Worth (20 msf) and Houston (13 msf) markets. Construction activity remains elevated in Phoenix, with over 14 msf under construction, accounting for 3% of its existing inventory. Toronto continues to drive Canada’s construction pipeline with nearly 10 msf of industrial space under construction, though this is less than half its peak two years ago. The construction pipeline in Mexico City and Monterrey remain robust, with nearly 9 msf and 8 msf under construction, respectively. These are peak construction levels in Mexico; however, recent tariff policies could impact the construction pipeline in these markets going forward.

Absolute Basis: Completions Q1 2022 – Q1 2025

Central Valley CA Monterrey, Mexico Salt Lake City SanAntonio Charleston Nashville Austin NewJersey - Central

EasternUS Southeast US Southwest US WesternUS Northeast US Midwest US

Kansas City Philadelphia Las Vegas Sao Paulo, Brazil

Canada LATAM

Greenville Charlotte Columbus Toronto PA I-81/I-78 Corridor Indianapolis Savannah Chicago Inland Empire Houston Atlanta Phoenix Dallas/Ft. Worth

0 20

40 60 80 100 120 140 MSF

Source: Cushman & Wakefield Research

Currently Under Construction Markets with largest amount of square footage under construction (as of Q1 2025)

15%

12%

MSF

Boise

Austin

Seattle

El Paso

Denver

Atlanta

Omaha

Toronto

Phoenix

Chicago

Madison

Houston

Santiago

Nashville

Louisville

Savannah

Cleveland

Las Vegas

Monterrey

Richmond

Vancouver

MexicoCity

Kansas City

Jacksonville

Los Angeles

Philadelphia

InlandEmpire

HamptonRoads

Dallas/Ft.Worth

Raleigh/Durham

PA I-81/I-78Corridor

Under Construction UC as %of Inventory

Source: Cushman & Wakefield Research

*Latin America and Canada as of Q4 2024

2025 Industrial Construction Cost Guide 13

U.S. Focus

BUILD-TO-SUIT PREFERENCE INCREASES

Softening fundamentals have begun to shift the type of industrial space under construction and being delivered to U.S. markets. As of the first quarter, most space being delivered (71%) and under construction (66%) remains speculative (spec). However, the share of build-to-suit (BTS) space has begun to edge upward as developers adopt a more selective and cautious approach to spec groundbreakings. BTS deliveries climbed from 17% of total completions in 2023 to 29% in the first quarter of 2025. Similarly, BTS inventory under construction rose from 33% at year-end 2024 to 93.3 msf, accounting for 34% of total inventory under construction in the first quarter of 2025. This shift toward BTS over spec development reflects some concern over rising vacancies and shifting market fundamentals.

Historical BTS vs. Speculative Deliveries BTS share of deliveries has reached its highest point (29%) since 2021

90%

80%

70%

60%

50%

40%

30%

20%

10%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024 Q1

U/C

2025

BTS Share

SPECShare

Source: Cushman & Wakefield Research

Cushman & Wakefield

Robust Demand for New Construction W/D new leasing activity by year built

32%

33%

37%

42%

58%

68%

67%

63%

58%

42%

2020

2021

2022

2023

2024

Built since 2020 Built prior to 2020

Source: Cushman & Wakefield Research; new leases of 100,000 SF+ included in analysis

FLIGHT TO QUALITY FAVORS NEW CONSTRUCTION

Strong demand for industrial space in the U.S. pushed new leasing to record levels in 2021. Warehouse occupiers have been especially active since 2020, taking up large blocks of space across the country as they built out their e-commerce and 3PL operations. Since 2021, a flight to quality has emerged, as occupiers gravitate to modern facilities with high clear heights, automation capabilities and enhanced power infrastructure. This shift is evident in the leasing activity by large occupiers, with 100,000 sf or more. New leasing activity for warehouses built after 2020 grew from 58% in 2021 to 63% in 2024. E-commerce tenants have shown a strong preference for newer space, with 96% of their new leasing activity since 2023 concentrated on warehouse space built after 2020 in deals of at least 100,000 sf. This trend has resulted in stronger leasing absorption of newly built warehouse space. Warehouses built in 2023 and 2024 posted positive absorption, while older inventory experienced negative absorption. The preference for newer space is expected to continue, but with a shrinking new construction pipeline, fewer opportunities will be available. This could prompt occupiers to upgrade existing facilities as an alternative to new product.

