Americas Fit-Out Cost Guide 2022

OFFICE FIT-OUT COST GUIDE 2022 AMERICAS

INTRODUCTION The pandemic has created a “perfect storm” of effects that are driving construction activity up and accelerating increases in materials and labor costs. There are difficulties today with getting inflationary pressure, and delivering on-time with supply chain delays and labor shortages. Mixed with the continued uncertainty related to how hybrid work structures will impact office workplace layouts, occupiers are facing complex challenges in building out office space in ways that are cost-effective, timely, and ultimately create value-add office environments for businesses to build culture, drive collaboration materials in a timely fashion, keeping costs down amidst

and expedite innovation (all components that are more challenging with remote and distributed workforces).

45 CITIES & 9 COUNTRIES IN THE AMERICAS

The Guide includes comprehensive tenant improvement construction costs including all relevant construction trade codes, general conditions, fees and contingency. The Guide specifically excludes FF&E, IT, audio/visual, and security cost.

2 AMERICAS OFFICE FIT-OUT COST GUIDE 2022

C U S H M A N & WA K E F I E L D

KEY TAKEAWAY While these changes are expected to gradually unwind as consumers rotate back towards spending on services, elevated levels of goods spending will fuel manufacturers and trade flows for the coming years. In the meantime, these patterns impact residential and commercial construction through increased costs and supply chain bottlenecks.

SHIFTING CONSUMER DEMAND During the pandemic, consumer spending has both increased and has shifted from services to goods. In 2019, 35% of consumer spending was spent on consumer goods. However, currently that proportion is approximately 40%. Durable goods increased at a greater pace—from 11% to 18% of spending. Buoyed by government stimulus support, consumer spending on durable goods is 11% above the pre-pandemic trend and 21% higher than in Q4 2019. 1

COMPOSITIONAL CHANGE IN CONSUMER SPENDING PATTERNS Real U.S. Consumer Goods Spending ($USD Tril.)

Durable - Pre-COVID Trend Non-durable - Pre-COVID Trend

Durable - Actual

Non-durable - Actual

4.0

3.5

3.0

2.5

Trillions (USD)

2.0

1.5

Source: U.S. Bureau of Economic Analysis; Moody’s Analytics

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C U S H M A N & WA K E F I E L D

KEY TAKEAWAY A net result for office construction and fit outs has been increased delays, greater uncertainty and higher costs. There does appear to be some light at the end of the tunnel as the supplier delivery index, which measures manufacturer

SUPPLY CHAINS Increases in construction and customer demand for durable and non-durable goods are one of the drivers of supply chain disruptions over the past two years. COVID- 19 outbreaks and labor shortages have also wreaked havoc on the flow of goods through ports and on trucking, transportation and distribution capacities. According to the Federal Reserve Bank of New York, the supply chain stress indices for both China and the U.S. ended 2021 up over 40% from pre-pandemic levels in February 2020.

delays, has been receding since the middle of 2021. 2

SUPPLY SIDE CHALLENGES MEETING NEW DEMANDS Supply Chain Stress Index

U.S. Supply Chain Stress Index China Supply Chain Stress Index Global Supply Chain Stress Index (RHS)

5

150

4

140

3

130

2

120

1

110

0

100

-1

90

Global Supply Chain Stress Index

-2

80

U.S. & China Supply Chain Stress Index

-3

70

Source: Federal Reserve Bank of New York

2 https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/deloitte-2019 millennialsurvey.pdf

4 AMERICAS OFFICE FIT-OUT COST GUIDE 2022

RISING COMMODITY PRICES WILL CONTINUE TO APPLY UPWARD PRESSURE ON CONSTRUCTION COSTS IN 2022 Cost Index for Lumber, Steel and Copper

Forecast

Lumber

Steel (Pipe and Tube)

Copper

36% increase YOY

800

700

76% increase YOY

600

500

400

300 Cost Index

200

9% increase YOY

100

0

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

KEY TAKEAWAY Consumer and construction industry demand resulted in a spike in lumber pricing, double pre-pandemic levels, that lasted through mid-year 2021. Pricing eased during the summer but was still at elevated levels increasing 9% on a YoY basis. 3

COMMODITY PRICING Supply chain bottlenecks which were a result of pandemic related shutdowns and labor constraints have had a lasting impact on commodity prices and availability. Steel prices saw the steepest increase, rising 76% year-over-year (YoY). Copper prices rose 36% YoY and 67% since the onset of the pandemic. Pre-pandemic, copper prices experienced several years of volatility, therefore, current copper prices are just 30% higher than the 10-year average. Lumber prices had been relatively stable for the decade preceding the pandemic. Volatility has increased in the lumber sector due to pandemic related demand. Lumber, steel and copper prices are forecast to moderate later this year, but to remain at elevated pricing levels for the next two years. 4

