Fit Out Cost Guide 2025 | Retail

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United States Retail Fit Out Cost Guide 2025

Fit Out Cost Guide 2025 RETAIL

UNITED STATES

Introduction CUSHMAN & WAKEFIELD’S PROJECT & DEVELOPMENT SERVICES (PDS) TEAM HAS DEVELOPED THEIR SECOND ANNUAL RETAIL FIT OUT COST GUIDE TO PROVIDE GUIDANCE ON CURRENT CONSTRUCTION COSTS ACROSS MAJOR U.S. REGIONS AND MARKETS. This retail cost guide features a modern-day retail space fit out, which includes a customer area, back-of-house area and two ADA restrooms. We assumed a 2,500-square-foot (sf) in-line project space situated within a single-story, multi tenant strip center, located in a market’s Central Business District (CBD). Additional assumptions include: • The existing floor infrastructure is set up to have the electricity separately metered. • The building is a steel-framed, metal composite deck structure with a glass curtain wall system and 12-foot finish floor deck heights. • All demising walls are installed for this project with the appropriate fire rating.

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Please note that no furniture, fixtures and equipment (FF&E) fees are applicable to this cost exercise. Technology costs are also excluded.

Fit out costs for this guide were gathered through a non-competitive bid process conducted with 15 general contractors (GCs). Some GCs submitted bids for several markets within their region of coverage, and others submitted bids for individual markets. We have designated the regions and markets as accurately as possible below. Regions covered in the guide include:

• Appalachia (TN, KY, WV) • Chicago MSA • Denver MSA • Mid-Atlantic (Washington, D.C., VA, NC, SC, DE, Eastern PA, NJ, MD) • Midwest (WI, MI, IN, OH, Western PA, Western NY) • Mountain (ID, WY, CO excluding Denver, MT, UT) • New England (CT, MA, VT, NH, ME, RI) • Northern California (San Francisco MSA, Silicon Valley)

• New York City MSA • Pacific Northwest (Portland, Seattle) • Southern California (Los Angeles, Santa Barbara, Orange County, San Diego) • Southeast (FL, AR, LA, MS, AL, GA) • Southwest (AZ, NV, NM, OK) • Texas (Dallas, Houston) • Upper Midwest (ND, SD, MN, IA, IL excluding Chicago, MO, NE, KS)

Retail Fit Out Cost Guide 2025

Key Takeways Cushman & Wakefield’s Retail Fit Out Cost Guide provides cost estimates for an in-line store fit out for 15 different major markets in the U.S. We also examine current construction trends that impact costs and retail market fundamentals. Here are some highlights:

Cushman & Wakefield

• Softening economic activity has resulted in slower retail leasing and negative absorption.

• Recent tariff policy announcements have already resulted in increased pricing as contractors prepare for higher costs.

• The retail construction pipeline remains constrained; therefore, the recent uptick in the vacancy rate will not change the market balance in the near term. • In-line store fit out costs average $155 per square foot (psf) nationally, up 4% year-over year (YOY). Fit outs are costliest in Northern California, averaging $211 psf, and most cost effective in the Southeast, averaging $117 psf.

• Rising commodity prices and labor costs are applying upward pressure to overall

construction costs. However, price increases are expected to be slower relative to the sharp rise seen in 2022.

• Project timelines have stabilized, indicating that general contractors (GCs) have become adept at managing extended schedules. • Based on C&W’s General Contractor Sentiment Survey, GCs expect to navigate higher costs for both materials and labor in 2025.

Retail Fit Out Cost Guide 2025

Construction Sector Update

Commodity Prices Facing Upward Pressure The construction sector is facing headwinds due to recent policy and geopolitical stress. Prices for major commodities began to increase in January 2025 before new tariff policies were enacted and as suppliers prepared to operate in a higher-cost environment. As of March 2025, prices for most construction-related commodities increased both month-over-month (MOM) and YOY. • Commodity prices remain elevated relative to January 2020 levels, particularly for copper, which is up 71%, and aluminum, up 116%. • In part due to the anticipation of increased tariffs, prices grew an average of 8% YOY across the five major commodities used in retail fit outs. Aluminum prices rose the most (+20%), followed by copper (+7.8%), concrete (+7%), glass (+2.7%), and lumber (+2.5%). However, prices remained below their 10-year average increase for lumber and glass.

