NORTH

AMERICA
FIT-OUT
COST GUIDE
Occupier Projects 2016/17 Edition
TABLE OF CONTENTS

Executive Summary // 2

Market Overview: Where’s the top? // 4

Benchmarking Guidelines // 6

Guide Assumptions // 8

Regional Market Summaries // 9

GWS Account Summaries // 35

EXECUTIVE SUMMARY

BY THE NUMBERS
143
Average cost (USD $) per rentable square foot
to build office space in North America.

The most expensive market in North America is San Francisco,

averaging USD $223/SF. This is just slightly higher than New York City at
USD $221/SF. The least expensive market is Indianapolis (USD $59/SF).

24,395
The average cost per seat ($USD) is calculated by utilizing the total number of
‘seats’ (office or cubicle) as the denominator and total cost as the numerator.

171
Average number of square feet per person
or ‘seat’, also defined as space density.

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

DATA SET

DATA COLLECTED REPRESENTS 2016 COSTS

Inflation applied to 2015 data set

196 SAMPLES

36 GWS Accounts

33 LMAs

43 Markets

18 Industries

ANALYSIS INCLUDES:

Average Office Costs – Cost Category Breakdown & Total Cost

Office Costs – High to Low

Cost Ratios

Cost per Seat

Space Plan Usage

Schedule: Build Time – Minimum and Maximum

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 3

MARKET OVERVIEW

WHERE’S
THE TOP?
The last twelve months have seen an already buoyant market continue to show strong
signs the boom isn’t over just yet.

Whilst some markets have softened slightly from the highs of the proceeding twelve
months, there is still enough volume of work that construction costs are merely increasing
at a steadier rate compared to the sharp uptick experienced from 2014 to 2015.

However, some markets are extremely hot with San Francisco, Silicon Valley and the
Pacific North West leading the country in market escalation. These particular markets
have a wealth of work with the technology sector and are building at rapid rates. This
sector has a glut of large project opportunities and these projects are sapping the avail-
able labor and driving up construction costs across all sectors.

In the New York market that is typically at the forefront of construction escalation due to
the large amount of capital being spent year over year, there has been much speculation
as to where the top of the market is. Whilst most indicators point to a slowdown, construc-
tion opportunities remain plentiful and the labor markets tight, keeping New York’s costs
climbing in line with the expected averages. The top does not seem to be in sight.

As far as Commercial Tenant Improvement trends, there has been a visible increase in
the amount of densification projects similar in the way CBRE’s office 360 initiative has
changed the aesthetic, function and footprint of our own spaces. The trend of benching,
plug and play desks and a move away from large overbearing cubes and offices is
altering the way construction capital is being spent as companies take on less leased
space and decrease space per desk and per employee.

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

MARKET OVERVIEW

Companies are saving capital through smaller space leases, but as far as construction
costs go, the dollars are often just switching cost centers as more people in a smaller
area drives up the construction costs to heat and cool whilst furniture costs are reduced
due to the move from cubes and single office furniture to benches. These tradeoffs may
not often increase the project total, but often mean higher costs per square foot as more
program and scope is packed into a reduced rentable square footage.

This trend of densification is very much symbolic of the mobile and flexible workforce
and “model breakers” such as WeWork, the technology sector and the start-up culture.
As companies become paperless and the tether to the desk is being cut, this trend is
being taken on by many sectors, including law firms and financial services firms who
traditionally have always had larger, denser and more expensive spaces.

For the forthcoming year, it is recommended that construction escalation be carried for
future projects that are not imminent and with long design phases. Local market pressures
should be factored whenever entering different market places. We are not at the top yet.

Andrew Sumner
Director
Cost Consultancy

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 5

BENCHMARKING GUIDELINES

INTERPRETATION FOR
INDIVIDUAL USE
Benchmarking is an excellent way to understand the potential cost of a construction
project ahead of formally developing estimates and beginning construction. When using
benchmarking, there is always a duty of care the user needs to take when analyzing and
interpreting the data for individual use. Guidelines to consider, when using a document
such as this, have been outlined below.

