Americas Office Fit Out Cost Guide 2023

OFFICE FIT OUT COST GUIDE 2023

MOST EXPENSIVE AND COST-EFFECTIVE MARKETS

Average Generation 1 (GEN 1) fit out costs in the Americas total $135 per square foot (psf), up 11% from 2022’s $122 psf average. Generation 2 (GEN 2) costs are typically priced at a 10-15% discount to GEN 1.

> The priciest markets for fit

outs are located in coastal gateway U.S. markets with San Jose being the most expensive market, where fit out costs are roughly 76% higher than the Americas average and have increased 11% YoY. The top six markets costs increased an average of 12% from the previous year, with the largest jump being New York at 14%. • San Jose: $238 psf • San Francisco: $222 psf • New York City: $213 psf • Seattle: $198 psf

• Sacramento: $184 psf • East Rutherford: $184

> The most cost-effective markets are non-dollar denominated Latin American markets and Mexico. There are five

markets with GEN 1 costs below $100 psf; none of these markets were in the U.S. or Canada. This is down from eight markets in the previous year.

• Colombia • Argentina • Peru • Mexico City • Monterrey

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