The forecast calls for increased prices through December 2025 with in-demand commodities of aluminum (+8.3) and copper (+7.8) rising the most.

Cushman & Wakefield

Commodity Prices Facing Increased Upward Pressure Prices are forecast to increase through year-end 2025

800

700

600

500

400

300

Cost Index

200

100

Jul-21

Jul-19

Jul-22 Oct-22 Aluminum

Jul-23

Jul-25

Jul-24

Jan-21 Lumber

Oct-21 Copper

Jul-20

Apr-21

Jan-19

Oct-19

Apr-19

Jan-22

Jan-23

Jan-25

Oct-23

Oct-25

Jan-24

Apr-22

Apr-23

Apr-25

Oct-24

Jan-20

Apr-24

Apr-20 Forecast

Oct-20

Glass

Concrete

Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted

Further Increases for Already Elevated Commodities YOY increases exceed 10-year average increase for some commodities

30%

25%

20.3%

20%

15%

10%

8.3%

7.8%

Percent Change

7.0%

5.8%

5.5%

4.7%

3.5%

3.4%

2.7%

2.5%

2.3%

2.2%

1.8%

27.5%

71.2%

116.13%

26.7%

46.4%

Lumber

Copper

Aluminum

Glass

Concrete

YOY *Pre-Pandemic (Jan 2020)

10-yr Average Forecast

Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted; *Pre-Pandemic off chart

Retail Fit Out Cost Guide 2025

Labor Constraints Keep Costs Elevated

Construction employment grew 3% YOY as of March 2025, nearly double the total employment growth of 1.5% YOY. Employment in the nonresidential segment rose even higher, with 3.9% YOY growth, adding nearly 34,000 new jobs in the last 12 months. Despite this strong hiring, the construction sector continues to struggle with a constrained labor pool. Construction sector quits increased 22% YOY as of February 2025, adding pressure to an already constrained market. However, hires fell 5% YOY as the sector begins to recalibrate projects due to increased economic uncertainty. This uncertainty can also be seen impacting open positions which dropped 38% YOY. Interest rates are not falling as fast as previously expected, infusing an additional concern to developers who now must consider not only higher commodity prices, but also persistently higher interest rates when planning projects.

To attract talent to construction jobs, the sector has continued to raise incentive packages and wages. The average hourly earnings for construction employment grew 4.7% YOY to $36.79 per hour. This rate is 18% higher than private sector employment wages. Additionally, construction sector wages remain elevated relative to other complementary sectors. Median wage growth of 5.2% has decreased from 6% in November 2024 but remains higher than overall median wage growth of 4.6%. Upward pressure on wages is expected to continue in 2025, indicating that construction sector costs will face further increases this year.

Labor Constraint Remains a Concern Hiring accelerated at the beginning of 2025

800

700

600

500

400

300

200

100 0 Job Openings and Labor Turnover: Construction, (Ths. #, SA)

Jul-21

Jul-18

Jul-19

Jul-22

Jul-23

Jul-24

Jan-21

Openings May-20 Jul-20

Mar-21

Jan-18

Jan-19

Mar-18

Mar-19

Sep-21

Sep-18

Sep-19

Quits Nov-21

May-21

Jan-22

Jan-23

Jan-25

Nov-18

Jan-24

Mar-22

Mar-23

May-18

Nov-19

May-19

Mar-24

Jan-20

Mar-20

Sep-22

Sep-23

Sep-24

Nov-22

Nov-23

May-22

May-23

Sep-20

Nov-24

May-24

Nov-20

Hires

Source: U.S. Bureau of Labor Statistics (BLS)

Cushman & Wakefield

Construction Wage Growth Surpasses Other Sectors

3% Median Wage Growth (12 month moving average)

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

Construction and mining

Manufacturing

Trade and transportation

Overall

Fed Target

Source: Federal Reserve of Atlanta

Retail Fit Out Cost Guide 2025

Cushman & Wakefield

Overall Costs Are Facing Increased Upward Pressure However, cost increases are still below their 10-year average increase Monthly YOY Changes Construction Cost Index

