Americas Industrial Construction Cost Guide 2024

BUILD-TO-SUIT COST COMPARISONS Like market trends, industrial construction costs increased across most project sizes in the Americas. Pricing for small projects (109,200 rsf) averaged $142 psf, a 17% increase over 2023 costs. Medium-sized projects (476,400 rsf) averaged $85 psf, 2.1% higher than 2023. Pricing for large-sized projects receded slightly, falling 4.2% from 2023 levels to $75 psf. Lower commodity prices allowed large-sized projects to use their scale effect to improve pricing. Smaller projects not only lack the scale, but their office footprint allocation—relative to larger-sized projects—means that price per square foot will always be larger. MOST EXPENSIVE AND COST-EFFECTIVE MARKETS Markets in the U.S. and Canada had the highest project costs, and this year a Southern U.S. market— Miami—joined the list of priciest markets. Seattle tops the list as the most expensive market, where small projects average $182 psf, medium project average $98 psf, and large projects average $83 psf.

SMALL

MEDIUM

LARGE

Seattle

$182

$98

$83

Calgary

$176

$97

$84

Vancouver

$172

$93

$79

Toronto

$170

$92

$78

Cleveland

$170

$85

$74

Miami

$168

$90

$80

USING THE GUIDE Estimated costs provided herein are indicative of market averages based on certain assumptions. Since exact costs for specific projects may differ with those presented here, we recommend engaging a Project & Development Services professional to advise on precise costs based on your unique construction requirements.

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Cushman & Wakefield