Americas Office Fit Out Cost Guide 2023

OFFICE FIT OUT COST GUIDE 2023

KEY TAKEAWAY

Commercial starts, a component of nonresidential building construction, rose 25% in 2022 YoY. Although new, ground-up office construction will continue to decelerate as the sector faces continued headwinds including economic uncertainty, office fit outs will likely continue to increase as landlords and occupiers look to upgrade existing space to attract labor to the office.

OFFICE: UNDER CONSTRUCTION AS % OF INVENTORY

5%

4%

3%

2022 Q4, 2.9%

2%

2022 Q4, 1.6%

1%

0%

2011 Q1

2017 Q1

2021 Q1

2015 Q1

2013 Q1

2019 Q1

2001 Q1

2007 Q1

2005 Q1

2003 Q1

2009 Q1

Canada

United States

Source: Cushman & Wakefield Research

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