25,000

18% 16% 14% 12% 10%

20,000

15,000

8% 6% 4% 2% 0%

10,000

5,000 ENR: Cost index, (1913=100, NSA)

Jan-17

Jan-21

Jan-15

Jan-18

Jan-19

Jan-16

Sep-21

May-21

Jan-22

Jan-23

Jan-25

Jan-23

Jan-24

Jan-20

Sep-22

Sep-23

Sep-24

May-22

May-23

Sep-20

May-24

May-20

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

Building

Common Labor

Skilled Labor

Overall Construction Costs Trend Higher

Rapid increases in construction prices abated through 2024 as the sector returned to normalized increases, which were generally below the 10-year average. However, recent economic uncertainty has begun to press upward on prices. Based on the Engineering News Record (ENR) index, construction costs, which include a common labor component, increased 2.1% YOY as of March 2025. This increase was stronger than the 1.1% increase at year-end 2024 but remained below the 10-year average annual increase of 3.3%. Building cost increases, which include skilled labor, were up 1.8% YOY, relatively flat from the year-end increase of 1.7%, but below the 10-year annual average increase of 4.5%. The labor components of the ENR index show increased price pressure in 2025. As of March 2025, common labor costs are up 2.9% YOY, higher than the year-end 2024 increase of 1.8%, and higher than its 10-year annual average increase of 2%. Costs for skilled labor rose significantly higher in March, increasing 3.7% YOY, much higher than the year-end increase of 1% and its 10-year annual average increase of 2.3%.

Both commodity price and labor cost increases are expected to place upward pressure on overall construction costs in 2025; however, this increase is not expected to reach the price growth levels seen in 2022.

Retail Fit Out Cost Guide 2025

General Contractor Sentiment Survey

In the next six months, GCs expect to see slight to significant price increases from their suppliers (71%), and while most don’t expect to pass these prices on (44%), some expect to pass on a slight to significant price increase (33%). GCs generally expect both labor and material prices to increase in the next six months. These increases have already begun to manifest in monthly data from January to March 2025, as both suppliers and GCs plan price escalations to impact their project costs. Around the country, most retail GCs experience permit times—from requesting to receiving—of four to eight weeks. While this varies by market, larger markets like the NYC and Boston metros, wait longer for permits—8-12 weeks. Markets in California wait even longer—12-16 weeks.

Cushman & Wakefield’s sentiment survey of retail GCs indicates that GCs expect increased costs but stable project timelines. Approximately 37% of GCs felt that material lead times had improved over the last six months, while 33% felt that they had increased slightly or significantly. Most GCs saw no change in project execution times; however, GCs continued to operate from a higher basis and have grown adept at navigating delays. Looking forward to the next six months, most GCs expect both material lead times (70%) and project execution times (85%) to remain the same. Costs are expected to continue to rise, while GCs generally feel that their prices will remain unchanged. In the last six months, some GCs have seen their supplier prices decrease slightly (26%), while most have seen prices increase slightly or significantly (41%). However, most have held their prices steady (59%), while some have decreased their prices slightly (22%) and a few have increased pricing significantly (19%).

Lead and Project Execution Times Expected to Remain Unchanged Cushman & Wakefield Construction Contractor Sentiment Survey, Spring 2025

100%

19%

22%

26%

80%

11%

60%

30%

85%

70%

40%

63%

33%

20%

Material Lead Times Project Execution Time

Past 6 Months

Next 6 Months

Decrease Significantly

Decrease Slightly

No Change Increase Slightly

Increase Significantly

Source: Cushman & Wakefield Research

Cushman & Wakefield

Contractors Don’t Anticipate Significant Price Cuts From Suppliers Cushman & Wakefield Construction Contractor Sentiment Survey, Spring 2025

100%

15%

19%

30%

80%

26%

11%

60%

56%

59%

44%

33%

40%

20%

30%

26%

22%

General Contractors

GC’s Suppliers

General Contractors

GC’s Suppliers

Past 6 Months

Next 6 Months

Decrease Slightly

No Change Increase Slightly

Increase Significantly

Decrease Significantly

Source: Cushman & Wakefield Research

Decreases Are Not Expected For Labor and Material Costs Cushman & Wakefield Construction Contractor Sentiment Survey, Spring 2025