2025 Industrial Construction Cost Guide 15

Build-To-Suit Construction Cost Comparisons

Industrial construction costs in the Americas remained relatively stable across project sizes. Pricing for small projects (109,200 rsf) averaged $139 psf, a 1.9% YOY decrease due to improved efficiencies and softer pricing for base building architectural costs. Pricing for medium-sized warehouses (476,400 rsf) averaged $85 psf, down 1.0% YOY, driven by a similar reduction in base building architectural costs. Large projects (901,000 rsf) increased slightly, rising 2.0% from 2024 levels to $77 psf. Although base building architectural costs also declined for large projects, the decrease was not enough to offset cost increases in other categories like site work and base building MEP.

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Most Expensive and Cost-EffectiveMarkets

Canada ranked as the most expensive region for small warehouse development, while the Western U.S. led in costs among medium and large construction projects. The leading region commanded a premium of $36 psf, $14 psf, and $13 psf for small, medium and large projects, respectively, compared to the Americas average. Based on the square footage requirement in each plan, this translates to additional costs of roughly $4 million, $7 million and $12 million. Unsurprisingly, the five most costly markets were in Canada or the Western U.S. Affordability of each market varied by project size, but on average, Denver, Calgary, Seattle, Las Vegas and Reno ranked as the priciest markets overall.

Distribution Center Costs Small, medium and large projects by market

$200 $180 $160 $140 $120 $100

$80 $60 $40 $20 $- Cost PSF

Reno

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Phoenix

St. Louis

Chicago

Oakland

Houston

Portland

Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland

Indianapolis Cincinnati

Greenville Greensboro

Las Vegas

SanDiego

Columbus

Monterrey

Milwaukee

Pittsburgh

Costa Rica

Vancouver

NewJersey

MexicoCity

Kansas City

Minneapolis

Guadalajara

Los Angeles

Philadelphia

Salt Lake City

InlandEmpire

PennCorridor

Central Valley, CA

Orange County, CA

Small (109,200RSF)

Medium(476,400RSF)

Large (901,000RSF)

Source: Cushman & Wakefield Project & Development Services

2025 Industrial Construction Cost Guide 17

Industrial Construction Costs—Most Expensive in the Americas

SMALL

MEDIUM

LARGE

Denver

$162

$112

$106

Calgary

$184

$103

$88

Seattle

$151

$110

$108

Las Vegas

$174

$102

$90

Reno

$172

$101

$89

Conversely, Latin America (LATAM) emerged as the most cost-effective region for small-scale projects, with an average price of $95 psf. The southeastern U.S. offered the lowest price for medium- and large-scale warehouse builds, averaging $74 and $67 psf, respectively. Both regions demonstrated considerable cost advantages across all project sizes: LATAM’s pricing was $44 psf, $9 psf, and $3 psf below the Americas average for small, medium and large projects, respectively. Similarly, the southeastern U.S. offered savings of $12 psf, $11 psf and $9 psf for the same project categories. Overall, the most cost-effective markets were Costa Rica, Monterrey, Greenville, Memphis and Guadalajara.

Industrial Construction Costs—Least Expensive in the Americas

SMALL

MEDIUM

LARGE

Costa Rica

$87

$68

Monterrey

$86

$72

$70

Greenville

$118

$67

$56

Memphis

$114

$68

$63

Guadalajara

$97

$77

$73

Small warehouse construction experienced the sharpest cost reductions, with 24 markets reporting lower prices compared to a year ago. Leading this trend were cities like Seattle, Miami, Atlanta, Charlotte and Cleveland, each posting YOY declines of at least $24 psf. These contractions helped offset substantial price hikes from 2024, when this group of markets posted an average increase of 35%. Costs in Mexico City, Las Vegas, Phoenix, and Central Valley, California, rose by at least $20 psf. For medium-sized projects, price movement was relatively modest, with costs softening 1.0% or $1.21 psf YOY. Notably, Costa Rica recorded a substantial drop of $21 psf, while Seattle and Central Valley, California, saw increases of roughly $12 psf and $10 psf, respectively. Large warehouse development was the only segment to see average costs rise in 2025, increasing by $1.48 psf. This growth was primarily driven by sharp escalations in Seattle (+$24.59 psf), Mexico City (+$15.04 psf) and Indianapolis (+$11.47 psf). Meanwhile, costs in Cleveland and Greenville, fell by more than $10 psf compared to last year. Across all project sizes, Mexico City recorded the steepest average increase at $12.54 psf, while Miami posted the most drastic decline, with prices falling $16.65 psf.