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AMERICAS OFFICE FIT-OUT COST GUIDE 202 2

CUSHMAN & WAKEFIELD

“…the Dodge Momentum Index suggests that the construction sector continues to weather the storm of higher material prices and labor scarcity and is looking past the pandemic’s unique issues for projects like schools and offices. As the pipeline of projects awaiting groundbreaking fills, a more even and pronounced recovery in construction starts will take hold.” – Dodge Data & Analytics 6 CONSTRUCTION ACTIVITY Despite the cost, material and labor challenges, commercial construction activity remains elevated. The new construction starts index from Dodge Data & Analytics increased by 5.4% in 2021. 5 Residential construction starts continued at record highs, exceeding pre-pandemic levels, thereby creating competition for building materials in the sector. Much of the non-residential building momentum is driven by booming demand in the tight industrial market across the Americas. Office construction, however, also remains elevated. Between the U.S. and Canada, office space under construction did decline by 19% in 2021. However, the current pipeline of 118 msf remains 43% or 36 msf above the 20-year historical average.

KEY TAKEAWAY Occupiers have been targeting attendance. As office space usage increases, we expect organizations will expand their piloting and testing of different types of layouts related to hybrid work. This is likely to increase the amount the first half of 2022 for employees to return to a regular cadence of office

of fit out and office space construction activity in the coming quarters, creating even more demand for materials and labor.

NEW CONSTRUCTION STARTS ACCELERATED IN 2021 Value of New Construction Starts: Non-Residential Buildings, 12-Month Trailing Average

NORTH AMERICAN CONSTRUCTION PIPELINE DOWN 19% YEAR-OVER-YEAR Office: Under Construction as % of Inventory

5%

$125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 Millions USD, SAAR

4%

2021 Q4, 3.5%

3%

2%

2021 Q4, 1.8%

1%

0%

Canada

United States

Source: Cushman & Wakefield Research

Source: Dodge Data & Analytics: New Construction Starts Report

6 AMERICAS OFFICE FIT-OUT COST GUIDE 2022

C U S H M A N & WA K E F I E L D

WAGES INCREASE TO KEEP UP WITH LABOR DEMAND Construction Employment and Wages U.S.: Construction Employment andWages

Canada: Construction Employment andWages

20%

20%

15%

15%

10%

10%

5%

5%

0%

0%

-5%

-5%

-10%

-10%

-15% Year-over-Year Change

-15% Year-over-Year Change

Construction Employment

Construction Wages

Construction Employment

Construction Wages

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

LABOR CHALLENGES Across many countries in the Americas, construction employment has been growing at a faster rate than total employment. Since 2012, the growth rate in the U.S. has been four-fold for construction labor, while in Costa Rica and Mexico construction employment has grown faster than total employment by 55 and 35 basis points, respectively. 7 In Canada, construction employment dropped by 6.4% in the wake of the pandemic. However, by the end of 2021, two-thirds of those jobs had been recovered.

KEY TAKEAWAY There is a cost for this growth and the related shortages. In the U.S., for example, construction wages increased 3.5% in 2021. This outpaces the 10-year average prior to the pandemic (2010-2019) pandemic complications, early retirements and skill gaps—will continue to create challenges for occupiers looking to build out spaces in 2022. by 150 bps: 2.0%. 8 Tight labor markets—due to

CONSTRUCTION EMPLOYMENT OUTPERFORMS IN MOST COUNTRIES Annualized Employment Growth Rate: Total and Construction Sector Not available for Chile and Panama

3%

2.5%

1.9%

2%

1.5%

1.3%

1.1%

0.9%

0.8%

1%

0.6%

0.3%

0%

-0.3%

-0.4%

-0.6%

-1%

-0.8%

-2%

-2.3%

-3% Annualized Growth Rate (2012-2021)

Argentina Canada Colombia Costa Rica

Mexico Peru United States

Construction Employment

Total Employment

Source: Moody’s Analytics, Cushman & Wakefield Research

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CONSTRUCTION TIMELINES Cushman & Wakefield’s construction contractor sentiment survey indicates that material lead times and project execution timelines have increased over the last six months. Only 2% of contractors believe that lead times had remained constant; the remaining 98% of respondents believe lead times increased slightly (16%) or significantly (82%) over the previous six months. Project execution delays have been more contained; a fourth didn’t experience lead time increases at all. Only 14% indicate execution times have increased significantly and 61% believe timelines increased slightly.