1. BE COGNIZANT OF LOCATION. As the cost guide demonstrates, there are some

large regional differences. It is always important to try and narrow the range by
working with historical data from the particular location.

2. THINK ABOUT INDUSTRY SECTOR. Sector is equally important. Law Firms,

Banking and Finance and large Tech clients tend to be at the top end of the spec-
trum, while Industrial and more generic office space leans toward the lower end. It
is vital to understand where on the spectrum, or where in the range, your particular
industry falls.

3. UNDERSTAND THE MARKET. The benchmarks provided in this Cost Guide do

not accommodate for the current bidding climate. Markets such as Seattle, San
Francisco, New York and Portland are some of the most volatile bidding climates
today. With the “opportunity escalation” in these markets, bids are coming in much
higher than expected; therefore, even the most accurate benchmarking may not
hold for the market nuances.

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

BENCHMARKING GUIDELINES

4. LEARN THE BUSINESS REQUIREMENTS. A client’s business requirements will

always be the number one variable. When trying to narrow the cost range for a
client, bear in mind aesthetic factors that may significantly move the price point
needle.

5. OPERATE WITHIN A RANGE. Trying to get to an exact cost per square foot
without having any drawings is virtually impossible – don’t try! Use a range to get
comfortable with the potential fit-out cost.

6. BE AWARE OF ECONOMIES OF SCALE. Economies of scale are always in play

when looking at cost per square foot. A 10,000 RSF project, on average, will gen-
erally be higher than a 50,000 RSF project because the cost is amortized over a
larger square footage.

7. RSF VERSUS USF. Loss factor on RSF varies from building to building and from
state to state. For the purpose of this cost guide, all data is reported in RSF. No
national nuances have been factored.

Ultimately, the benchmarking provided in this document will help guide the budget
development process. It is an educated starting point. Final budget estimates need to be
vetted and created once scope is clarified and detailed variables are defined.

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 7

GUIDE ASSUMPTIONS

NORTH AMERICA ONLY

The rentable square footage is 20,000 RSF for an assumed leased
asset in a new location for the client. The space is a non-customer
facing corporate commercial office environment.

The main data room is 500 RSF within the client space with
supplemental cooling, but excluding backup UPS or generator.

Work is completed with single shifts in regular time. The landlord has
provided a ‘warm dark shell’ which is defined as:

ƒƒ Clear space, no demolition required

ƒƒ Includes fire wet pipe sprinkler horizontal distribution throughout
ƒƒ Flat floor, no raised flooring
ƒƒ Floor main electrical panels
ƒƒ Floor main mechanical cooling with duct headers to core walls
ƒƒ Finished restrooms for Men & Women matching building standard
ƒƒ Exterior blinds matching building standard
ƒƒ Wall board applied to interior of exterior and core walls

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 REGIONAL
MARKET
SUMMARIES
OFFICE COSTS BY CATEGORY
Includes both GWS Accounts and LMAs

1%
3%
5%

5%
Construction
Design and CA(Hard
(SoftCosts
Costs)

FF & ECosts
Move

IT
Fees

26% Fees
IT
60% FF & ECosts
Move

Construction
Design and CA(Hard
(SoftCosts
Costs)

AVERAGE OFFICE COST/SF BY MARKET

Includes both GWS Accounts and LMAs

Design & CA Construction Move TOTAL

Market (soft costs) (hard costs) FF&E IT Fees Costs COST/SF
Atlanta $6.13 $70.77 $34.39 $2.00 $4.25 $0.86 $118.40
Austin $8.63 $102.86 $27.76 $1.25 $3.42 $1.46 $145.38
Birmingham $4.17 $46.51 $25.00 $1.52 $2.61 $1.91 $81.72
Boston $11.64 $115.39 $40.84 $8.24 $3.54 $3.78 $183.43
Calgary $4.78 $81.91 $24.83 $6.97 $4.43 $2.18 $125.10
Carolinas $4.81 $76.97 $43.50 $11.50 $3.11 $2.49 $142.39
Chicago $11.45 $114.56 $29.52 $3.33 $3.43 $1.61 $163.90
Cincinnati $2.46 $40.09 $22.69 $2.16 $1.13 $0.37 $68.89
Columbus $5.17 $43.00 $22.33 $5.10 $2.17 $2.83 $80.60
Dallas $5.23 $61.54 $41.12 $7.28 $3.63 $2.06 $120.86
DC $8.04 $96.25 $35.14 $12.07 $2.16 $1.09 $154.75