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2025 Industrial Construction Cost Guide 19

Distribution Center Costs—YOY Comparison Small, medium and large projects by market

$30 $20 $10 $-

$(10) $(20) $(30) $(40)

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Las Vegas Phoenix

St. Louis

Chicago

Houston

Portland

Vancouver Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland

Cincinnati

SanDiego

Monterrey

Milwaukee

Pittsburgh Los Angeles

Costa Rica

NewJersey

MexicoCity

Kansas City

Minneapolis

Guadalajara

Salt Lake City Indianapolis

Philadelphia

Oakland, CA

Greenville, SC

InlandEmpire

PennCorridor

Columbus, OH

Greensboro, NC

Central Valley, CA

Orange County, CA

United States

LATAM

Canada

Small

Medium Large

Source: Cushman & Wakefield Project & Development Services

Cushman & Wakefield

Distribution Center Costs—YOY Comparison Small, medium and large projects by market

30%

20%

10%

-10%

-20%

-30%

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Phoenix

St. Louis

Chicago

Houston

Portland

Vancouver Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland

Cincinnati

Las Vegas

San Diego

Monterrey

Milwaukee

Pittsburgh Los Angeles

Costa Rica

NewJersey

Mexico City

Minneapolis

Guadalajara

Indianapolis

Philadelphia

Oakland, CA

Salt Lake City

Greenville, SC

Inland Empire

Penn Corridor

Columbus, OH

Kansas City, MI

Greensboro, NC

Central Valley, CA

Orange County, CA

United States

LATAM

Canada

Small

Medium Large

Source: Cushman & Wakefield Project & Development Services

2025 Industrial Construction Cost Guide 21

Breakdownof Expenses byCategory Although category-level costs vary by project scale, structural and enclosure components consistently represent the largest portion of costs, accounting for about 33% in small warehouses and increasing to 37% in large-scale projects. Architectural services represented a higher proportion of costs in smaller projects (21%) than in larger ones (14%). MEP costs remained steady, making up about 8% of total costs across all project sizes. The industrial build-to-suit project data is based on modern distribution centers for three sizes: 109,200 rsf, 476,400 rsf and 901,000 rsf. Office and other ancillary spaces customary in a distribution facility are included. The intended construction of the building features either precast insulated panels or tilt-up concrete panels with steel frame. Roofs are Thermoplastic Polyolefin (TPO) systems pitched to overflow scuppers for drainage, while floors are 8-inch slabs with reinforced 4,000 PSI concrete. Each building size has appropriate quantities of dock doors, levelers, drive-in ramps and overhead doors. The office area is constructed with basic finishes, excluding FF&E, low-voltage cabling, security and audio/ visual equipment and systems. The office area is fully conditioned space, while the warehouse, equipped with LED high-bay lighting, remains unconditioned. Allowances cover site concrete, paving, landscaping, storm retention and site utilities, though soft costs and land purchase are excluded. To account for market variability, an 8% contingency allowance is included in the cost. PRICING CRITERIA

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2025 Industrial Construction Cost Guide 23

