Americas Office Fit Out Cost Guide 2024

COSTS INCREASED ACROSS THE AMERICAS

COMMERCIAL CONSTRUCTION COST INDEX: CANADA

TOTAL CONSTRUCTION COSTS: LATIN AMERICA

Mexico Argentina Brazil

150

100%

140

80%

130

60%

120

40%

110

20%

100

0% Monthly YOY Change in Construction Index

90

80

-20%

Building Construction Price Index - New Commercial buildings, (2017=100, SA)

Jul-17

Jan-12

Jun-18

Mar-21

Oct-14

Sep-15

Dec-12

Jan-23

2013Q1

Nov-13

2016Q1

2019Q1

May-19

Aug-16

Feb-22

Dec-23

Apr-20

2021Q2

2022Q1

2017Q3

2015Q2

2018Q2

2013Q4

2014Q3

2016Q4

2019Q4

2023Q3

2022Q4

2020Q3

Source: Moody’s Analytics, Cushman & Wakefield Research

> In Canada, commercial building construction costs increased 5.5% YOY as of Q3 2023. These costs are 32% higher than pre-pandemic levels. > In LATAM, costs have also increased significantly over the past four years, but there are differences across countries. Overall construction costs—including commercial and residential—in Mexico and Brazil increased 3.5% and 2.6% YOY, respectively. These are moderate annual increases, down from double-digit annual cost increases in 2021 and 2022. > Astronomical inflation in Argentina has significantly impacted construction costs. Commercial and residential construction costs are up 205% YOY and have increased more than 1,000% over the past four years.

DLA PIPER, HOUSTON

10

Cushman & Wakefield