LEAD TIMES ARE EXPECTED TO CONTINUE TO INCREASE IN THE NEXT SIX MONTHS Cushman & Wakefield Construction Contractor Sentiment Survey, Winter 2022

KEY TAKEAWAY Looking forward, construction contractors have similar expectations for project execution timelines, but are slightly more optimistic about the trajectory of material lead times. Half expect material lead times to continue to increase significantly and 12% expect no further growth. Experienced project development teams are required to ensure delays caused by material and labor challenges are planned for and mitigated.

Decreased Significantly Decreased Slightly No Change Increased Slightly Increased Significantly

100%

14%

16%

80%

52%

60%

82%

61%

57%

40%

36%

20%

25%

23%

16%

13%

0%

Material Lead Times

Project Execution Time

Material Lead Times

Project Execution Time

Past 6 Months

Next 6 Months

Source: Cushman & Wakefield Research

8 AMERICAS OFFICE FIT-OUT COST GUIDE 2022

C U S H M A N & WA K E F I E L D

KEY TAKEAWAY Expectations for future costs remain elevated with 96% of respondents expecting their supplier costs to increase further in the next six months. ENR building cost index growth is expected to decelerate in 2022, but not return to a normal historical range (between 2% and 4%) until 2024.

OVERWHELMINGLY, CONSTRUCTION CONTRACTORS EXPECT SUPPLIER PRICES TO INCREASE OVER THE NEXT SIX MONTHS Cushman & Wakefield Construction Contractor Sentiment Survey, Winter 2022

Decreased Significantly Decreased Slightly No Change Increased Slightly Increased Significantly

100%

13%

14%

34% 32%

80%

5%

50%

60%

70%

40%

46%

64%

20%

36%

11%

CONSTRUCTION COSTS In addition to delays in timing, costs have been on the rise as well. C&W’s builder sentiment survey illustrates these costs felt throughout the industry. Almost all (98%) surveyed contractors indicated their supplier costs increased in the past six months, and 85% of contractors had raised their prices since the middle of last year. Construction and building cost indices increased by 8.2% and 13.6% YoY in 2021. These were both fourfold the previous year’s growth rates (1.9% and 3.4%, respectively). 9 The building cost index—which doesn’t include labor costs—grew at a higher rate indicating the inflationary pressure on building materials has been greater than on wage labor over the past year.

14%

0%

General Contractors

GC's Suppliers

General Contractors

GC's Suppliers

Past 6 Months

Next 6 Months

Source: Cushman & Wakefield Research

BUILDING COST INDEX INCREASES BY 14% IN 2021 ENR Building Cost Index

16%

0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1

14%

12%

10%

8%

6%

4%

2%

0%

-2%

2011

2017

2013

2012

2021

2015

2018

2016

2019

2014

2010

2023

2022

2025

2024

2007

2020

2008

2006

2009

Recession

Building Cost Index

Source: Engineering News Record (ENR) (McGraw-Hill); Moody’s Analytics Forecasted

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AMERICAS FIT-OUT COST COMPARISONS

USING THE GUIDE

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.

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

C U S H M A N & WA K E F I E L D

MOSTEXPENSIVE AND COST-EFFECTIVE MARKETS Average generation 1 (GEN 1) fit out costs in the Americas total $122/square feet. Generation 2 (GEN 2) costs are typically priced at 10-15% discount to GEN 1.

> The priciest markets for buildouts are, not

surprisingly, located in the U.S. Of the top six most expensive markets, five are located on the West Coast. The most expensive market is San Jose, where build out costs are nearly double the

Americas average. • San Jose: $215 psf

• San Francisco: $201 psf • New York City: $187 psf • Seattle: $176 psf • Sacramento: $163 psf • Orange County: $155 psf

> The most cost-effective markets are non-dollar denominated Latin American markets and Mexico. There are eight markets with GEN 1 costs below $100 psf. • St. Louis • Chile • Calgary • Monterrey • Guadalajara • Colombia • Mexico City • Peru

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BREAKDOWN OF EXPENSES BY CATEGORY

21%

>26%

>20%

18%

Mechanical costs account for over 20% of costs in fourteen different markets, all in the U.S. (12) and Canada (Montreal and Toronto).

Across all markets, electrical is the largest category of fit-out costs, accounting for 21% of the total. The second highest cost category is mechanical at 18% of total.

In Charlotte, San Francisco, Raleigh and Los Angeles, electrical costs account for over 26% of total costs.

