Americas Office Fit Out Cost Guide 2023

INTRODUCTION

The past 12 months have once again proven to be turbulent for the office sector. Not only have receding supply chain constraints done little to abate the rising costs and material delays that continue to plague the construction sector, but inflationary pressures and increased labor costs have continued to apply upward pressure on costs. Economic uncertainty and rising interest rates are putting some planned construction projects on unsteady ground. That said, the current flight-to-quality trends will likely fuel fit outs as occupiers look to upgrade their space to attract employees in a labor market dominated by hybrid work. As it stands, most major companies have adopted some form of hybrid working model, which is helping them make strategic decisions on how to use their office space going forward. In addition, sustainability targets, more visible practices to foster and promote DE&I, and technology mean that office space fit outs go beyond how the space looks. They also consider how the space contributes to a company’s financial, social, and sustainability goals while also reflecting corporate brand and culture. This guide, which covers 45 cities and nine countries across the Americas, helps occupiers define their capital planning and relocation budgets, and includes a comprehensive fit out cost section covering: architectural trades; millwork; doors, frames and hardware; drywall, acoustic and carpentry; general finishes; mechanical, plumbing fire protection; electrical and more.

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Cushman & Wakefield