Intelligent Investment
Global Office Fit-Out Cost Guide 2024
A Data-driven Analysis of Fit-out Pricing and Global Construction Trends
April 11, 2024 20 Minute Read
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Introduction
Welcome to CBRE’s Global Office Fit-Out Cost Guide, which offers:
- Tailored Cost Planning: Cost data for three unique, trend-forward floor layouts includes low, medium, and high specification options for each component (construction, furniture, technology). The “Build Your Own Budget” data offers flexibility to create a budget that perfectly aligns with any project's specific needs and vision.
- Local Costs, Global Insights: The Guide provides cost benchmarks for 134 cities across 74 countries, ensuring the most specific cost information possible regardless of project location. The data also includes essential yet often overlooked costs, such as reinstatement (restoring the old space) and moving expenses. This comprehensive approach ensures the budget accounts for all aspects of an office fit-out project.
- Future-Proofed Costing: Analysis of global and regional trends shaping the office fit-out industry—including design innovations, ESG considerations and economic forecasts—helps factor potential cost fluctuations into the budget, ensuring a more accurate and future-proofed financial plan.
1a. Guide Overview
The 2024 edition of the CBRE Global Office Fit-Out Cost Guide is a comprehensive compilation of office fit-out costs, organized to navigate the complexities of the global real estate market. We examine the implications of current trends like hybrid workspaces and sustainability, and how they are reshaping cost dynamics in key regions worldwide.
1b. How to Use This Guide
This guide is structured to be user-friendly and intuitive, allowing you to quickly find relevant information. Whether you're looking for detailed insights into specific regional markets or a broad overview of global trends, our guide’s design helps you to find the information you need.
Start with the Contents section for a comprehensive roadmap of the guide's structure, and then explore the individual sections segmented by geographical regions and key components.
Understanding of Layout:
We have organized the guide by geographical region, followed by detailed cost breakdowns, specialty considerations and market insights. Each section begins with a summary overview, leading into granular details.
Specifications:
Specifications are crucial to understanding cost data. We provide a standard baseline of specifications that apply to typical office fit-outs, with variations and customization options.
Locations:
Our guide covers a comprehensive range of locations across the Americas, Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA) regions.
Assumptions:
To ensure clarity and transparency, we lay out the assumptions underlying our cost data, including the size of the fit-out, quality of finishes, and the inclusion or exclusion of furniture, IT infrastructure and other variables.
Understanding these foundational elements will allow you to make the most effective use of the guide, ensuring accurate and relevant application to your projects.
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