Americas Office Fit Out Cost Guide 2024

OFFICE FIT OUT COST GUIDE 2024

Building costs, which include skilled labor costs, have increased more (up 3.8% YOY) and are currently 33% above 2019 levels.

Overall construction costs have increased throughout the Americas. 3 > U.S. construction costs decelerated in 2023 as inflationary impacts began to ease. Based on Engineering News Record (ENR) indexes, construction costs, which include common labor, increased 2.7% YOY, decelerating from annual increases of 8.9% in mid-2022. Building costs, which include skilled labor costs, have increased more (up 3.8% YOY) and are currently 33% above 2019 levels. > Labor costs applied significant upward pressure

on overall costs in 2023. Common labor costs increased 1.8% YOY, in line with the 10-year average of 2.1%. Skilled labor costs increased more rapidly (3.3% YOY) and surpassed the 10-year average of 2.5%.

CONSTRUCTION COSTS MODERATING MONTHLY YOY CHANGES

Construction

Building

Common Labor

Skilled Labor

10% 12% 14% 16% 18%

0% 2% 4% 6% 8%

Jul-21

Jul-22

Jul-23

Jan-21

Jul-20

Oct-21

Apr-21

Jan-22

Jan-23

Oct-22

Oct-23

Apr-22

Jan-20

Apr-23

Oct-20

Apr-20

Source: Engineering News Record (ENR) (McGraw-Hill)

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CUSHMAN & WAKEFIELD, PHILADELPHIA