Americas Office Fit Out Cost Guide 2023

OFFICE FIT OUT COST GUIDE 2023

KEY TAKEAWAY

As hybrid becomes the norm across office markets, creating spaces that attract employees to the physical workspace will continue to be key to occupiers and landlords. Top tier, newer Class A space is well positioned to capture this demand for dynamic workspaces. Older office inventory will need to fit out their spaces to compete in the future of office. Approximately 60% of total space has the potential to be considered for a fit out by landlords and occupiers.

2030 TOTAL OFFICE INVENTORY BY TIER, MSF

Comparing office inventory in the U.S. by tier, at least 60% of total space has the potential to be considered for a fit out by landlords and occupiers as they aim to continue to attract workers back to the office. Of this 60%, 24% falls into a “good enough” category, which means that the space serves the office needs of an occupier. However, fit outs that increase amenities, including more communal space and space that meets health and wellness requirements of employees, will likely be needed to compete with top tier space.

15%

Top

24%

Good Enough

Value Play

15%

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Needs Upgrading/Repurposing

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Bottom

21%

25%

Total Inventory

Source: Cushman & Wakefield Research

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