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OFFICE EMEA

FITOUT COST GUIDE 2023

EMEA OFFICE FIT OUT COST GUIDE 2023

INTRODUCTION

The past 12 months have, again, proven to be turbulent. Although the public health impacts of COVID-19 have receded, the macro economic impacts continue to exert a myriad of pressures on the global system, which has been exacerbated by heightened geo-political issues. With this, uncertainty continues to abound and capital expenditure budgets remain under close scrutiny. Notwithstanding and more positively, we continue to see progress across a range of other metrics. Most, if not all, major companies have adopted some form of hybrid working model, often in response to employee expectations of increased workplace flexibility, which then helps inform how these companies envisage and use their office space. Similarly, sustainability targets are increasingly becoming the norm, as are more visible practices to foster and promote diversity, equity, and inclusion (DE&I). The role of technology has never been more important – both as an enabler of change and as a means of measuring the impacts of change. Together, these factors mean that the fitting out of office space goes beyond how the space looks, to include how the space contributes to a company’s financial, social, and sustainability goals whilst also reflecting corporate brand and culture. The Cushman & Wakefield Occupier Fit Out Cost Guide, covering 25 key cities across Europe, set outs average costs across a range of fit out standards, to help guide occupiers through the early stages of defining their office relocation budget. Our guide also provides an ‘all-in’ section to include furniture, audio visual, professional

fees and contingency on the total costs associated with a potential internal fit out project.

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Over the past 12 months the primary issue has been surging inflation resulting from significant supply-demand imbalances resulting from stressed supply chains, tight labour markets and not least the Russia-Ukraine conflict which has now entered its second year. OFFICE MARKET REVIEW & OUTLOOK

KEY HIGHLIGHTS

Indeed, these pressures are arguably being felt more acutely in Europe than in any other region, and it still remains uncomfortably high. Data from the start of 2023 highlights that core inflation (especially services) is not under control, resulting in further interest hikes (Figure 1).

Real GDP growth for both the euro area and the UK to improve in the latter half of 2023 • Annual growth of 0.4% for the euro area and -0.3% for the UK.

FIGURE 1:

INFLATION (YOY % CHANGE) VS INTEREST RATE (%)

Labour market to remain comparatively tight, though will soften as the regional economy slows

Euro Area HICP

UK CPI

BoE Base Rate (RHS)

ECB Refi Rate (RHS)

YoY % chg

% 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

High-quality offices expected to outperform across all key leasing metrics.

Occupiers may need to factor in higher all-in costs to accommodate technology and sustainability improvements, though payback periods (especially for sustainability efficiencies) have shortened considerably.

-2

Jun-21

Dec-19

Dec-21

Jun-22

Jun-23

Jun-25

Jun-24

Jun-20

Dec-22

Dec-23

Dec-25

Dec-24

Dec-20

Source: Cushman & Wakefield Research, Eurostat, Moody’s Analytics *Forecasts refer to C&W Baseline Scenario – January 2023

Turning to the office market, regional office demand sat at 3.5 million square metres in 2022 with vacancy flat over the year at 8%. There are encouraging signs that more occupiers are making decisions on hybrid working. This not only impacts aggregate office demand but also demand for specific office types, with the expectation that high-quality offices (with high amenities and desirable locations) will remain the primary focus. Fundamentals, like leasing and rental growth, in such high-quality offices are expected to outperform the broader market, as occupiers focus on employee well-being and experience, and as they focus on ESG (Environmental, Social and Governance) credentials.

Inevitably these factors will weigh on economic growth with a weak outlook for the year ahead. Real GDP growth in 2023 for the euro area and the UK is forecast at 0.4% and -0.3% respectively. Notwithstanding, downside risks to the growth outlook for both the UK and the euro area remain. A robust labour market is one of the key factors that will be supportive of the regional economy. However, labour markets tend to be a lagging indicator, therefore we do expect the impact of sluggish economic growth to begin showing in labour markets in H2 2023 and with that, for unemployment to rise over the next 12-months.