Tenant Improvement Costs byMarket

Small projects (109,200 rsf): all markets

$200 $175 $150 $125 $100

$75 $50 $25 $0 Cost PSF

Reno

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Phoenix

St. Louis

Chicago

Houston

Portland

Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland

Indianapolis Cincinnati

Las Vegas

San Diego

Monterrey

Milwaukee

Pittsburgh

Costa Rica

Vancouver

NewJersey

Mexico City

Kansas City

Minneapolis

Guadalajara

Los Angeles

Greenville, SC Philadelphia

Oakland, CA

Salt Lake City

Inland Empire

Penn Corridor

Columbus, OH

Greensboro, NC

Central Valley, CA

Orange County, CA

EasternUS

Midwest US

Northeast US

Southeast US

Southwest US WesternUS

Canada LATAM

Source: Cushman & Wakefield Project & Development Services

Medium projects (476,400 rsf): all markets

$120

$100

$80

$60

$40 Cost PSF

$20

Reno

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Phoenix

St. Louis

Chicago

Houston

Portland

Vancouver Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland

Cincinnati

Las Vegas

San Diego

Monterrey

Milwaukee

Pittsburgh

Costa Rica

NewJersey

Mexico City

Kansas City

Minneapolis

Guadalajara

Indianapolis

Los Angeles

Philadelphia

Oakland, CA

Salt Lake City

Greenville, SC

Inland Empire

Penn Corridor

Columbus, OH

Greensboro, NC

Central Valley, CA

Orange County, CA

EasternUS

Midwest US

Northeast US

Southeast US

Southwest US WesternUS

Canada LATAM

Source: Cushman & Wakefield Project & Development Services

Cushman & Wakefield

Large projects (901,000 rsf): all markets

$120

$100

$80

$60

$40 Cost PSF

$20

Reno

Miami

Dallas

Detroit

Seattle

Denver

Atlanta

Calgary

Toronto

Phoenix

St. Louis

Chicago

Houston

Portland

Montreal

Nashville

Memphis

Louisville

Charlotte

Baltimore

Cleveland Philadelphia

Cincinnati

Las Vegas

San Diego

Monterrey

Milwaukee

Pittsburgh

Costa Rica

Vancouver

NewJersey

Mexico City Salt Lake City

Kansas City

Minneapolis

Guadalajara

Indianapolis

Los Angeles

Oakland, CA

Greenville, SC

Inland Empire

Penn Corridor

Columbus, OH

Greensboro, NC

Central Valley, CA

Northeast US Orange County, CA

EasternUS

Midwest US

Southeast US

Southwest US WesternUS

Canada LATAM

Source: Cushman & Wakefield Project & Development Services

2025 Industrial Construction Cost Guide 25

Local Market DataU.S.

ATLANTA

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.05

$12.33 $33.17 $16.70 $5.13 $5.99 $7.04 $80.36

$10.88 $27.34 $15.38 $4.23 $4.80 $6.02 $68.65

$23.00 $48.32 $23.60

$20.07 $28.44 $5.94 $4.40 $6.22 $6.25 $71.31

$17.32 $25.70 $6.26 $3.98 $5.55 $5.62 $64.42

Base Bldg Structural & Enclosure $43.54

Base Bldg Architectural

$52.99 $7.09 $12.17 $13.37 $152.20

Base Bldg MEP

$7.87

GC’s and GR’s & Fee

$10.86 $10.87 $124.52

Contingency

Total Cost

BALTIMORE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$27.00

$19.80 $29.15

$18.00 $28.84 $4.33 $4.46 $2.44 $6.37 $64.45

$24.69 $51.89 $25.34 $8.45 $11.67 $11.67 $133.70

$22.49 $29.08

$19.81 $29.39

Base Bldg Structural & Enclosure $47.99

Base Bldg Architectural

$24.21 $7.81 $7.22 $12.54

$5.73 $7.75 $3.15 $7.19

$6.66 $7.73 $6.97

$7.16

Base Bldg MEP

$4.55 $6.34 $6.43

GC’s and GR’s & Fee

Contingency

$7.01

Total Cost

$126.77

$72.76

$79.93

$73.68

CENTRAL VALLEY, CA

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$45.85

$22.63 $16.62 $35.15 $2.27 $5.34 $7.85 $89.86

$20.28 $14.65 $33.86 $2.00 $4.73

$53.17

$28.05 $38.29 $6.20 $5.22 $13.28 $8.40 $99.44

$24.55 $33.83 $6.54 $4.61 $10.39 $7.48 $87.41

Base Bldg Structural & Enclosure $32.83

$49.08 $24.31 $6.69 $21.98 $14.69 $169.92

Base Bldg Architectural

$42.45 $4.48 $11.01 $13.00 $149.63

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$7.21

Total Cost

$82.73

CHARLOTTE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$24.95

$13.34 $34.58 $17.23

$11.77 $28.51 $15.75 $5.67 $5.20 $5.98 $72.88

$24.45 $49.82 $25.10 $9.92 $11.55 $11.55 $132.39

$20.51 $27.99 $6.07 $5.57 $6.36 $6.39 $72.88

$17.32 $24.75 $6.26 $4.93 $5.55 $5.62 $64.42

Base Bldg Structural & Enclosure $45.70

Base Bldg Architectural

$53.38 $9.10 $13.17 $12.56 $158.87

Base Bldg MEP

$6.88 $6.48

GC’s and GR’s & Fee

Contingency

$7.10

Total Cost

$85.62

Cushman & Wakefield

Local Market DataU.S.