Next 6 Months

100%

15%

22%

80%

44%

60%

44%

40%

41%

20%

33%

Overall Labor Costs

Overall Material Costs

Decrease Slightly

No Change Increase Slightly

Increase Significantly

Decrease Significantly

Source: Cushman & Wakefield Research

California Markets Are Experiencing Longer Permitting Times Cushman & Wakefield Construction Contractor Sentiment Survey, Spring 2025

What is the average time from requesting to receiving a permit?

100%

25%

33%

80%

50%

67%

60%

100% 100% 100% 100% 100% 100%

33% 100% 100% 100% 100%

100%

40%

75%

50%

20%

33%

Texas

SoCal

NorCal

Mountain

NYC MSA

Southeast

Southwest

Upper MW

Pacific NW

Appalachia

Great Lakes

Mid-Atlantic

Boston MSA

New England

Chicago MSA

4-8 Weeks

8-12 Weeks

12-16 Weeks

Source: Cushman & Wakefield Research

Retail Fit Out Cost Guide 2025

Retail Sector Overview In the last few years, consumers have defied expectations at every turn. When inflation ran hot and interest rates increased, consumers continued to spend. As recently as December 2024, real consumer spending achieved a record high. Despite a customary dip in January, retail sales were strong in the first quarter, partially boosted by advanced consumer purchases ahead of anticipated higher costs for items such as autos and smartphones. However, while consumer demand thus far has remained healthy, forward-looking indicators signal a likely pullback. The Michigan Consumer Sentiment 1 survey has fallen for four consecutive months and consumer expectations for the economy are down by 32% year-to-date. Similarly, retailers are bracing for higher costs of goods resulting from tariffs, which will pressure profit margins and result in cost-cutting elsewhere, including real estate. Some of the tariff costs will be passed on to consumers, raising prices and potentially impacting demand. Retail was already amid a cyclical transition; announced bankruptcies and store closures reached a post pandemic high in 2024 and many of those vacancies are slated to hit the market this year. Through the first quarter of 2025, store closures outpaced store openings 4,879 to 3506. Convenience, discount, and grocery stores, which experienced significant expansion 2022-2023, began to slow down in late 2024, a trend that has persisted into this year. Amid prevailing economic uncertainty, retailers are proceeding with caution, reluctant to expand their footprint until a clearer economic outlook emerges.

1 https://www.wsj.com/economy/consumers/consumer-sentiment-university-michigan-april-2025-008b1b93

Cushman & Wakefield

Consumer Spending Has Been Strong But has slowed down over the last two months

Real Consumer Spending: Index (Jan 2019 = 100)

Real Consumer Spending Groups: YOY Change

120

Electronics

6.7%

115

Furnishings & Durable Household Equip.

110

5.8%

105

Sporting Goods

5.3%

100

Grocery

2.4%

Clothing & Footwear

1.8%

Food Service & Bars

-1.3%

2019

2020

2021

2022

2023

2024 2025

Source: U.S. Census Bureau, Cushman & Wakefield Research

Net Retail Store Openings and Closures Store closures continue to outpace openings

2,500 2,000 1,500 1,000 500 - (500)

(1,000) (1,500) (2,000) (2,500) Number of Stores

Convenience, Discount & Grocery

Apparel, Footwear, Acc. & Beauty

Electronics, Home & Office

Luxury, Department Store & Other

2022 Net Store Openings

2023 Net Store Openings

2024 Net Store Openings

2025 YTD Net Store Openings

Source: Coresight Research (U.S. Store Tracker) Note: 2025 YTD data is through Q1, Cushman & Wakefield Research

