Americas Office Fit Out Cost Guide 2024

OFFICE FIT OUT COST GUIDE 2024

OFFICE VACANCY RATES HAVE CLIMBED

HOWEVER, MOST MARKETS RECOVERED THE OFFICE-USING JOBS THEY LOST DURING THE PANDEMIC

VACANCY RATES HAVE INCREASED 431 BPS ON AVERAGE

OFFICE USING EMPLOYMENT RECOVERED ACROSS MOST COUNTRIES

YOY

Pre-Pandemic 5-Year Forecast

Current Vacancy Rate Pre-pandemic Vacancy (2019 Q4)

2-Year Forecast

20%

25%

15%

19.7%20.1%

20%

18.5%

10%

16.7%

15.6%

15%

13.6%

5%

10.5%

9.2%

10%

0%

Overall Vacancy Rate

Employment Change

5%

-5%

0%

-10%

Brazil

Canada Mexico Peru United States

Source: Moody’s Analytics, Cushman & Wakefield Research

HIGH QUALITY ASSETS ARE BREAKING FURTHER AWAY

SALES PRICE PER SQUARE FOOT; 12-MONTH AVERAGE

$100 $150 $200 $250 $300 $350 $400 $450 $500

$- $50

Spread Office Top Quartile

Office

Source: Cushman & Wakefield Research, Real Capital Analytics

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