HIGH SIDE

Drywall, acoustic, carpentry is consistently around 12%-15% of total costs, with some outliers:

Toronto 20%

Montreal 17%

LOW SIDE

12-15%

Colombia 7%

Mexico City

Chile

6%

5%

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

PDS AMERICAS FIT OUT GUIDE – PRICING CRITERIA GENERATION 1 PROJECT DESCRIPTION The Generation 1 tenant improvement project (Gen 1) scope and related construction costs are based on modern- day corporate office space with private offices, office workstations, executive areas, reception, training rooms, conference rooms and all other associated ancillary space customary in a corporate facility. Low Voltage Cabling, Audio Visual Equipment, Security, Furniture and other Furniture, Fixtures & Equipment (FF&E) items are excluded from the pricing. Given the fluidity of the construction market, a ten percent (10%) contingency allowance has been included in the cost.

GENERATION 2 PROJECT DESCRIPTION The Generation 2 tenant improvement “adaptive reuse” project (Gen 2) scope and related costs are based on all of the design criteria of the Gen 1 project with the exception of the adaptive reuse scope described as follows: Selective demolition of the existing tenant improvements including finishes, partitions, ceilings and mechanical/ electrical systems

• Reuse 25% of existing partitions and ceiling system

• Reuse 25% of existing sprinkler head locations

• Reuse 80% of perimeter zone air distribution

• Reuse 20% of interior HVAC zone air distribution

• Reuse 100% of existing electrical distribution infrastructure • Reuse 25% of existing electrical power & lighting distribution • Reuse 100% of existing fire alarm main loop with 75% new and 25% relocated devices

TENANT IMPROVEMENT COSTS First & Second Generation byMarket

$100 $125 $150 $175 $200 $225

$0 $25 $50 $75

Peru

Cinncinatti St. Louis Chile

Phoenix Miami

San Diego Dallas

Salt Lake City Costa Rica Argentina Austin

Tampa

Seattle

Detroit

Boston

Minneapolis Nashville Denver

Kansas City Atlanta

Charlotte Raleigh

Calgary

Panama

Los Angeles Toronto

Orlando

Upstate NY Chicago

Houston

Portland

Montreal

San Jose

Colombia

Lower CT

Baltimore

Guadalaja

Columbus

Monterrey

Vancouver

Mexico City

Sacramento

Indianapolis

Philadelphia

San Francisco

New York City

Orange County

Washington DC

East Rutherford

1st Generation 2nd Generation

Footnote: The project scope and criteria of this guide has been revised from the previous 2020 version in order to capture the current trend in tenant improvement design considerations.

Source: Cushman & Wakefield Project & Development Services

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TENANT IMPROVEMENTCOSTS BYSEGMENTANDMARKET

1st Generation: United States (USD)

SEGMENT COST BY MARKET

$0

$50

$100

$150

$200

$250

San Jose San Francisco New York City Seattle Sacramento Orange County East Rutherford Boston Portland Los Angeles Upstate NY Chicago Lower CT Washington DC

Baltimore San Diego Dallas

Philadelphia Minneapolis Nashville Denver Salt Lake City

Austin Tampa Phoenix Miami

Misc. Architectural Trades Arch. Millwork Doors, Frames, Hdwr Drywall, Acoustic, Carpentry General Finishes Mechanical, Plumbing, Fire Protection Electrical General Requirements, General Conditions & Fee Contingency

Houston Orlando Kansas City Atlanta Indianapolis Detroit Charlotte Raleigh Columbus Cinncinatti St. Louis

Source: Cushman & Wakefield Project & Development Services

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

SEGMENT COST COMPOSITION BY MARKET

0%

20%

40%

60%

80%

100%

San Jose San Francisco New York City Seattle Sacramento Orange County East Rutherford Boston Portland Los Angeles Upstate NY Chicago Lower CT Washington DC

Baltimore San Diego Dallas

Philadelphia Minneapolis Nashville Denver Salt Lake City

Austin Tampa Phoenix Miami

Misc. Architectural Trades Arch. Millwork Doors, Frames, Hdwr Drywall, Acoustic, Carpentry General Finishes Mechanical, Plumbing, Fire Protection Electrical General Requirements, General Conditions & Fee Contingency

Houston Orlando Kansas City Atlanta Indianapolis Detroit Charlotte Raleigh Columbus Cinncinatti St. Louis

Source: Cushman & Wakefield Project & Development Services

15 CUSHMAN & WAKEFIELD

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TENANT IMPROVEMENTCOSTS BYSEGMENTANDMARKET 1st Generation: Canada (USD)