Retail Fit Out Cost Guide 2025

Rent and Vacancy

The retail leasing sector experienced softening demand in the first quarter of 2025 with 5.9 million square feet (msf) of negative net absorption. After three years of record tight vacancy, limited available inventory has constrained the sector’s ability to sustain robust absorption. Neighborhood Centers accounted for most of the space given back, registering 4.4 msf of negative absorption. Strip Centers showed resilience by absorbing 165,000 sf of space. Leasing activity slowed in the first quarter, totaling just 22.6 msf—the lowest level since the second quarter of 2020. Retail vacancy rates exceeded 5.5% for the first time since late 2022, marking the largest QOQ increase since the third quarter of 2020. Despite this uptick, vacancy rates remain historically low, 50 basis points (bps) below the five-year average of 6%. The combination of rising vacancy rates, softening demand and mounting cost pressures on tenants led to a deceleration in rent growth, with asking rates climbing just 2.3% ($0.56) YOY, 41 cents below the average growth rate observed over the preceding 12 quarters. Despite asking rents remaining at or just below their record highs, recent rate escalations remain below the rate of inflation.

Overall Vacancy Rates and Segmented YOY Rent Growth Rate escalations have slowed after vacancy ticked up

2017

2021

2015

2018

2019

2016

2022

2023

2025

2024

2020

Overall Vacancy Rate NNN Asking Rate: Power Center

NNN Asking Rate: Neighborhood Center

NNN Asking Rate: Strip Center

Source: CoStar, Cushman & Wakefield Research

Cushman & Wakefield

Retail Construction Pipeline

Construction in the retail sector has remained constrained. Development activity continues to trend well below historic levels, with 10.6 msf currently underway, marking the second-smallest pipeline in recent history. The majority (68%) of inventory under construction is focused on Neighborhood Center development. Notably, Power Center construction has experienced a pronounced contraction, accounting for only 9% of sf under development, compared to 20% seven years ago. Limited new supply coupled with low vacancy rates had sustained the 4% or greater annual rent escalations the sector experienced over the last few years.

Overall Vacancy Rates and Segmented YOY Rent Growth Rate escalations have slowed after vacancy ticked up

Millions SF

2011

2017

2012

2013

2021

2015

2018

2019

2016

2014

2010

2022

2023

2025

2024

2008

2009

2020

UC (msf) - Power Center

UC (msf) - Neighborhood Center

UC (msf) - Strip Center

Historical Average (msf)

Source: CoStar, Cushman & Wakefield Research

Retail Fit Out Cost Guide 2025

U.S. Retail Fit Out Cost Comparison USING THE GUIDE: Estimated costs provided herein are indicative of market averages based on certain assumptions. Exact costs for specific projects may differ to those presented here, and so we recommend that you engage a PDS professional to advise on precise costs based on your unique construction requirements. Inclusions: Costs are based on a 2,500-sf in-line store fit out, starting from an as-is condition and transitioning to a modified white box condition, with a 12-week 2 completion schedule. This scope of work includes a new mechanical HVAC system, new HVAC duct work, a new drop ceiling and lighting fixtures, a new storefront door system, new flooring, fire alarm system and minor demo. It also includes a three-phase amp panel, two ADA restrooms, drywall ready for painting, and a small partition wall near the back of the space.

Exclusions: Furniture, Fixtures and Equipment (FF&E)

Note: Some 2024 costs have been restated.

2 While some GCs provided shortened alternate bids, we utilized a 12-week schedule for this guide.

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Most Expensive and Most Cost-Effective Markets

In-line store fit out costs averaged $155 per square foot (psf) nationally in 2025, reflecting a 4% increase over the previous year. Northern California remained the most expensive market, with average costs at $211 psf, followed by the Pacific Northwest at $185 psf and the Southwest at $173 psf. In contrast, the Southeast was the most economical region, averaging $117 psf, followed by the Midwest at $127 psf and the Appalachia region at $128 psf. The Upper Midwest experienced the most significant YOY increase, with costs rising 14%—a $17 psf increase, indicative of stronger construction activity and competition for supplies and labor. Costs also rose significantly in Southern California, up 10% YOY. Contractors in Southern California attributed the escalation primarily to higher supplier costs, approximately half of which were passed through to clients. Conversely, Chicago recorded the sharpest decline with prices falling 6% or $9 psf.

Refer back to page 3 for details on region and market definitions.

