2025 Industrial Construction Cost Guide

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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