SEGMENT COST BY MARKET

$0

$50

$100

$150

Toronto

Montreal

Vancouver

Calgary

SEGMENT COST COMPOSITION BY MARKET

0% 20% 40% 60% 80% 100%

Toronto

Misc. Architectural Trades Arch. Millwork Doors, Frames, Hdwr Drywall, Acoustic, Carpentry General Finishes Mechanical, Plumbing, Fire Protection Electrical General Requirements, General Conditions & Fee Contingency

Montreal

Vancouver

Calgary

Source: Cushman & Wakefield Project & Development Services

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

TENANT IMPROVEMENTCOSTS BYSEGMENTANDMARKET 1st Generation: Mexico (USD)

SEGMENT COST BY MARKET

$0

$20

$40

$60

$80

$100

Monterrey

Guadalaja

Mexico City

SEGMENT COST COMPOSITION BY MARKET

0% 20% 40% 60% 80% 100%

Monterrey

Misc. Architectural Trades Arch. Millwork Doors, Frames, Hdwr Drywall, Acoustic, Carpentry General Finishes Mechanical, Plumbing, Fire Protection Electrical General Requirements, General Conditions & Fee Contingency

Guadalaja

Mexico City

Source: Cushman & Wakefield Project & Development Services

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CUSHMAN & WAKEFIELD

TENANT IMPROVEMENTCOSTS BYSEGMENTANDMARKET 1st Generation: Latin America (USD)

SEGMENT COST BY MARKET

$0 $20 $40 $60 $80 $100 $120 $140

Panama

Costa Rica

Argentina

Chile

Colombia

Peru

SEGMENT COST COMPOSITION BY MARKET

0% 20% 40% 60% 80% 100%

Panama

Costa Rica

Misc. Architectural Trades Arch. Millwork Doors, Frames, Hdwr Drywall, Acoustic, Carpentry General Finishes Mechanical, Plumbing, Fire Protection Electrical General Requirements, General Conditions & Fee Contingency

Argentina

Chile

Colombia

Peru

Source: Cushman & Wakefield Project & Development Services

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

TENANT IMPROVEMENTCOSTS BYMARKET 1st Generation (USD)

Eastern US Midwest US Southeast US Southwest US Western US Canada Mexico LATAM

$225

$200

$175

$150

$125

$100

$75

$50

$25

$0

Peru

Cinncinatti St. Louis Chile

Phoenix Miami

San Diego Dallas

Salt Lake City Costa Rica Argentina Austin

Tampa

Seattle

Detroit

Boston

Minneapolis Nashville Denver

Kansas City Atlanta

Charlotte Raleigh

Calgary

Panama

Los Angeles Toronto

Orlando

Upstate NY Chicago

Houston

Portland

Montreal

San Jose

Colombia

Lower CT

Baltimore

Guadalaja

Columbus

Monterrey

Vancouver

Mexico City

Sacramento

Indianapolis

Philadelphia

San Francisco

New York City

Orange County

Washington DC

East Rutherford

Source: Cushman & Wakefield Project & Development Services

ENDNOTES 1 U.S. Bureau of Economic Analysis; Moody’s Analytics 2 Institute for Supply Management (ISM) 3 U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted

4 The current forecast calls for prices to begin to stabilize in late 2022, however, this forecast does not include the potential disruptions to supply chains from the ongoing war in Ukraine. The conflict has injected more uncertainty around supply chain operations and pricing. A resolution to the conflict would alleviate this uncertainty, but a protracted war will continue to increase uncertainty. 5 Dodge Data & Analytics, New Construction Starts Report 6 https://www.construction.com/news/DMI-Recovers-In-February-2022. Accessed March 22, 2022. 7 Central Bank of Costa Rica; Instituto Nacional de Estadística Geografia e Informática; Ministry of Labour, Argentina; Moody’s Analytics Estimated; National Administrative Department of Statistic; National Institute of Statistics and

Informatics; Statistics Canada; U.S. Bureau of Labor Statistics 8 U.S. Bureau of Labor Statistics (Employment Cost Index) 9 Engineering News Record (ENR) (McGraw-Hill); Moody’s Analytics Forecasted