CHICAGO

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$24.13

$12.90 $33.75 $9.60 $6.33 $5.84 $6.56 $75.00

$11.38 $27.83 $8.38 $5.22 $4.69 $5.51 $63.01

$24.30 $50.01 $24.66

$22.50 $30.31

$9.81

Base Bldg Structural & Enclosure $44.61

$28.04

Base Bldg Architectural

$24.50

$6.63 $5.69 $3.08 $6.74

$7.04 $5.26 $1.60 $5.10

Base Bldg MEP

$8.37 $11.81

$9.39 $7.24 $12.19

GC’s and GR’s & Fee

Contingency

$10.90 $124.31

Total Cost

$127.79

$74.95

$56.85

CINCINNATI

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$41.91

$14.72 $30.59 $13.66

$13.35 $25.21 $14.69

$26.50 $50.51 $27.30 $14.25 $12.24 $12.36 $143.15

$24.50 $30.81

$21.50 $28.47 $7.78 $8.03 $4.80 $6.66 $77.24

Base Bldg Structural & Enclosure $40.42

Base Bldg Architectural

$41.58 $11.40 $12.10 $14.31 $161.72

$7.31

Base Bldg MEP

$8.63 $5.96 $7.08

$7.11

$8.69 $5.91 $7.35

GC’s and GR’s & Fee

$4.85 $6.29 $71.50

Contingency

Total Cost

$80.63

$84.57

CLEVELAND

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$44.01

$15.45 $30.63 $14.34 $10.54

$13.89 $25.01 $15.28 $8.61 $5.04 $6.54 $74.36

$27.00 $49.10 $27.40 $16.90 $12.31 $12.73 $145.44

$23.75 $28.27 $6.99 $9.73 $5.83 $6.93 $81.50

$10.36 $26.15 $7.44 $9.00 $4.83 $5.44 $63.21

Base Bldg Structural & Enclosure $40.48

Base Bldg Architectural

$43.66 $13.93 $12.70 $15.02 $169.80

Base Bldg MEP

GC’s and GR’s & Fee

$6.26 $7.44

Contingency

Total Cost

$84.66

COLUMBUS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.69

$12.67 $29.29 $13.67 $10.08 $5.74 $6.87 $78.31

$11.18

$23.85 $43.36 $24.57 $14.92 $11.45 $12.36 $130.51

$22.05 $26.45 $6.58 $9.10 $5.35 $7.38 $76.91

$19.35 $24.44

Base Bldg Structural & Enclosure $38.71

$24.15 $14.71 $8.31 $4.60 $6.06 $69.00

Base Bldg Architectural

$41.65 $13.32 $11.59 $12.46 $141.43

$7.00 $8.41 $4.46 $6.77

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

Total Cost

$70.43

2025 Industrial Construction Cost Guide 27

Local Market DataU.S.