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 11

 Design & CA Construction Move TOTAL
Market (soft costs) (hard costs) FF&E IT Fees Costs COST/SF
Denver $4.83 $63.08 $37.40 $12.28 $3.11 $1.21 $121.92
Detroit $6.12 $57.44 $47.72 $6.50 $3.00 $1.78 $122.55
Florida $6.36 $63.03 $32.23 $10.78 $3.21 $1.77 $117.38
Hartford $2.03 $80.52 $21.27 $0.60 $5.17 $2.72 $112.31
Houston $5.90 $58.29 $58.80 $10.83 $2.37 $2.30 $138.49
Indianapolis $1.22 $26.47 $25.00 $2.07 $3.89 $0.84 $59.49
Kansas City $4.24 $58.38 $22.73 $2.10 $2.07 $1.21 $90.72
Little Rock $8.45 $52.71 $32.97 $5.92 $2.87 $0.05 $102.97
Los Angeles $8.43 $104.31 $41.69 $12.72 $6.40 $3.30 $176.86
Memphis $3.75 $54.50 $26.00 $2.40 $1.29 $0.86 $88.80
Milwaukee $4.31 $55.19 $24.08 $4.01 $2.74 $2.96 $93.30
Minneapolis $3.53 $44.76 $27.15 $8.03 $4.43 $0.49 $88.40
Montreal $5.59 $58.18 $63.93 $4.02 $2.58 $3.98 $138.28
Nashville $5.08 $62.96 $33.43 $5.83 $3.04 $2.69 $113.03
New Jersey $9.01 $107.75 $34.58 $17.82 $6.85 $3.24 $179.26
New Mexico $5.15 $38.98 $28.28 $18.28 $4.67 $0.00 $95.37
NYC $14.03 $153.08 $44.77 $4.40 $2.23 $2.49 $221.01
Oklahoma $2.94 $59.56 $9.99 $2.70 $0.00 $2.56 $77.75
Orange County $8.25 $161.00 $35.00 $6.50 $1.35 $1.50 $213.60
Ottawa $3.76 $36.38 $27.75 $2.51 $3.37 $0.77 $74.52
Philadelphia $5.29 $85.85 $45.04 $4.21 $4.94 $0.80 $146.12
Phoenix $5.78 $59.26 $31.12 $7.59 $2.42 $1.79 $107.95
Pittsburgh $5.40 $72.07 $31.34 $2.12 $2.69 $1.05 $114.67
Portland $13.62 $135.03 $42.90 $5.00 $2.35 $0.59 $199.49
San Diego $11.04 $88.53 $35.87 $9.51 $7.06 $1.63 $153.66
San Francisco $11.97 $147.11 $44.94 $13.28 $3.88 $1.75 $222.92
Saskatoon $4.96 $88.87 $23.41 $0.00 $5.46 $0.40 $123.09
Seattle $9.67 $111.32 $32.08 $13.43 $4.43 $1.47 $172.40
St Louis $9.50 $96.93 $40.00 $10.00 $5.48 $2.50 $164.41
Toronto $7.39 $71.75 $31.76 $3.78 $3.82 $2.55 $121.06
Vancouver $13.10 $86.78 $36.95 $0.00 $7.34 $0.69 $144.86
Winnipeg $5.33 $70.81 $17.30 $2.91 $3.90 $6.82 $107.06

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 AVERAGE OFFICE COST/SF BY MARKET
Includes both GWS Accounts and LMAs

The North American analysis included forty-two (43) cities or regions where the cost analysis was
completed. The chart below shows the cost distribution across these markets in alphabetical order
ranging from a low of USD $59.49 per rentable square foot (RSF) in Indianapolis to a high of
USD $222.92 per RSF in San Francisco.