Fit Out Cost Average cost by market, per square foot

$250

$200

$150

$100

$50

Texas

SoCal

NorCal

Midwest

Mountain

NYC MSA

Southeast

Southwest

Upper MW

Pacific NW

Appalachia

Mid-Atlantic

Denver MSA

New England

Chicago MSA

Source: Cushman & Wakefield Project & Development Services

Fit Out Cost: Year-Over-Year Change Average cost by market

$20

20%

$15

15%

$10

10%

$(5)

-5%

$(10)

-10%

Texas

SoCal

NorCal

Midwest

Mountain

NYC MSA

Southeast

Southwest

Upper MW

Pacific NW

Appalachia

Mid-Atlantic

New England

Chicago MSA

National Average

$/SF Change

% Change (RHS)

Source: Cushman & Wakefield Project & Development Services

Retail Fit Out Cost Guide 2025

Breakdown of Expenses by Category

Fit Out Cost Segmentation and Composition Average costs by category, per square foot

Fit out costs are segmented into 12 categories:

2%, Concrete, $2.91 2%, General Requirements, $3.41 3%, Specialties, $5.28 3%, Existing Conditions, $5.32

100%

• Carpentry, Doors & Windows • Ceiling • Concrete • Electrical • Existing Conditions • Finishes • General Conditions • General Requirements • Mechanical • Miscellaneous Items • Project Overhead and Profit • Specialties

90%

6%, Ceiling, $9.80 8%, Finishes, $12.35

80%

9%, Project Overhead & Profit, $14.06

70%

12%, Electrical, $17.80

60%

50%

16%, General Conditions, $25.13

40%

30%

17%, Carpentry, Doors, & Windows, $25.92

20%

10%

21%, Mechanical, $32.61

Source: Cushman & Wakefield Project & Development Services

Cushman & Wakefield

Among these categories, Mechanical accounted for the largest share at 21% of total project costs, followed by Carpentry, Doors, & Windows at 17% and General Conditions at 16%. Project overhead averaged 9% of total costs across markets.

Mechanical expenses increased 17% from the prior year, driven by a confluence of factors including sustained labor constraints, elevated material costs and evolving regulatory requirements. In particular, recent changes implemented by the U.S. Environmental Protection Agency have initiated the phaseout of R-410A, the industry-standard refrigerant, in favor of alternatives with lower global warming potential. This transition has narrowed the market for legacy R-410A equipment and forced production changes. Manufacturers are incurring additional costs related to redesign, compliance, and enhanced safety standards. According to Colony Plumbing 3 , heating and cooling the new HVAC systems generally cost a 10%-25% premium compared to their R-410A predecessor.

Fit Out Costs by Segment and Market Average costs, per square foot

Segment Cost by Market

Segment Cost Composition by Market

NorCal Pacific NW Southwest SoCal NYC MSA

Denver MSA Chicago MSA Texas Mountain New England Mid-Atlantic Upper MW Appalachia Midwest Southeast

$50

$100

$150

$200

$250

20%

40%

60%

80%

100%

Mechanical

Carpentry, Doors, & Windows General Conditions Electrical

Project Overhead & Profit Finishes

Ceiling

Existing Conditions

Specialties

General Requirements

Concrete

Misc. Items

Source: Cushman & Wakefield Project & Development Services, Note: The Mountain region excludes Denver