DALLAS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$16.53

$11.40 $29.93 $19.99 $4.32 $5.76 $6.74 $78.14

$14.83 $27.71 $20.15 $4.00 $5.09 $6.79 $78.57

$20.50 $50.49

$12.59 $43.96 $4.74 $6.34 $3.98 $6.52 $78.12

$11.80 $41.39 $3.83 $5.97 $3.42 $6.10 $72.51

Base Bldg Structural & Enclosure $32.53

Base Bldg Architectural

$35.41 $4.69 $9.56 $9.49

$9.29 $7.28 $7.89 $8.39

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

Total Cost

$108.22

$103.83

DENVER

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$24.84

$20.91 $44.71 $20.87

$20.32 $44.59 $18.74

$23.62 $8.80 $100.14

$20.01

$19.87 $7.48 $62.80

Base Bldg Structural & Enclosure $49.53

$7.77

Base Bldg Architectural

$46.12

$66.09

Base Bldg MEP

$6.75

$6.10 $7.02 $9.53

$6.08 $6.05

$1.20 $13.71 $14.10

$1.06 $6.84 $9.73

$1.02 $5.96 $9.29

GC’s and GR’s & Fee

$14.53 $13.57

Contingency

$9.17

Total Cost

$155.35

$109.15

$104.95

$161.58

$111.50

$106.41

DETROIT

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$24.24

$12.96 $34.03 $16.74 $6.20 $6.30 $6.90 $83.14

$11.44

$26.75 $54.80 $27.35 $9.99 $12.30 $12.45 $143.64

$24.50 $33.50

$21.50 $30.88 $7.78 $5.63 $4.70 $6.77 $77.26

Base Bldg Structural & Enclosure $44.98

$28.06 $15.30

Base Bldg Architectural

$51.86 $8.20 $12.80 $12.20

$7.31 $6.11 $5.70 $7.35

Base Bldg MEP

$5.11

GC’s and GR’s & Fee

$5.05 $5.81

Contingency

Total Cost

$154.27

$70.76

$84.47

GREENSBORO

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$21.86

$11.94 $30.81 $15.43 $6.31 $5.80 $6.36 $76.65

$10.88 $26.21 $14.55 $5.37 $4.80 $5.52 $67.32

$22.27 $45.17 $22.86 $9.25 $10.52 $10.52 $120.59

$20.73 $28.15 $6.13 $5.77 $6.42 $6.46 $73.66

$18.87 $26.84 $6.82 $5.50 $6.04

Base Bldg Structural & Enclosure $39.85

Base Bldg Architectural

$46.77 $8.16 $11.54 $11.00 $139.20

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$6.13

Total Cost

$70.21

Cushman & Wakefield

Local Market DataU.S.

GREENVILLE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$21.86

$11.94 $30.81 $15.43 $6.31 $5.80 $6.36 $76.65

$10.88 $26.21 $14.55 $5.37 $4.80 $5.52 $67.32

$21.79 $44.18 $22.36 $9.05 $10.29 $10.29 $117.97

$18.74 $25.46 $5.55 $5.21 $5.81 $5.84 $66.61

$15.18 $21.59 $5.49 $4.42 $4.86 $4.93 $56.46

Base Bldg Structural & Enclosure $39.85

Base Bldg Architectural

$46.77 $8.16 $11.54 $11.00 $139.20

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

Total Cost

HOUSTON

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$16.55

$13.05 $13.73 $43.36 $2.00 $4.35 $7.33 $83.81

$11.79 $12.95 $43.41 $1.88 $3.78 $7.08 $80.90

$17.38 $16.63 $61.15 $2.42 $7.39 $10.06 $115.04

$13.74 $14.39 $41.31 $2.09 $4.33

$11.89 $13.59 $39.14 $1.98 $3.72 $6.74 $77.05

Base Bldg Structural & Enclosure $15.84

Base Bldg Architectural

$63.98 $2.30 $8.69 $10.25 $117.62

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$7.27

Total Cost

$83.12

INDIANAPOLIS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.84

$12.74 $31.33 $12.27 $8.28 $5.77 $6.76 $77.16

$11.25

$26.85 $51.35 $27.37 $13.57 $11.78 $12.55 $143.46

$24.57 $31.40 $7.33 $8.30 $4.91 $7.35 $83.86

$21.53 $28.95 $7.79 $7.65 $3.88 $6.66 $76.46

Base Bldg Structural & Enclosure $41.41

$25.83 $10.76 $6.82 $4.63 $5.70 $64.99

Base Bldg Architectural

$36.45 $10.94 $11.67 $11.99 $136.29

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

Total Cost

INLAND EMPIRE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$45.85

$22.63 $15.87 $35.15 $3.02 $5.27 $7.85 $89.80

$20.28 $13.98 $33.86

$45.10 $45.02 $24.31 $8.58 $21.37 $13.61 $158.00

$22.32 $35.23 $6.20 $6.71 $12.85

$19.09 $31.24 $6.54 $5.95 $9.99 $6.77 $79.59

Base Bldg Structural & Enclosure $31.34

Base Bldg Architectural

$42.45 $5.97 $10.77 $13.00 $149.39

Base Bldg MEP

$2.66 $4.65

GC’s and GR’s & Fee

Contingency

$7.21

$7.63

Total Cost

$82.66

$90.94

2025 Industrial Construction Cost Guide 29

Local Market DataU.S.

