Americas Office Fit Out Cost Guide 2024

OFFICE FIT OUT COST GUIDE 2024

GEN 1 MARKET COSTS

> Fit out costs in California were notably high, with five of the top seven most expensive markets located within the state. San Francisco was the costliest at $223 psf, followed by San Jose, at $219 psf. The only California market not in the top seven was Sacramento, ranking as the fourteenth most expensive market out of 59 covered. Apart from Sacramento and Orange County, the remaining California markets were marked by elevated electrical costs, averaging $24 psf more than other markets. This is largely attributed to California’s stringent building codes and environmental regulations. They often necessitate additional wiring and the use of higher-quality materials, aligning with the state’s efforts to reduce reliance on natural gas and promote energy efficiency. > San Diego witnessed the biggest price hike over the last year, costing an additional $45 psf in 2024 after three categories jumped at least $7 psf—most notably general requirements, general conditions, and fees.

> Monterrey emerged as the most cost effective market in North America, priced at $84 psf, followed by St. Louis at $99 psf. Monterrey demonstrated cost efficiency across numerous categories, particularly in mechanical, plumbing and fire protection, priced at a mere $6 psf. Conversely, St. Louis offered clients savings in general requirements, general conditions and fees, totaling $10 psf less than the average. > Meanwhile, Salt Lake City’s declines in mechanical plumbing and fire protection drove prices down nearly 16%, the largest reduction in the U.S. After a spike in 2023, Salt Lake City now sits just under $113 psf.

TENANT IMPROVEMENT COSTS BY REGION GENERATION 1

Southeast US South US Mid-Atlantic US Northeast US Midwest US West US Canada Mexico LATAM

225

200

175

150

125

100

75

50

25

0

Reno

Brazil

Miami

Dallas

Austin

Tampa

Seattle

Detroit

Philadelphia Chicago Boston

Baltimore Denver

Atlanta

Upstate NY Raleigh

Puerto Rico Calgary

Panama

Phoenix

Toronto

Orlando

Houston

Sacramento Portland

Montreal

San Jose

Nashville

Charlotte

Lower CT

Cincinnati

Salt Lake City Indianapolis Columbus

Los Angeles Las Vegas

San Diego

Guatemala

Vancouver

El Salvador

Kansas City

Mexico City

Minneapolis

Guadalajara

San Francisco

New York City

Dom. Republic

Orange County

Washington DC

East Rutherford

Source: Cushman & Wakefield Project & Development Services

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