Fit Out Cost Guide 2025 | Retail

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

0

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%

7.8%

Percent Change

7.0%

5.8%

5.5%

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%

0%

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

7

Retail Fit Out Cost Guide 2025