Global Office Fit Out Cost Guide 2024

OFFICE FIT OUT COST GUIDE 2024

GRADE A NET ABSORPTION BY REGION (MSF)

80

60

40

20

0

-20

-40

Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021

Q4 2022 Q4 2023

EMEA

AMERICAS

APAC

Looking to the future, much of the aggregate impacts of flexible and remote working experienced over the past few years have worked their way through the system; they likely have a little more to run, albeit at a more muted level. This means the office recovery will remain highly uneven across regions, markets and the building quality spectrum. Notwithstanding, top tier office product—the top 10-15% of any given market—is

expected to outperform the world over, providing many of the criteria that occupiers are now seeking to meet their workplace, location and ESG goals. Beyond this, we forecast that net absorption in the Americas will return to positive territory in 2025, helping drive stronger growth in global office demand 3,4,5 .

DLA PIPER, HOUSTON

USING THE GUIDE Estimated costs provided herein are indicative of market averages based on certain assumptions. Exact costs for specific projects may differ to those presented here, and so we recommend engaging a Project & Development Services professional to advise on precise costings based on your unique construction requirements.

3 https://www.cushmanwakefield.com/en/united-states/insights/us-macro-outlook 4 https://www.cushmanwakefield.com/en/insights/european-outlook 5 https://www.cushmanwakefield.com/en/insights/asia-pacific-office-outlook

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