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A FOCUS ON PRICING

KEY HIGHLIGHTS

Perhaps more tellingly, the Baltic Dry Index, which is a measure of the cost to bulk-transport dry materials, has eased 59% from its 2021 peaks. Consequently, shipping costs from China/East Asia to the Mediterranean have decreased 71% y-o-y, while shipping costs on the North America to Northern Europe route have eased 45% from the near-term peak in October 2022. Notwithstanding this welcome relief, the majority of pricing still remains above longer-run averages (Figure 2).

In line with this, fit out costs across the region have risen by an average of 9% (in euro currency) year-on-year, though with little change across the proportionate share of cost splits (A/V, furniture, Fit out and professional services). While this represents a significant cost increase over the year, it should be noted that the increase is broadly in line with the peak rate of inflation encountered in the U.K. and euro area. It should be noted that these figures are an average across the region and considerable variability exists at the market (and individual project) level, with average fit out costs rising by up to 25% in Spain. The outlook on pricing is somewhat mixed. Although supply chain stress continues to be resolved, there are still bottlenecks for specific products, mainly electronics and labour costs remain high. Inflation in the euro area is forecast at 6.2% in 2023 but then to slow to 2.7% in 2024. Together these factors mean that input costs are likely to remain elevated in the near term, resulting in contractors becoming more risk averse and including greater safety provisions to mitigate the current volatile conditions. However, on the opposite side of the ledger, the economic slowdown has resulted in a more cautious approach to capital expenditure by occupiers, which together with the current trend of generally downsizing office footprints, means the size of the market has shrunk. In turn, this is leading to increased competition to win projects and is therefore placing downward pressure on tender pricing as margins are shaved further.

Throughout 2022, inflation has proven to be more persistent that many economists originally envisaged. This has been especially prevalent in Europe where year-on-year energy cost increases reached in excess of 55%. This has inevitably forced downstream pricing higher, with sharp increases in fuel costs being one of the main underlying drivers as increased transport costs have added to pricing all along supply chains. For the most part, prices for key commodities have declined from their peaks – global oil prices are down approximately 20% from June 2022, though energy pricing is down marginally less. Metals pricing (including aluminium, copper, tin and lead) are down by a similar 23% in aggregate, while timber pricing has eased 14%.

Supply chain stress easing as COVID impacts lessen and demand declines.

Inflationary pressure at or near peak but will take time to fully abate.

Contractors are taking a more risk averse approach and including greater safety provisions.

FIGURE 2:

INDEXED MATERIAL PRICING (Q4 2019 = 100)

250

200

ENERGY

150

OIL METALS

100

Q4 2022

Q4 2021

Q3 2022

Q3 2021

Q2 2022

Q2 2021

Q1 2021

Q1 2022

Q4 2020

Q3 2020

Q2 2020

Q1 2020

Q4 2019

Source: Moody’s Analytics

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AVERAGE OFFICE FIT OUT COST (EUR PER SQ M)

AVERAGE FIT OUT COSTS IN 25 CITIES ACROSS EUROPE

FIT OUT COST (EUR/SQM)

