Global Office Fit Out Cost Guide 2024

In this inaugural Office Fit Out Cost Guide global summary, we have set out average fit out costs for 134 markets across the world, to help guide occupiers through the early stages of defining their office relocation budgets. In addition to this global summary, more detailed data and insights are provided in three regional guides for: Americas; Europe, Middle East and Africa; and Asia Pacific. MARKET REVIEW AND OUTLOOK ECONOMY The global economy remained resilient throughout much of 2023 as central banks around the world continued to hike interest rates to counter high inflation. Indeed, global GDP growth for the year is estimated at 2.6%, which is broadly in line with average growth over the past decade. Positively, inflation is down from its peak, recorded in mid-2022 for most countries, and for many economies headline inflation is coming under control, with both the U.S. and Euro zone almost at 3% at the end of 2023. Despite further progress on core inflation needed, the hiking cycle is now largely over and attention is turning to when central banks will pivot and begin easing rates from their current restrictive levels. The timing of this pivot will vary across the world, though it is likely to occur from around the mid-point of this year. While central banks will likely want to be sure that inflation is firmly within, or at least on the correct trajectory to, target levels, they will also be mindful of the economic growth outlook. The cost of greater economic resilience in 2023 is that growth is forecast to slow through H1 2024, with some economies likely to enter recession or experience recessionary-like conditions during the year. For the U.S. this means growth of approximately -0.3%, the Euro area and U.K. are forecast at 0.9% and 0.3% respectively, with Asia Pacific around 3.5%.

CUSHMAN & WAKEFIELD UTRECHT, NETHERLANDS

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Cushman & Wakefield