Global Office Fit Out Cost Guide 2024

Employee and stakeholder input resulted in significant buy in from users, who were able to recognize their influence in the office design. costs based on your unique construction requirements? LOOKING TO GO BEYOND MARKET AVERAGES and understand

OFFICE MARKET Against this uncertain economic backdrop, the office sector is also going through a period of structural change. The rise of hybrid and remote working practices have had a significant impact on office demand in some markets, as companies have rightsized their office space footprints. North America has experienced the greatest impact of these forces, with Q4 2023 marking the eighth consecutive quarter of negative net absorption, which coincided with a historically high national vacancy rate of almost 20%. However, not all office space is equal, and companies are increasingly substituting quantity with quality. Quality is often synonymous with strong sustainability certification from a physical environment and well-being perspective. For example, overall office leasing in Europe remained in positive territory in 2023, though declined 14% year-on-year with activity that was bifurcated between a 5% drop for Grade A space compared to 16% for secondary space. It is also important to note that not all markets are experiencing a contraction in demand. Grade A net absorption in Asia Pacific rose 21% YOY to reach over 78 million square feet (msf), with India setting a new record at 41 msf.

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