3 https://colonyheating.com/2025/01/21/r-410a-phase-out-new-r454b-mandate/

Retail Fit Out Cost Guide 2025

Local Market Data

APPALACHIA

CHICAGO MSA

2024

2025

2024

2025

Mechanical

$21.72

$22.45

Mechanical

$35.84

$41.75

Carpentry, Doors, & Windows

$19.36

$22.00

Carpentry, Doors, & Windows $26.08

$22.10

General Conditions

$23.23

$24.45

General Conditions

$18.74

$19.72

Electrical

$12.12

$12.48

Electrical

$17.68

$18.11

Project Overhead and Profit

$10.23

$11.67

Project Overhead and Profit

$14.52

$13.98

Finishes

$10.70

$11.75

Finishes

$15.75

$13.40

Ceiling

$4.95

$6.19

Ceiling

$11.61

$10.98

$2.46

$3.58

$10.19 $4.40

Existing Conditions

$9.55

$2.88

Specialties

$2.70 $3.25

$8.22

$2.95

General Requirements

$0.00 $0.00

$1.73

$3.26

Concrete

$0.00 $1.00

$0.00 $0.27

Misc. Items

$117.03 $128.37

$163.23 $153.81

Total Cost

DENVER MSA

MID-ATLANTIC

2025

2024

2025

Mechanical

$44.94

Mechanical

$32.69 $35.00

Carpentry, Doors, & Windows

$29.02

Carpentry, Doors, & Windows $27.97

$27.97

General Conditions

$20.90

General Conditions

$21.99

$23.15

Electrical

$13.89

Electrical

$16.61

$13.33

Project Overhead and Profit

$14.63

Project Overhead and Profit

$14.63

$12.88

Finishes

$11.90

Finishes

$8.04

$7.89

Ceiling

$9.29

Ceiling

$5.78

$6.50

$8.01

$6.94 $6.36

Existing Conditions

$5.28

$3.17

Specialties

$0.44

$1.50 $1.50

General Requirements

$1.86

$4.03

$3.23

Concrete

$0.81

$0.00 $0.75

Misc. Items

$160.98

$143.35 $141.72

Total Cost

Cushman & Wakefield

Local Market Data

MIDWEST

MOUNTAIN

2024

2025

2024

2025

Mechanical

$31.33

$36.31

Mechanical

$27.18

$34.10

Carpentry, Doors, & Windows

$11.44

$19.48

Carpentry, Doors, & Windows

$26.11

$23.49

General Conditions

$16.64

$17.52

General Conditions

$25.78

$27.14

Electrical

$17.26

$14.21

Electrical

$14.93

$18.23

Project Overhead and Profit

$9.61

$11.52

Project Overhead and Profit

$12.75

$13.68

Finishes

$11.34

$10.31

Finishes

$12.52

$10.89

Ceiling

$8.92

$6.60

Ceiling

$7.74

$9.07

$4.11

$5.40

$6.46 $4.20

Existing Conditions

$1.19

$3.41

Specialties

$4.82

$1.89

$2.26

$2.60

General Requirements

$1.44

$1.99

$2.46 $3.44

Concrete

$0.00 $0.27

Misc. Items

$118.11

$126.71

$141.61

$150.52

Total Cost

NEW ENGLAND

NORTHERN CALIFORNIA

2024

2025

2024

2025

Mechanical

$32.69

$33.29

Mechanical

$22.78

$38.11

Carpentry, Doors, & Windows $27.97

$27.97

Carpentry, Doors, & Windows

$39.03

General Conditions

$21.99

$23.15

General Conditions

$31.85

$33.53

Electrical

$16.61

$12.90

Electrical

$29.44 $28.33

Project Overhead and Profit

$14.63

$13.18

Project Overhead and Profit

$19.67

$19.16

Finishes

$8.04

$9.23

Finishes

$30.56

$22.92

Ceiling

$5.78

$8.03

Ceiling

$24.72

$15.07

$6.94 $8.44

$0.00 $0.00

Existing Conditions

$3.17

$1.17

Specialties

$2.45

$5.00 $5.57

General Requirements

$4.03

$2.82

$6.67

$7.90

Concrete

$0.00 $0.38

$0.00 $0.00

Misc. Items

$144.30 $145.00

$210.88 $210.77

Total Cost

Retail Fit Out Cost Guide 2025

Local Market Data

NYC MSA

PACIFIC NORTHWEST

2024

2025

2024

2025

Mechanical

$35.96

$46.13

Mechanical

$24.96

$26.81

Carpentry, Doors, & Windows $30.77

$28.82

Carpentry, Doors, & Windows $29.37

$29.37

General Conditions

$19.72

$20.76

General Conditions

$29.42

$30.97

Electrical

$18.27

$17.32

Electrical

$27.30 $23.54

Project Overhead and Profit