COUNTRY

CITY

LOW MEDIUM

HIGH

BELGIUM

BRUSSELS

860

1,375

2,415

AMSTERDAM EUR1,200

FRANKFURT EUR2,263 HAMBURG

CZECH REPUBLIC

PRAGUE

767

1,159

1,850

FRANCE

PARIS

875

1,323

2,626

EUR2,360

BERLIN

1,736

2,193

2,645

PARIS EUR1,323

BERLIN EUR2,193

FRANKFURT

1,793

2,263

2,729

GERMANY

HAMBURG

1,871

2,360

2,848

MANCHESTER EUR2,094

STOCKHOLM EUR1,713

MUNICH

1,791

2,286

2,757

HUNGARY

BUDAPEST

700

1,100

1,600

GLASGOW EUR1,870

IRELAND

DUBLIN

1,350

2,000

2,750

MILAN

700

1,100

1,400

DUBLIN EUR2,000

ITALY

PRAGUE EUR1,159

ROME

700

1,100

1,400

LUXEMBOURG

890

1,430

2,750

NETHERLANDS

BIRMINGHAM EUR1,972

AMSTERDAM

850

1,200

1,700

WARSAW EUR1,160

POLAND

WARSAW

715

1,160

1,780

LONDON EUR2,500

PORTUGAL

LISBON

853

1,138

1,593

BRATISLAVA EUR1,036

SERBIA

BELGRADE

747

1,121

1,494

SLOVAKIA

BRATISLAVA

691

1,036

1,606

BRUSSELS EUR1,375

BARCELONA

747

1,035

1,610

MUNICH EUR2,286

SPAIN

BUDAPEST EUR1,100

MADRID

747

1,035

1,610

LUXEMBOURG EUR1,430

SWEDEN

STOCKHOLM

1,434

1,713

2,092

SOFIA EUR700

MADRID EUR1,035

TURKEY

ISTANBUL

600

850

1,300

BIRMINGHAM

1,159

1,972

2,989

BELGRADE EUR1,121

MILAN EUR1,100

LISBON EUR1,138

GLASGOW

1,099

1,870

2,835

LONDON

1,469

2,500

3,790

MANCHESTER

1,231

2,094

3,174

ISTANBUL EUR850

AVERAGE FIT OUT COST (EUR/SQM)

ROME EUR1,100

AVERAGE COST BREAKDOWN

BARCELONA EUR1,035

LOW MEDIUM HIGH FURNITURE FIT OUT

AV/IT

FEES

2023

1,055

1,537

2,214

18%

56%

14%

11%

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EMEA OFFICE FIT OUT COST GUIDE 2023

HOW DO WE CLASSIFY LOW / AVERAGE / HIGH QUALITY FIT OUTS?

LOW

> Limited meeting facilities, less than 10% of space > Paint to all walls > Low specification finishes and carpet throughout > Vinyl flooring to cafeterias > Minimal alterations to air conditioning and ventilation > Data points to equal desk positions > Locally procured furniture workstations

MEDIUM

> Meeting facilities around 10%-20% of space, with part single glazed partitions > Alterations to less than 25% of ceiling > Plasterboard ceiling to meeting rooms > Feature wall finishes to reception and cafeterias > Medium specification carpet and finishes > Hard flooring to reception > Alterations to air conditioning & ventilation to suit cellurisation > Multiple data points to each desk position

HIGH

> Bespoke joinery to meeting rooms and offices > Hard flooring to cafeterias and finishes > Modification to air conditioning/ ventilation along with new air conditioning units > Additional feature lighting > Wired data provision (future flexibility) > High end and/or imported furniture

> Meeting facilities to over 25% of space, with double glazed partitions > Alterations to over 25% of ceiling > Features & plasterboard ceiling to reception and offices > Feature finishes to meeting rooms/ offices > High specification carpet

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EMEA OFFICE FIT OUT COST GUIDE 2023

BEST IN CLASS OFFICE FIT OUT REQUIREMENTS

A focus on neurodiversity in the workplace

Occupiers continue to wrangle with complex issues across several fronts. Three years on, while occupiers are advancing new workplace strategies and policies, they continue to refine their space requirements and fit out designs to boost collaboration and innovation while also providing space for individual, focused work. Furthermore, additional sustainability as well as DE&I criteria are commonplace across new fit outs as corporates strive to meet their stated goals. Best in class fit outs therefore need to simultaneously consider four key factors: workplace strategy and change management, sustainability, procurement, and technology. Proprietary data from Cushman & Wakefield’s bespoke workplace strategy tool, EXPERIENCE PER SQUARE FOOT TM , has shown that the role of the office is increasingly focused on collaboration, innovation and social connection. However, at the same time employers should not ignore that focused work continues to be done in the office, which for most employees is still approximately half of their working day. This means the office needs to remain a dynamic environment, which is most readily seen through creating multi-functional spaces, such as using modular & flexible furniture to allow a variety of layout configurations that best fit the different activities, as well as implementing digital booking systems to secure collaborative or quiet spaces. The most important criteria here is to recognise that the move to hybrid, or flexible, working necessitates a quantum shift in how work is done, not just where it is done. Occupiers at the leading edge are making this shift through a combined approach of updated workplace policies, innovative office design, and thoughtful change management programmes. WORKPLACE STRATEGY & CHANGE MANAGEMENT