$250

$200

$150
COST PER SF (USD)

$100

$50

0
Atlanta
Austin
Birmingham
Boston
Calgary
Carolinas
Chicago
Cincinnati
Columbus
Dallas
DC
Denver
Detroit
Florida
Hartford
Houston
Indianapolis
Kansas City
Little Rock
Los Angeles
Memphis
Milwaukee
Minneapolis
Montreal
Nashville
New Jersey
New Mexico
NYC
Oklahoma
Orange County
Ottawa
Philadelphia
Phoenix
Pittsburgh
Portland
San Diego
San Francisco
Saskatoon
Seattle
St Louis
Toronto
Vancouver
Winnipeg
Design & CA (Soft Costs) Const (Hard Costs) FF & E IT Fees Move Costs

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 13

 COST PER SF (USD)

0
$50
$100
$150
$200
Southwest $250
$106.38

Midwest $115.82

Southeast $119.91

South Central $122.75

Canada $125.60
Includes both GWS Accounts and LMAs: Low to High

Northeast $151.12
AVERAGE OFFICE COST/SF BY REGIONAL MARKET

Northwest $157.08

SoCal $173.21

NY $221.01

NoCal $222.92

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 COST PER SF (USD)

0
$50
$100
$150
$200
$250
Indianapolis $59.49
Cincinnati $68.89
Ottawa $74.52
Oklahoma $77.75
Columbus $80.60
Birmingham $81.72
Minneapolis $88.40

$143.04
AVERAGE
Memphis $88.80

COST PER SF:

Kansas City $90.72
Milwaukee $93.30
New Mexico $95.37
Little Rock $102.97
Winnipeg $107.06
Phoenix $107.95
Hartford $112.31
Nashville $113.03
Pittsburgh $114.67
Florida $117.38
Atlanta $118.40
Dallas $120.86
Toronto $121.06
Includes both GWS Accounts and LMAs: Low to High

Denver $121.92
Detroit $122.55
Saskatoon $123.09
Calgary $125.10
Montreal $138.28
Houston $138.49
Carolinas $142.39
Vancouver $144.86
Austin $145.38
AVERAGE OFFICE PROJECT COST/SF BY CITY MARKET

Philadelphia $146.12
San Diego $153.66
DC $154.75
Chicago $163.90
St Louis $164.41
Seattle $172.40
Los Angeles $176.86
New Jersey $179.26
Boston $183.43
Portland $199.49
Orange County $213.60
NYC $221.01
San Francisco $222.92

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 15

OFFICE COST/SF BY MARKET
Includes both GWS Accounts and LMAs

The tables below provide the maximum, minimum and average cost per RSF in US dollars. Some
markets received multiple inputs from different GWS accounts within the same local market which
led to the range of figures. For example, a West coast San Francisco based GWS account may have
provided input relative to an Atlanta project, therefore the data was assessed as an Atlanta project.

