Fit Out Cost Guide 2025 | Retail

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.

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Cushman & Wakefield