It is estimated that approximately 15% of the global population, or 1 in 7 people, is neurodiverse – which includes conditions such as autism, dyslexia, ADHD and dyspraxia. Accordingly, employers are increasing their focus on creating inclusive office environments which accommodate and embrace varied sensorial responses. Positively, there are myriad of simple design solutions that can be adopted. First and foremost is in offering a variety of workplace options as well as increasing natural lighting and therefore reduce dependence on fluorescent lighting. Further steps can be taken in considering office layouts to create unique spaces and visual landmarks, thereby reducing the need for signage, as well as adopting appropriate colour schemes and designs – especially on walls and carpets. Such solutions offer multiple benefits, regardless of neurodivergence, with studies showing including biophilia can increase employee wellness by up to 15% while dampening general noise improves work accuracy by up to 67%.

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SUSTAINABILITY The definition of sustainability has rightly expanded to move beyond ESG reporting and recognise that sustainability is not a target, it is a direction of travel. For many landlords, the focus has been on ensuring their assets are aligned with legislative requirements and increasingly that they meet the expectations of occupiers. Failure to do so risks obsolescence as approximately half of the building stock across Europe is over thirty years old and just 14% has been built or substantially modernized in the last ten years. Office fit outs and refurbishments are a key element, being the most recurrent replacement in a building. Over the life of an office building, there may be as many as 3-4 office fit outs, with their environmental cost actually outweighing the embodied carbon in the building. A return to basic principles: reduce-reuse-recycle should prevail. Aside from targeting higher quality, more efficient buildings, there is an abundance of opportunities that can be pursued. Maximising natural light to minimise artificial lighting, using environmentally friendly materials for flooring, partitioning and furniture, introducing biophilia into the design, sourcing renewable energy providers, and adopting waste reduction measures are but a few. Intelligent space booking systems and sensors can also close off unrequired space to minimise HVAC and lighting requirements at times of low occupancy. Lastly, “deconstruction” should also be kept front of mind during fit out construction as most material is down-cycled at the end of a fit out’s lifecycle rather than recycled. Again, this points to using bio-composite materials as well as identifying take back programmes to reintroduce expired products back into the manufacturing cycle.

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PROCUREMENT Supply chains and therefore by proxy, procurement, have come increasingly under the spotlight since the onset of the COVID-19 pandemic. This has been primarily driven by increased supply chain stress, causing not only project timing delays through bottlenecks, but also budgetary pressures associated with scarcity of product and higher transport costs. Accordingly, there is increasing financial pressure to target shorter supply chains, but the gains can extend well beyond financial benefit. The pandemic has also led to changes in design preferences for commercial spaces, with a greater emphasis on hygiene and social distancing measures. This can require changes to the design and layout of commercial interior fit outs, which can also impact availability of suppliers, project timelines and costs. Specifically, re-evaluating supply chains can feed directly into achieving both ESG goals as well as CSR (Corporate Social Responsibility) goals. This means sourcing environmentally friendly materials closer to home, ideally within an environmentally efficient supply chain, which can also assist with reducing Scope 3 emissions.

TECHNOLOGY Within the new design paradigm that focuses on employee experience, productivity and wellness together with environmental sustainability, technology plays a more integral role than ever. Technology now runs through all aspects of office fit outs, and it is for this reason there has been an increase in the proportion of fit out budgets allocated to technology. On-site demands include the need for space booking systems, as well as the latest tools to facilitate collaboration and connection. However, the closer focus on DE&I also means creating an equality of experience no matter how, where, or when employees choose to work. Alongside this, the increasing proportion of Generation Z (born 1997 2012) in the workplace, who are “digital natives”, will increasingly expect effortless connectivity. Further consideration needs to be given to charging devices and whether this occurs through static (fixed power points) or mobile charging practices or a combination of the two. Ultimately, this means connecting the human experience to the digital experience and the building experience.