Maximum Minimum Average Maximum Minimum Average

Market Cost/RSF Cost/RSF Cost/RSF Market Cost/RSF Cost/RSF Cost/RSF
Atlanta $185.40 $66.78 $118.40 Minneapolis $108.53 $68.26 $88.40
Austin $178.06 $121.50 $145.38 Montreal $198.54 $78.01 $138.28
Birmingham $81.72 $81.72 $81.72 Nashville $141.47 $96.57 $113.03
Boston $248.00 $147.32 $183.43 New Jersey $227.25 $128.03 $179.26
Calgary $125.10 $125.10 $125.10 New Mexico $95.37 $95.37 $95.37
Carolinas $183.60 $107.63 $142.39 NYC $279.00 $183.64 $221.01
Chicago $309.00 $130.43 $163.90 Oklahoma $77.75 $77.75 $77.75
Cincinnati $87.12 $50.66 $68.89 Orange
$213.60 $213.60 $213.60
County
Columbus $91.95 $70.65 $80.60
Ottawa $74.52 $74.52 $74.52
Dallas $158.61 $91.13 $120.86
Philadelphia $186.81 $95.85 $146.12
DC $214.60 $80.74 $154.75
Phoenix $143.36 $63.30 $107.95
Denver $158.54 $71.60 $121.92
Pittsburgh $175.00 $66.42 $114.67
Detroit $146.08 $104.79 $122.55
Portland $199.49 $199.49 $199.49
Florida $179.52 $70.46 $117.38
San Diego $210.53 $88.84 $153.66
Hartford $139.85 $78.64 $112.31
San Francisco $269.75 $111.65 $222.92
Houston $195.24 $115.31 $138.49
Saskatoon $128.29 $117.90 $123.09
Indianapolis $59.49 $59.49 $59.49
Seattle $249.00 $107.05 $172.40
Kansas City $118.41 $70.49 $90.72
St Louis $216.00 $112.81 $164.41
Little Rock $102.97 $102.97 $102.97
Toronto $192.41 $71.57 $121.06
Los Angeles $210.03 $145.21 $176.86
Vancouver $164.76 $115.87 $144.86
Memphis $102.54 $75.05 $88.80
Winnipeg $107.06 $107.06 $107.06
Milwaukee $109.39 $77.20 $93.30

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 COST PER SF (USD)

0
$50
$100
$150
$200
$250
$300
$350
Atlanta
Austin
Birmingham
Boston
Calgary
Carolinas
Chicago
Cincinnati
Columbus
Dallas
DC
Denver
Detroit
Florida
Hartford
Includes both GWS Accounts and LMAs

Houston
Indianapolis
Kansas City
Little Rock
Los Angeles
Memphis
Milwaukee
Minneapolis
Montreal
Nashville
New Jersey
New Mexico
OFFICE COST PER SF BY MARKET: HIGH TO LOW

NYC
Oklahoma
Orange County
Ottawa
Philadelphia
Phoenix
Pittsburgh
Portland
San Diego
San Francisco
Saskatoon
Seattle
St Louis
Toronto
Vancouver
Winnipeg

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 17

COST RATIOS: RELATIVE COST TO DENVER
Includes both GWS Accounts and LMAs

Many clients require office sites across the country and internationally. A common question is the
relative cost of one site to another site. This is where the external factors begin to have significant
impact to project costs. A client can be requiring the same type of space, aligned with their design
standards, but should not assume the similar cost factors. Our CBRE exercise selected Denver as the
baseline equaling 1.00 with the average cost per RSF at USD $121.92. All other markets were then
assessed on the average cost per RSF against Denver to create a ‘Cost Ratio: Relative Cost to Denver’.
This chart presents a useful radar diagram of relative costs.

San Indianapolis
Francisco Cincinnati
NYC 2.0 Ottawa
1.83
Orange County 1.81 Oklahoma
Portland 1.75 Columbus
1.8

Boston 1.64 Birmingham

1.50
New Jersey Minneapolis
0.66
1.47 1.6
0.64 0.67
Los Angeles 0.61 Memphis
1.45 0.73
0.57
Seattle Kansas City
0.49 0.73
1.41 1.4

0.74 Milwaukee
St Louis
1.35
0.77
Chicago 1.2 New Mexico
1.34 0.78

DC 1.27 0.84 Little Rock

0.2
1.0 0.88
1.26
San Diego 0.4
Winnipeg
0.89
1.20 0.8
0.6
0.92
Philadelphia Phoenix
1.19
0.93
Austin 1.19
0.94 Hartford
1.17
Vancouver 1.14 0.96 Nashville
1.13 0.97
Carolinas Pittsburgh
1.03 0.99
Houston 0.99 Florida
1.01 1.01 1.00
Montreal Atlanta
Calgary Dallas
Saskatoon Toronto
Detroit Denver

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 AVERAGE OFFICE COST PER SEAT BY REGIONAL MARKET
Includes both GWS Accounts and LMAs: Low to High