KANSAS CITY

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.77

$12.71

$11.21

$23.85 $49.30 $24.57 $8.97 $11.34 $11.90 $129.94

$22.05 $30.08

$19.17 $27.79 $7.00 $5.06 $4.50 $5.99 $69.52

Base Bldg Structural & Enclosure $44.15

$33.40 $12.26 $6.08 $6.17 $6.77 $77.39

$27.54 $10.75 $5.01 $4.95 $5.69 $65.15

Base Bldg Architectural

$36.40 $8.04 $12.55 $11.96 $136.86

$6.60 $5.47 $5.40 $7.35

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

Total Cost

$76.94

LAS VEGAS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$11.67

$8.98

$10.76 $29.30 $28.65 $4.00

$54.40 $50.90 $24.31 $6.94 $22.18 $15.04 $173.77

$28.70 $39.79 $6.20 $5.43 $13.42 $8.65 $102.19

$25.10 $35.24 $6.54 $4.81 $10.52

Base Bldg Structural & Enclosure $78.17

$43.29 $29.14 $5.90 $11.01 $9.14 $107.46

Base Bldg Architectural

$27.59 $10.66 $13.56 $11.82 $153.47

Base Bldg MEP

GC’s and GR’s & Fee

$9.08 $7.60

Contingency

$7.71

Total Cost

$89.38

$89.91

LOS ANGELES

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$46.39

$22.92 $15.76 $37.12

$20.60 $15.74 $33.58 $3.13 $5.47 $8.09 $86.61

$45.38 $45.33 $24.31 $9.02 $21.43 $13.72 $159.21

$22.49 $35.62 $6.20 $7.09 $12.90

$19.27 $31.63 $6.54 $6.29 $10.04

Base Bldg Structural & Enclosure $32.84

Base Bldg Architectural

$45.03 $6.54 $13.22 $14.79 $158.80

Base Bldg MEP

$3.14 $6.31 $8.78

GC’s and GR’s & Fee

Contingency

$7.73

$6.87

Total Cost

$94.02

$92.03

$80.64

LOUISVILLE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$21.63

$11.56 $26.73 $14.94 $9.20 $5.62 $6.16 $74.21

$10.20 $22.04 $13.65 $7.58 $4.50

$25.13 $45.66 $25.90 $15.71 $11.89 $10.99 $135.28

$23.23 $27.81 $6.95 $9.57 $5.72 $6.93 $80.20

$20.19 $25.73 $7.36 $8.85 $4.73 $6.33 $73.18

Base Bldg Structural & Enclosure $35.33

Base Bldg Architectural

$46.26 $12.16 $11.42 $10.88 $137.68

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$5.18

Total Cost

$63.16

Cushman & Wakefield

Local Market DataU.S.

