Fit Out Cost Guide 2025 | Retail

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%

7%

19%

22%

26%

80%

11%

7%

60%

30%

85%

70%

40%

63%

33%

20%

7%

7%

7%

0%

Material Lead Times Project Execution Time

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

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Cushman & Wakefield