Americas Office Fit Out Cost Guide 2024

> Office fit out costs increased 3.0% on average from 2023. Argentina, currently facing significant inflationary pressures, experienced the most substantial surge, with prices soaring 140%, followed by Peru at 34%. Conversely, average fit out prices in Costa Rica and Chile declined 7.0% and 35%, respectively. > Despite the drastic price hike in Argentina, it remained the most cost-effective market at $67 psf, 31% less than the LATAM (excluding Mexico) average. In contrast, the Northeastern U.S. emerged as the most expensive region at $173 psf, narrowly surpassing the Western U.S. by a mere $1 psf. LATAM was the most economical region at $97 psf, followed by Mexico at $105. LATAM’s cost advantages spanned multiple segments, with electrical cost being the GEN 1 COUNTRY COSTS AND ANNUAL CHANGES (LOCAL CURRENCIES) most significant differentiator, offering average savings of $13 psf compared to other regions. Drywall, acoustic, and carpentry was the largest cost for the Northeastern U.S., commanding a $9 psf, or 50%, premium compared to other markets.

EASTMAN, MEXICO CITY

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

Off Chart +140% YoY

40%

30%

34%

20%

10%

8%

8%

8%

6%

5%

0%

-7%

-10%

-20%

-30%

-35%

-40%

Argentina Peru Canada Colombia Panama Mexico United States

Chile Costa Rica

Source: Cushman & Wakefield Project & Development Services

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