$16.09

$15.34

Project Overhead and Profit

$20.01

$16.82

Finishes

$8.85

$10.26

Finishes

$13.76

$13.75

Ceiling

$6.36

$8.45

Ceiling

$17.69

$7.64 $7.00

$0.00 $4.91

Existing Conditions

$3.48

$14.84 $14.84

Specialties

$6.00 $6.00

$3.40 $3.13

General Requirements

$4.43

$4.19

$5.10 $3.20

Concrete

$0.00 $0.98

$0.00 $0.00

Misc. Items

$157.57 $168.73

$185.85 $185.03

Total Cost

SOUTHEAST

SOUTHERN CALIFORNIA

2024

2025

2024

2025

Mechanical

$20.79

$19.63

Mechanical

$27.36

$27.57

Carpentry, Doors, & Windows $18.09

$20.09

Carpentry, Doors, & Windows $33.14

$29.24

General Conditions

$18.44

$19.41

General Conditions

$28.86

$30.37

Electrical

$11.23

$9.92

Electrical

$19.22

$25.27

Project Overhead and Profit

$10.24

$10.66

Project Overhead and Profit

$12.91

$15.57

Finishes

$10.49

$12.13

Finishes

$14.88

$13.59

Ceiling

$6.78

$8.35

Ceiling

$11.70

$11.40

$5.14

$4.11

$2.56

$9.96

Existing Conditions

$8.44 $8.44

$2.54 $2.54

Specialties

$1.00 $3.25

$1.19

$4.38

General Requirements

$1.04

$1.12

$1.63

$1.43

Concrete

$0.00 $0.13

$0.00 $0.00

Misc. Items

$111.68 $117.23

$155.99 $171.31

Total Cost

Cushman & Wakefield

Local Market Data

SOUTHWEST

TEXAS

2024

2025

2024

2025

Mechanical

$34.72

$34.83

Mechanical

$19.22

$23.43

Carpentry, Doors, & Windows $26.51

$25.42

Carpentry, Doors, & Windows $18.97

$22.15

General Conditions

$31.63

$33.30

General Conditions

$29.52

$31.07

Electrical

$18.47

$23.89

Electrical

$17.85

$20.99

Project Overhead and Profit

$15.02

$15.72

Project Overhead and Profit

$21.66

$13.95

Finishes

$13.14

$13.91

Finishes

$7.56

$10.85

Ceiling

$7.97

$11.93

Ceiling

$8.69

$9.64

$6.81

$5.32

$11.63

$2.73

Existing Conditions

$1.22

$10.70 $10.70

Specialties

$5.00 $3.63

$6.36

$3.68

General Requirements

$3.36

$3.72

$0.00 $4.29

Concrete

$0.00 $0.00

Misc. Items

$163.86 $172.90

$152.15 $153.48

Total Cost

UPPER MIDWEST

2024

2025

Mechanical

$24.56

$24.80

Carpentry, Doors, & Windows $17.69

$22.58

General Conditions

$20.47

$21.54

Electrical

$9.98

$14.58

Project Overhead and Profit

$10.19

$12.16

Finishes

$11.18

$12.55

Ceiling

$6.64

$7.87

$5.40 $5.40

Existing Conditions

$8.19

Specialties

$2.63

$2.45

General Requirements

$0.00 $1.15

Concrete

$0.00 $0.45

Misc. Items

$116.93 $133.73

Total Cost

Retail Fit Out Cost Guide 2025

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles , the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

Contact PROJECT & DEVELOPMENT SERVICES Brian Ungles Project & Development Services Americas Leader brian.ungles@cushwake.com Joe Tocco

Shane Huddleston Sr. Project Manager Development and Construction Services shane.huddleston@cushwake.com

Executive Account Director Portfolio Services Lead joe.tocco@cushwake.com

RESEARCH

David Smith Head of Americas Insights Global Research david.smith4@cushwake.com

Ethan Tribble Alternatives & Practice Groups Research Analyst ethan.tribble@cushwake.com

Sandy Romero Research Manager Global Research sandy.romero@cushwake.com

ADDITIONAL CONTRIBUTORS Tyler Paytas Global Head of Global Occupier Services Project Management tyler.paytas@cushwake.com

Barrie Scardina President of Americas Retail Services barrie.scardina@cushwake.com

Shannon Koenigsdorf EMD, Account Management Global Occupier Services shannon.koenigsdorf@cushwake.com

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