It also includes the notion of “social procurement” – using buying power to produce social benefits over and above the value of the goods or service. In its simplest form, this could be “buying local”, though heightened government regulation and corporate responsibility go beyond this to procure goods and services from marginalised groups or engage social benefit suppliers in their supply chains.

As highlighted above, technology can also contribute to sustainability goals through smart systems, sensors and energy efficient appliances. However, it goes further. A shift to cloud computing now allows for smaller server rooms, which therefore require not only less space, but also less cooling. Similarly, asset sensors can alert facilities managers when preventative maintenance is due to help prevent system failures. The key message here is that technology is not only an enabler of change, but also a way of measuring the impacts of that change and should be appropriately budgeted.

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EMEA OFFICE FIT OUT COST GUIDE 2023

EUROPE, MIDDLE EAST AND AFRICA FIT OUT COST BY MARKET

CEE

FIT OUT COST (EUR/SQM)

COUNTRY

CITY

LOW MEDIUM

HIGH

CZECH REPUBLIC

PRAGUE

767

1,159

1,850

HUNGARY

BUDAPEST

700

1,100

1,600

POLAND

WARSAW

715

1,160

1,780

SERBIA

BELGRADE

747

1,121

1,494

SLOVAKIA

BRATISLAVA

691

1,036

1,606

TURKEY

ISTANBUL

600

850

1,300

REINSTATEMENT COST (EUR/SQM)

COUNTRY

CITY

LOW MEDIUM

HIGH

CZECH REPUBLIC

PRAGUE

140

HUNGARY

BUDAPEST

150

POLAND

WARSAW

127

185

SERBIA

BELGRADE

150

SLOVAKIA

BRATISLAVA

100

145

TURKEY

ISTANBUL

120

“ALL-IN” FIT OUT COSTS

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20% 30% 40% 50% 60% 70% 80% 90% 100%

6 % 9 %

10 %

10 % 10 %

10 %

11 %

12 %

20 %

USING THE GUIDE

60 %

58 %

63 %

61 %

64 %

50 %

Estimated costs provided herein are indicative of market averages based on certain assumptions. Exact costs for specific projects may differ to those presented here, and so we recommend engaging a Project & Development Services professional to advise on precise costings based on your unique construction requirements.

25 %

22 %

20 %

18 %

0% 10%

15 %

14 %

PRAGUE

BUDAPEST

WARSAW BELGRADE

BRATISLAVA

ISTANBUL

FURNITURE

FIT OUT

AV/IT

PROFESSIONAL SERVICES

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EMEA OFFICE FIT OUT COST GUIDE 2023

NORTHERN

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FIT OUT COST (EUR/SQM)

COUNTRY

CITY

LOW MEDIUM

HIGH

BELGIUM

BRUSSELS

860

1,375

2,415

FRANCE

PARIS

875

1,323

2,626

BERLIN

1,736

2,193

2,645

FRANKFURT

1,793

2,263

2,729

GERMANY

HAMBURG

1,871

2,360

2,848

MUNICH

1,791

2,286

2,757

LUXEMBOURG

890

1,430

2,750

NETHERLANDS

AMSTERDAM

850

1,200

1,700

SWEDEN

STOCKHOLM

1,434

1,713

2,092

REINSTATEMENT COST (EUR/SQM)