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LOCALMARKETDATA

ARGENTINA

ATLANTA

Local currency

1st Generation

1st Generation

$14.54

862.27

$3.62

Misc. Architectural Trades

Misc. Architectural Trades

$14.55

862.72

$5.52

Arch. Millwork

Arch. Millwork

$10.22

606.15

$10.81

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$11.62

688.73

$15.26

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$13.60

806.47

$6.97

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$15.49

918.07

$21.78

$24.05

1,425.90

$22.34

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$1.58

93.47

$8.89

$10.57

626.38

$9.52

Contingency

Contingency

$116.22

6,890.18

$104.71

Total

Total

AUSTIN

BALTIMORE

1st Generation

1st Generation

$3.00

$2.67

Misc. Architectural Trades

Misc. Architectural Trades

$6.95

$6.00

Arch. Millwork

Arch. Millwork

$11.37

$14.36

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$12.51

$15.15

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$10.75

$7.64

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$19.83

$26.38

$27.26

$29.26

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$13.68

$15.71

$10.54

$13.18

Contingency

Contingency

$115.89

$130.35

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

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AMERICAS OFFICE FIT-OUT COST GUIDE 2022

LOCALMARKETDATA

BOSTON

CALGARY

Local currency

1st Generation

1st Generation

$2.97

3.93

$3.36

Misc. Architectural Trades

Misc. Architectural Trades

$5.48

7.23

Arch. Millwork

$8.43

Arch. Millwork

$10.65

14.06

Doors, Frames, Hdwr

$15.54

Doors, Frames, Hdwr

$14.13

18.65

Drywall, Acoustic, Carpentry

$20.18

Drywall, Acoustic, Carpentry

$7.26

9.58

General Finishes

$10.48

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$13.30

17.55

$31.61

$17.12

22.60

Electrical

$25.92

Electrical

General Requirements, General Conditions & Fee

$11.86

15.66

General Requirements, General Conditions & Fee

$17.13

$8.28

10.93

Contingency

$13.12

Contingency

$91.06

120.18

Total

$116.22

Total

CHARLOTTE

CHICAGO

1st Generation

1st Generation

$3.11

$4.33

Misc. Architectural Trades

Misc. Architectural Trades

$4.34

$6.82

Arch. Millwork

Arch. Millwork

$9.23

$12.56

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$15.37

$20.83

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$7.87

$9.58

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$16.75

$24.25

$28.15

$32.50

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$10.45

$13.96

$7.67

$12.39

Contingency

Contingency

$102.95

$137.24

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

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CUSHMAN & WAKEFIELD

LOCALMARKETDATA

CHILE

CINCINNATI

Local currency

1st Generation

1st Generation

$15.09

11,233.31

$2.48

Misc. Architectural Trades

Misc. Architectural Trades

$2.16

1,609.24

$5.50

Arch. Millwork

Arch. Millwork

$5.04

3,750.00

$11.95

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$5.15

3,834.30

$13.01

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$5.86

4,362.73

$11.33

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$9.87

7,351.05

$18.16

$11.61

8,642.68

$18.82

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$29.63 22,061.88

$10.05

$8.44

6,284.52

$9.13

Contingency

Contingency

$92.84 69,129.70

$100.43

Total

Total

COLOMBIA

COLUMBUS

Local currency

1st Generation

1st Generation

$11.86

40,380.37

$2.53

Misc. Architectural Trades

Misc. Architectural Trades

$3.76

12,783.02

$5.60

Arch. Millwork

Arch. Millwork

$5.46

18,599.40

$12.17

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$7.10

24,153.42

$13.25

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$11.43

38,896.89

$11.54

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$13.24 45,074.73

$18.52

$10.04

34,172.29

$19.21

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$10.24

$10.67 36,329.28

$9.30

Contingency

$3.52

11,996.57

Contingency

$102.35

Total

Total

$77.09 262,385.97

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

22

AMERICAS OFFICE FIT-OUT COST GUIDE 2022

LOCALMARKETDATA

COSTA RICA

DALLAS

Local currency

1st Generation

1st Generation

$4.00

2,302.46

$3.44

Misc. Architectural Trades

Misc. Architectural Trades

$6.72

3,868.24

$4.01

Arch. Millwork

Arch. Millwork

$7.47

4,295.52

$9.76

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$12.34

7,098.12

$14.68

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$10.71

6,165.13

$9.00

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$16.56

9,527.44

$23.24

$23.09

13,286.98

$30.57

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$27.49

15,815.40

$21.69

$8.16

4,697.31

$11.32

Contingency

Contingency

$116.54

$127.71

7,056.59

Total

Total

DENVER

DETROIT

