Americas Office Fit Out Cost Guide 2024

OFFICE FIT OUT COST GUIDE 2024

EASTMAN, MEXICO CITY

KEY TAKEAWAY Much of the increase in construction “volumes” is due to price increases as opposed to real growth in construction project activity. The cost of construction has been driven up the last few years by supply chain stress, materials inflation, interest rate increases and wage growth. All of this creates challenges for those tenants attempting to keep fit outs within budget.

COST OF CAPITAL IS HIGHER ACROSS THE AMERICAS INTEREST RATES HAVE INCREASED, CREATING AN ADDITIVE EFFECT TO COSTS

2019Q4 2023Q4 2024Q4 (Forecast)

30%

25%

20%

15%

10%

10-Year Treasury (By Country)

5%

0%

Argentina Brazil

Canada

Chile Colombia Costa Rica Mexico Peru United States

Source: Moody’s Analytics, Cushman & Wakefield Research

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