Americas Office Fit Out Cost Guide 2023

> In the U.S., fit out costs averaged USD$146 psf, up 12% from 2022 average costs of USD$130 psf. > Canadian costs increased 14% to CD$174 psf from 2022 costs of CD$153 psf. > Mexican fit out costs of MXN$1,724 psf were 10% higher than 2022 costs of MX$1,563 psf. > In Latin America, costs have nearly doubled in Argentina, up 81%, where the country is experiencing over 100% inflation. Chilean costs were up 17% followed by Costa Rica and Peru both up 15%. Costs were up 9% in Panama and nearly flat in Colombia, up only 2%. GEN 1 COUNTRY COSTS AND ANNUAL CHANGES (LOCAL CURRENCIES)

FIT OUT COST INCREASE BY COUNTRY GENERATION 1, YEAR-OVER-YEAR INCREASE

30%

Off Chart +81% YoY

25%

20%

17%

15%

15%

15%

14%

13%

10%

11%

10%

9%

5%

2%

0%

Argentina Chile Costa Rica Peru

Canada United States

Americas Mexico Panama Colombia

Source: Cushman & Wakefield Project & Development Services

20

Cushman & Wakefield