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COUNTRY

CITY

LOW MEDIUM

HIGH

BELGIUM

BRUSSELS

155

200

“ALL-IN” FIT OUT COSTS

FRANCE

PARIS

131

218

BERLIN

189

266

20% 30% 40% 50% 60% 70% 80% 90% 100%

15 % 10 %

10 % 15 %

15 % 10 %

10 % 10 %

14 %

15 %

FRANKFURT

189

266

20 %

30 %

GERMANY

HAMBURG

189

266

62 %

60 %

45 %

36 %

MUNICH

189

266

LUXEMBOURG

150

220

20 %

18 %

0% 10%

15 %

NETHERLANDS

AMSTERDAM

150

225

BRUSSELS

PARIS

BERLIN FRANKFURT HAMBURG

MUNICH LUXEMBOURG AMSTERDAM STOCKHOLM

FURNITURE

FIT OUT

AV/IT

PROFESSIONAL SERVICES

SWEDEN

STOCKHOLM

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SOUTHERN

UK&I

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FIT OUT COST (EUR/SQM)

COUNTRY

CITY

COUNTRY

CITY

LOW MEDIUM

HIGH

LOW MEDIUM

HIGH

IRELAND

DUBLIN

1,350

2,000

2,750

MILAN

700

1,100

1,400

ITALY

BIRMINGHAM

1,159

1,972

2,989

ROME

700

1,100

1,400

PORTUGAL

LISBON

853

1,138

1,593

GLASGOW

1,099

1,870

2,835

BARCELONA

747

1,035

1,610

LONDON

1,469

2,500

3,790

SPAIN

MADRID

747

1,035

1,610

MANCHESTER

1,231

2,094

3,174

REINSTATEMENT COST (EUR/SQM)