1st Generation

1st Generation

$3.04

$2.79

Misc. Architectural Trades

Misc. Architectural Trades

$5.75

$4.98

Arch. Millwork

Arch. Millwork

$11.79

$12.21

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$10.03

$14.73

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$11.81

$8.44

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$24.25

$19.26

$27.56

$21.40

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$12.66

$10.82

$10.69

$9.46

Contingency

Contingency

$117.59

$104.09

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

23

CUSHMAN & WAKEFIELD

LOCALMARKETDATA

EAST RUTHERFORD

GUADALAJARA

Local currency

1st Generation

1st Generation

$4.89

$6.32

121.61

Misc. Architectural Trades

Misc. Architectural Trades

$5.39

$1.70

32.67

Arch. Millwork

Arch. Millwork

$14.65

$3.01

57.94

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$18.48

$12.73

245.05

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$9.89

$7.75

149.27

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$34.70

$12.74

245.18

$34.50

$11.52

221.77

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$17.00

$19.80

381.11

$13.95

$7.56

145.46

Contingency

Contingency

$153.45

$83.12

1,600.07

Total

Total

HOUSTON

INDIANAPOLIS

1st Generation

1st Generation

$3.01

$2.86

Misc. Architectural Trades

Misc. Architectural Trades

$6.75

$5.23

Arch. Millwork

Arch. Millwork

$10.86

$11.67

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$12.99

$16.33

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$8.13

$7.78

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$18.26

$19.38

$25.78

$19.43

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$12.42

$12.43

$9.82

$9.51

Contingency

Contingency

$108.04

$104.61

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

24

AMERICAS OFFICE FIT-OUT COST GUIDE 2022

LOCALMARKETDATA

KANSAS CITY

LOS ANGELES

1st Generation

1st Generation

$2.56

$3.85

Misc. Architectural Trades

Misc. Architectural Trades

$6.80

$6.27

Arch. Millwork

Arch. Millwork

$11.93

$13.57

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$15.15

$19.73

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$9.54

$9.28

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$19.28

$24.68

$20.14

$38.10

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$11.00

$13.05

$9.64

$12.85

Contingency

Contingency

$106.04

$141.39

Total

Total

LOWER CONNECTICUT

MEXICO CITY

Local currency

1st Generation

1st Generation

$7.32

140.97

Misc. Architectural Trades

Misc. Architectural Trades

$3.12

$5.14

98.90

Arch. Millwork

Arch. Millwork

$7.34

$4.21

81.10

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$12.00

$6.08

116.99

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$20.82

$5.81

111.92

General Finishes

General Finishes

$8.73

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$12.27

236.15

$24.59

$10.63

204.61

Electrical

Electrical

$30.74

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$16.23

312.42

$15.69

$6.77

130.31

Contingency

Contingency

$12.30

$74.46

1,433.37

Total

Total

$135.34

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

25

CUSHMAN & WAKEFIELD

LOCALMARKETDATA

MINNEAPOLIS

MIAMI

1st Generation

1st Generation

$3.39

Misc. Architectural Trades

$2.79

Misc. Architectural Trades

$6.49

Arch. Millwork

$4.80

Arch. Millwork

$13.01

Doors, Frames, Hdwr

$11.39

Doors, Frames, Hdwr

$16.51

Drywall, Acoustic, Carpentry

$12.39

Drywall, Acoustic, Carpentry

$7.57

General Finishes

$9.40

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$26.24

$18.09

$28.92

Electrical

$22.50

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$11.07

$18.08

$11.32

Contingency

$9.94

Contingency

$124.52

Total

$109.39

Total

MONTERREY

MONTREAL

Local currency

Local currency

1st Generation

1st Generation

$5.69

$3.31

4.37

109.46

Misc. Architectural Trades

Misc. Architectural Trades

$1.88

$4.50

5.94

36.14

Arch. Millwork

Arch. Millwork

$4.97

95.59

$13.40

17.69

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$8.59

165.37

$17.11

22.58

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$7.74

148.95

$6.85

9.05

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$14.01

269.67

$22.68

29.93

$9.75

187.75

$21.19

27.97

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$25.67

494.15

$26.01

34.33

$7.83

150.71

$11.51

15.19

Contingency

Contingency

$86.12

1,657.78

$126.56

167.04

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

26

AMERICAS OFFICE FIT-OUT COST GUIDE 2022

LOCALMARKETDATA

NASHVILLE

NEW YORK CITY

1st Generation

1st Generation

$2.34

$4.52

Misc. Architectural Trades

Misc. Architectural Trades

$4.14

$7.66

Arch. Millwork

Arch. Millwork

$13.27

$20.31

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$11.91

