Cushman Wakefield Office Fit-Out/Construction Costs

Cushman & Wakefield has released its 2022 Americas Office Fit-Out Cost Guide, which found supply chain constraints coupled with shifting consumer demands will continue to add upwards pressure to costs, both materials and labor.

Across the Americas, average generation 1 fit out costs total $122/square feet and generation 2 costs are typically priced at 10-15% discount to generation 1. Construction and building cost indices increased by 8.2% and 13.6% YoY in 2021, according to ENR and Moody’s Analytics.

Contractor expectations for future costs are elevated with 96% of respondents expecting their supplier costs to increase further in the next six months. Construction wages increased 3.5% in 2021, outpacing the 10-year average prior to the pandemic (2010-2019) by 150 basis points.

Additionally, Cushman & Wakefield’s construction contractor sentiment survey found that contractors expect continued increases in material lead times and project execution timelines in the next six months.

Events
will be held January 26th, 2023, Noon to 4 PM EST with Atlanta locals in person and rest of country virtual via Zoom.

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January 26th, 2023
The 13th Annual Hybrid Summit will be held on January 26th, 2023 Noon to 4 PM EST.

Virtual Women in Construction: Building Connections was held on December 14th, 2022, 1 PM to 2 PM EST via a Zoom. 2023 Virtual Women in Construction TBD.

2023 Virtual Men’s Round Tables

2023 Men’s Round Table #1 will be held Q1, 2023


2023 Virtual Women’s Round Tables

2023 Women’s Round Table #1 will be held Q2, 2023

News

Hotel construction shows signs of life

Hotel construction, which has declined for the past two years. showed a slight increase at the end of the year, STR reports. Luxury and upscale hotels in Dallas, New York and Phoenix have the largest percentage increases in construction. Lodging  

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