COUNTRY

CITY

COUNTRY

CITY

LOW MEDIUM

HIGH

LOW MEDIUM

HIGH

IRELAND

DUBLIN

100

MILAN

120

180

ITALY

BIRMINGHAM

158

231

ROME

120

180

PORTUGAL

LISBON

106

159

212

GLASGOW

158

219

BARCELONA

103

132

161

LONDON

121

206

304

SPAIN

MADRID

103

132

161

MANCHESTER

170

255

“ALL-IN” FIT OUT COSTS

20% 30% 40% 50% 60% 70% 80% 90% 100%

11 %

10 %

15 %

8 %

13 %

12 %

15 %

10 %

64 %

57 %

58 %

66 %

60 %

19 %

20 %

0% 10%

15 %

16 %

18 %

0% 10%

15 %

DUBLIN

BIRMINGHAM

GLASGOW

LONDON

MANCHESTER

MILAN

ROME

LISBON

BARCELONA

MADRID

FURNITURE

FIT OUT

AV/IT

PROFESSIONAL SERVICES

FURNITURE

FIT OUT

AV/IT

PROFESSIONAL SERVICES

Cushman & Wakefield

EMEA OFFICE FIT OUT COST GUIDE 2023

AVERAGE COSTS AT A GLANCE IN EUR/SQM

AVERAGE COSTS AT A GLANCE IN USD/SQFT

COUNTRY

CITY

FIT OUT

REINSTATEMENT

COUNTRY

CITY

FIT OUT

REINSTATEMENT

BELGIUM

BRUSSELS

1,375

155

BRUSSELS

123

CZECH REPUBLIC

PRAGUE

1,159

PRAGUE

104

FRANCE

PARIS

1,323

131

PARIS

119

BERLIN

2,193

189

BERLIN

197

FRANKFURT

2,263

189

FRANKFURT

203

GERMANY

HAMBURG

2,360

189

HAMBURG

212

MUNICH

2,286

189

MUNICH

205

HUNGARY

BUDAPEST

1,100

BUDAPEST

IRELAND

DUBLIN

2,000

DUBLIN

180

MILAN

1,100

120

MILAN

ITALY

ROME

1,100

120

ROME

LUXEMBOURG

1,430

150

LUXEMBOURG

128

NETHERLANDS

AMSTERDAM

1,200

150

AMSTERDAM

108

POLAND

WARSAW

1,160

127

WARSAW

104

PORTUGAL

LISBON

1,138

159

LISBON

102

SERBIA

BELGRADE

1,121

BELGRADE

101

SLOVAKIA

BRATISLAVA

1,036

100

BRATISLAVA

BARCELONA

1,035

132

BARCELONA

SPAIN

MADRID

1,035

132

MADRID

SWEDEN

STOCKHOLM

1,713

STOCKHOLM

154

TURKEY

ISTANBUL

850

ISTANBUL

BIRMINGHAM

1,972

158

BIRMINGHAM

177

GLASGOW

1,870

158

GLASGOW

168

LONDON

2,500

206

LONDON

224

MANCHESTER

2,094

170

MANCHESTER

188

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EMEA OFFICE FIT OUT COST GUIDE 2023

EMEA PROJECT & DEVELOPMENT SERVICES (PDS)

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CUSTODIANS OF CAPITAL EXPENDITURE

HOW WE HELP OCCUPIERS AND INVESTORS

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CUSHMAN & WAKEFIELD IS A TRUSTED PARTNER FOR OCCUPIERS AND INVESTORS TO MANAGE THEIR CAPITAL EXPENDITURE AND PROJECT DELIVERY IN EMEA. By seeing things differently, we anticipate market changes and are first to capitalise, ensuring clients and the business can be what’s next in their respective sectors. Leveraging our global networks and local experience, we prudently optimise capital expenditure and deliver integrated design, project and Design & Build construction delivery for our clients. We listen closely to our clients, fully understanding their project goals and business needs while driving business results well beyond project delivery ‘on time and on budget’.

2022 STATISTICS

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PUBLICIS FIT OUT, ITALY, DELIVERED BY CUSHMAN & WAKEFIELD PDS

NUMBER OR PROJECTS 950+

PROFESSIONALS 650+

CELLNEX FIT OUT, POLAND, DELIVERED BY CUSHMAN & WAKEFIELD PDS

MARKETS IN EUROPE, MIDDLE EAST AND AFRICA 100 OFFICES ACROSS 16

UNDER PROJECT MANAGEMENT 50M+ SQ FT

CUSHMAN & WAKEFIELD OFFICE FIT OUT, ITALY, DELIVERED BY CUSHMAN & WAKEFIELD PDS

Cushman & Wakefield

CUSHMAN & WAKEFIELD OFFICE FIT OUT, ITALY, DELIVERED BY CUSHMAN & WAKEFIELD PDS

CONTACTS

PROJECT & DEVELOPMENT SERVICES

EMEA NIC WILKINSON EMEA PDS Chair nic.wilkinson@cushwake.com

GILLIAN BULLEN Head of Operations gillian.bullen@cushwake.com

CAMILLA BASTONI Head of Account Management camilla.bastoni@cushwake.com

BELGIUM & LUXEMBOURG DACIANA HAGEA daciana.hagea@cushwake.com CZECH REPUBLIC GLYN EVANS glyn.evans@cushwake.com FRANCE CHRISTOPHE GELLE christophe.gelle@cushwake.com GERMANY FRANK MASUHR frank.masuhr@cushwake.com HUNGARY ADAM CSIKOS adam.csikos@cushwake.com

ITALY LAMBERTO AGOSTINI lamberto.agostini@cushwake.com IRELAND LOUISE DWYER louise.dwyer@cushwake.com NETHERLANDS BAS ENTERS bas.enters@cushwake.com POLAND ANDREW FRIZELL andrew.frizell@cushwake.com PORTUGAL CARLOS PUEYO carlos.pueyo@cushwake.com

SLOVAKIA VERONICA SPANIKOVA veronika.spanikova@cushwake.com

SPAIN CARLOS PUEYO carlos.pueyo@cushwake.com SWEDEN KARL PERSSON karl.persson@cushwake.com UNITED KINGDOM AMY COOPER amy.cooper@cushwake.com

AMERICAS BRIAN UNGLES brian.ungles@cushwake.com

ASIA PACIFIC TOM GIBSON tom.gibson@cushwake.com

ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 52,000 employees in over 400 offices and approximately 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other service

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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