$27.51

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$7.60

$15.14

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$30.95

$35.72

$31.80

$34.35

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$9.76

$23.93

$11.18

$18.12

Contingency

Contingency

$122.93

$187.26

Total

Total

ORANGE COUNTY

ORLANDO

1st Generation

1st Generation

$3.59

$3.23

Misc. Architectural Trades

Misc. Architectural Trades

$7.65

$4.24

Arch. Millwork

Arch. Millwork

$12.63

$11.12

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$19.47

$14.36

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$10.43

$7.48

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$33.37

$21.46

$37.97

$25.50

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$15.63

$11.16

$14.07

$9.46

Contingency

Contingency

$154.80

$108.01

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

27

CUSHMAN & WAKEFIELD

LOCALMARKETDATA

PANAMA

PERU

Local currency

1st Generation

1st Generation

$10.13

$6.78

22.63

Misc. Architectural Trades

Misc. Architectural Trades

$15.67

$3.54

11.81

Arch. Millwork

Arch. Millwork

$10.31

$2.69

8.96

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$11.15

$7.98

26.62

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$16.12

$6.89

23.00

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$16.91

$9.73

32.47

$16.72

$9.76

32.58

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$26.29

$10.38

34.65

$9.70

$5.77

19.27

Contingency

Contingency

$133.00

$63.52

211.97

Total

Total

PHILADELPHIA

PHOENIX

1st Generation

1st Generation

$3.27

$2.14

Misc. Architectural Trades

Misc. Architectural Trades

$5.84

$5.30

Arch. Millwork

Arch. Millwork

$9.54

$11.27

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$14.28

$14.06

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$8.42

$8.24

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$27.63

$16.16

$31.16

$24.59

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$13.62

$18.49

$11.38

$10.03

Contingency

Contingency

$125.15

$110.29

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

28

AMERICAS OFFICE FIT-OUT COST GUIDE 2022

LOCALMARKETDATA

PORTLAND

RALEIGH

1st Generation

1st Generation

$2.71

$2.68

Misc. Architectural Trades

Misc. Architectural Trades

$7.63

$4.20

Arch. Millwork

Arch. Millwork

$13.92

$9.63

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$20.41

$14.62

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$8.90

$7.87

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$26.14

$16.34

$33.92

$27.52

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$15.83

$10.43

$12.95

$9.19

Contingency

Contingency

$142.42

$102.49

Total

Total

SACRAMENTO

SALT LAKE CITY

1st Generation

1st Generation

$3.24

$3.04

Misc. Architectural Trades

Misc. Architectural Trades

$6.94

$5.75

Arch. Millwork

Arch. Millwork

$16.32

$11.79

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$22.87

$10.25

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$12.64

$10.54

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$30.86

$24.25

$31.80

$28.41

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$23.71

$12.66

$14.84

$10.67

Contingency

Contingency

$163.21

$117.36

Total

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

29

CUSHMAN & WAKEFIELD

LOCALMARKETDATA

SAN DIEGO

SAN FRANCISCO

1st Generation

1st Generation

$2.67

$4.63

Misc. Architectural Trades

Misc. Architectural Trades

$6.00

$8.12

Arch. Millwork

Arch. Millwork

$14.36

$13.22

Doors, Frames, Hdwr

Doors, Frames, Hdwr

$14.83

$26.80

Drywall, Acoustic, Carpentry

Drywall, Acoustic, Carpentry

$7.64

$13.84

General Finishes

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$26.38

$39.02

$29.26

$54.39

Electrical

Electrical

General Requirements, General Conditions & Fee

General Requirements, General Conditions & Fee

$15.71

$22.88

$13.18

$18.29

Contingency

Contingency

$130.03

$201.19

Total

Total

SAN JOSE

SEATTLE

1st Generation

1st Generation

$8.31

$2.75

Misc. Architectural Trades

Misc. Architectural Trades

$12.67

Arch. Millwork

$7.87

Arch. Millwork

$16.63

Doors, Frames, Hdwr

$12.08

Doors, Frames, Hdwr

$36.47

Drywall, Acoustic, Carpentry

$19.72

Drywall, Acoustic, Carpentry

$16.04

General Finishes

$13.61

General Finishes

Mechanical, Plumbing, Fire Protection

Mechanical, Plumbing, Fire Protection

$31.00

$31.27

$50.00

Electrical

$36.04

Electrical

General Requirements, General Conditions & Fee

$27.14

General Requirements, General Conditions & Fee

$36.38

$17.01

Contingency

$15.97

Contingency

$215.27

Total

$175.69

Total

NOTES: 1. Generation 1 costs

2. Generation 2 costs have a 10-15% discount 3. All costs in USD unless otherwise noted

30

AMERICAS OFFICE FIT-OUT COST GUIDE 2022

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