$50,000

$43,940
$45,000

$36,527
$40,000

$35,000

$28,744
$28,651
$30,000
COST PER SEAT (USD)

$23,507
$22,661
$25,000
$20,444
$19,449
$16,458

$20,000
$15,767

$15,000

$10,000

$5,000

0
Midwest

Southwest

Canada

Southeast

South Central

Northwest

SoCal

Northeast

NoCal

NY

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 19

 COST PER SEAT (USD)

0
$10K
$20K
$30K
$40K
$50K
$60K
Cincinnati $8,311
Indianapolis $8,879
New Mexico $9,126
Columbus $10,282
Birmingham $13,075
Winnipeg $14,180
Detroit $14,273

$24,395
AVERAGE
Memphis $14,690
Ottawa $14,757

COST PER SEAT:

Minneapolis $14,853
Toronto $16,361
Phoenix $17,505
Milwaukee $17,832
Houston $18,047
Florida $18,361
Dallas $18,912
Oklahoma $19,198
Hartford $19,520
Nashville $19,764
Montreal $19,971
AVERAGE COST PER SEAT BY MARKET

Pittsburgh $20,251
Includes both GWS Accounts and LMAs: Low to High

Vancouver $22,960
Denver $22,968
San Diego $23,449
Kansas City $23,641
Carolinas $23,650
Seattle $23,727
Saskatoon $23,842
Calgary $24,058
Chicago $24,249
Portland $24,328
Atlanta $25,145
New Jersey $25,769
Los Angeles $26,954
Little Rock $28,211
Boston $28,877
Austin $29,159
St Louis $30,772
DC $31,948
Philadelphia $34,300
San Francisco $36,527
NYC $43,940
Orange County $52,741

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SEATS

0
50
100
150
200
250
Atlanta
Austin
Birmingham
Boston
Calgary
Carolinas
Chicago
Cincinnati
Columbus
Dallas
DC
Denver
Detroit
Florida
Hartford
Includes both GWS Accounts and LMAs

Houston
Indianapolis

Workstation
SPACE PLAN USAGE BY MARKET

Kansas City
Little Rock
Los Angeles
Memphis

Office
Milwaukee
Minneapolis
Montreal
Nashville
New Jersey
New Mexico
NYC
Oklahoma
Orange County

Bench / Hotel Seat

Ottawa
Philadelphia
Phoenix
Pittsburgh
Portland
San Diego
San Francisco
Saskatoon
Seattle
St Louis
Toronto
Vancouver
Winnipeg

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 21

 SPACE PLAN USAGE: DENSITY BY REGIONAL MARKET
Includes both GWS Accounts and LMAs: Low to High

250
198

197

19 4
200

169

162

161

158

154

149
150

134
SQUARE FEET

100

50

0
NY

Northeast

South Central

Southeast

SoCal

NoCal

Southwest

Canada

Northwest

Midwest

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SQUARE FEET

0
50
100
150
200
250
300
Little Rock 274
Kansas City 269
Oklahoma 247
Orange County 247
Philadelphia 228
DC 219
Atlanta 204
Austin 201
Ottawa 198
NYC 198
Calgary 192
Saskatoon 190
Milwaukee 189
Denver 189
St Louis 181
Pittsburgh 179
Hartford 175
Nashville 172
Minneapolis 172
Phoenix 167
Carolinas 167
Includes both GWS Accounts and LMAs: Low to High

Memphis 164
San Francisco 161
SPACE PLAN USAGE: DENSITY BY MARKET

Birmingham 160
Dallas 159
Boston 158
Vancouver 158
Florida 157
New Jersey 154
Los Angeles 153
Indianapolis 149
San Diego 149
Toronto 137
Chicago 137
Winnipeg 132
Houston 130
DENSITY:
AVERAGE

Seattle 130
Montreal 128
1 person/171 SF

Columbus 128
Cincinnati 123
Portland 122
Detroit 117
New Mexico 96

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 23

SCHEDULE: AVERAGE BUILD TIME IN MONTHS BY MARKET
Includes both GWS Accounts and LMAs by market

The schedules provided in the charts below define the average build time in months. It is the length of
time from construction start to substantial completion.