MEMPHIS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$20.68

$11.05

$9.76

$21.06 $45.28 $21.62

$19.18 $27.63 $5.68 $3.77 $5.95 $5.98 $68.18

$16.93 $25.53 $6.12 $3.48 $5.42 $5.49 $62.97

Base Bldg Structural & Enclosure $39.96

$30.23 $14.28

$24.92 $13.05 $3.40 $4.31 $4.95 $60.38

Base Bldg Architectural

$44.23 $5.45 $10.92 $10.41 $131.63

Base Bldg MEP

$4.12 $5.37 $5.89

$6.18 $9.95 $9.95

GC’s and GR’s & Fee

Contingency

Total Cost

$70.94

$114.04

MIAMI

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$26.38

$14.10 $37.03 $18.22 $6.75 $6.85

$12.90 $31.63 $17.25 $5.77 $5.69 $6.54 $79.78

$25.42 $52.48 $26.09 $9.56 $12.01 $12.01 $137.57

$21.83 $30.19 $6.46 $5.50 $6.77 $6.80 $77.55

$19.65 $28.46

Base Bldg Structural & Enclosure $48.95

Base Bldg Architectural

$56.43 $8.92 $13.93 $13.28 $167.89

$7.10 $5.19 $6.29 $6.38

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$7.51

Total Cost

$90.47

$73.07

MILWAUKEE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.64

$12.64 $33.20 $12.24 $6.05 $5.94 $6.72 $76.77

$11.16

$26.37 $54.35 $27.25 $9.91 $12.17 $0.00 $130.05

$24.38 $33.19 $7.28 $6.05 $5.62 $0.00 $76.52

$21.18

Base Bldg Structural & Enclosure $43.88

$27.37 $10.72 $4.99 $4.70 $5.65 $64.59

$30.69 $7.73 $5.59 $4.67 $0.00 $69.86

Base Bldg Architectural

$36.30 $8.00 $12.49

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$11.91

Total Cost

$136.21

MINNEAPOLIS

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.89

$12.77 $33.53 $12.70 $5.85 $6.82 $77.79 $6.11

$11.27 $27.65 $11.33 $5.04 $4.53

$26.90 $54.88 $27.38 $10.00 $12.30

$24.60 $33.59 $7.33 $6.12 $5.66 $0.00 $77.30

$21.55 $30.97 $7.82 $5.64 $4.73 $0.00 $70.71

Base Bldg Structural & Enclosure $44.32

Base Bldg Architectural

$36.49 $8.08 $12.06 $12.01 $136.84

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$5.76

$0.00

Total Cost

$65.57

$131.46

2025 Industrial Construction Cost Guide 31

Local Market DataU.S.

NASHVILLE

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$23.53

$12.58 $33.85 $16.25

$11.10 $27.91 $14.85 $4.32 $4.90 $5.63 $68.71

$24.69 $51.89 $25.34 $8.45 $11.67 $11.67 $133.70

$22.38 $31.72 $6.62 $4.91 $6.94 $6.98 $79.54

$19.75 $29.31

Base Bldg Structural & Enclosure $44.43

Base Bldg Architectural

$50.33

$7.14

Base Bldg MEP

$7.23

$5.24

$4.53 $6.32 $6.41

GC’s and GR’s & Fee

$12.42 $11.84

$6.11

Contingency

$6.70

Total Cost

$149.79

$80.73

$73.47

NEW JERSEY

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$28.80

$21.60 $31.28 $5.99 $8.32 $3.29 $7.74 $78.22

$19.80 $31.18 $5.36 $4.82 $2.62 $7.00 $70.79

$25.18 $52.90 $25.84 $8.61 $11.89 $11.90 $136.32

$22.87 $29.56

$20.02 $29.71 $7.24 $4.60 $6.41 $6.50 $74.48

Base Bldg Structural & Enclosure $52.63

Base Bldg Architectural

$25.64 $8.57 $8.00 $13.64 $137.28

$6.77 $7.86 $7.09

Base Bldg MEP

GC’s and GR’s & Fee

Contingency

$7.13

Total Cost

$81.26

OAKLAND

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$46.97

$23.22 $22.17 $32.05 $3.02 $6.73 $8.98 $96.16

$20.88 $19.53 $31.72

$53.82 $49.56 $24.31

$28.44 $38.76 $6.20 $5.29 $13.34 $8.50 $100.53

$24.94 $34.29 $6.54 $4.68 $10.45

Base Bldg Structural & Enclosure $16.12

Base Bldg Architectural

$68.26 $2.20 $13.38

Base Bldg MEP

$2.66 $5.58 $8.28

$6.76

GC’s and GR’s & Fee

$22.05 $14.82 $171.33

Contingency

$15.11

$7.58

Total Cost

$162.04

$88.65

$88.48

ORANGE COUNTY, CA

2024 2025 SMALL MEDIUM LARGE SMALL MEDIUM LARGE

Site Work

$45.76

$22.55 $21.66 $29.37 $3.53 $6.39 $8.58 $92.08

$20.22

$27.35 $57.48 $28.08 $9.36 $12.92 $12.92 $148.12

$24.70 $34.76

$21.60 $31.83 $7.81 $5.18 $6.92 $7.01 $80.34

Base Bldg Structural & Enclosure $23.63

$18.14

Base Bldg Architectural

$54.66 $3.85 $11.96 $14.52 $154.37

$29.99

$7.31

Base Bldg MEP

$2.95 $5.78 $7.90

$5.66 $7.65 $7.70 $87.77

GC’s and GR’s & Fee

Contingency

Total Cost

$84.97

Cushman & Wakefield

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