MONTHS
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
Calgary
Minneapolis
New Mexico
Columbus
Seattle
St Louis
Chicago
Houston
Pittsburgh
Kansas City
New Jersey
Toronto
Boston
Detroit
Florida
Atlanta
Denver
Carolinas
Austin
DC
Birmingham
Cincinnati
Dallas
Hartford
Indianapolis
Little Rock
Los Angeles
Memphis
Nashville
Oklahoma
Orange County
Ottawa
Philadelphia
Saskatoon
Winnipeg
Vancouver
San Diego
San Francisco
Phoenix
NYC
Milwaukee
Portland
Montreal

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 CANADA

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $125.60 $198.54 $71.57
Cost / Seat (USD $) $19,449 $34,210 $7,125
Space Density (1 person per xxx SF) 154 91 267

With the exception of Calgary, average construction schedule cycle times are longer in
Canada than most US markets.

Average Office Project Cost by Market

$160

$144.86
$138.28
$140

$125.10 $123.09
$121.06
$120
$107.06

$100
COST PER SF (USD)

$80 $74.52

$60

$40

$20

0
Calgary Montreal Ottawa Saskatoon Toronto Vancouver Winnipeg

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 25

 MIDWEST

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $115.82 $309.00 $50.66
Cost / Seat (USD $) $15,767 $61,800 $6,666
Space Density (1 person per xxx SF) 134 71 200

The Midwest is the least expensive market as it relates to cost per seat. This correlates to
the statistics showing that this region designs space with the highest density, on average.

Average Office Project Cost by Market

$180
$163.90

$160

$140

$122.55
$120
COST PER SF (USD)

$100 $93.30
$88.40
$80.60
$80
$68.89
$59.49
$60

$40

$20

0
Chicago Cincinnati Columbus Detroit Indianapolis Milwaukee Minneapolis

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 NORTHERN CALIFORNIA

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $222.92 $269.75 $111.65
Cost / Seat (USD $) $36,527 $66,107 $14,823
Space Density (1 person per xxx SF) 161 75 267

San Francisco has the highest build-out cost in North America.

Average Office Project Cost by Market

$250

$222.92

$200
COST PER SF (USD)

$150

$100

$50

0
San Francisco

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 27

 NORTHEAST

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $151.12 $248.00 $66.42
Cost / Seat (USD $) $28,744 $49,698 $9,496
Space Density (1 person per xxx SF) 197 53 364

The Northeast has one of the lowest space densities in North America.

Average Office Project Cost by Market

$200
$183.43
$179.26
$180

$160 $154.75
$146.12

$140
COST PER SF (USD)

$120 $112.31 $114.67

$100

$80

$60

$40

$20

0
Boston DC Hartford New Jersey Philadelphia Pittsburgh

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 NORTHWEST

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $157.08 $249.00 $71.60
Cost / Seat (USD $) $23,507 $56,563 $8,850
Space Density (1 person per xxx SF) 149 64 339

Average Office Project Cost by Market

$250

$199.49
$200

$172.40
COST PER SF (USD)

$150

$121.92

$100

$50

0
Denver Portland Seattle

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 29

 NEW YORK

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $221.01 $279.00 $183.64
Cost / Seat (USD $) $43,940 $111,155 $19,531
Space Density (1 person per xxx SF) 198 78 500

New York has the second highest build-out cost and the highest cost per seat in North
America. The high cost per seat correlates to the low space density.

Average Office Project Cost by Market

$250

$221.01

$200
COST PER SF (USD)

$150

$100

$50

0
New York City

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SOUTHERN CALIFORNIA

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $173.21 $213.60 $88.84
Cost / Seat (USD $) $28,651 $52,741 $12,005
Space Density (1 person per xxx SF) 162 118 247

Average Office Project Cost by Market

$250

$213.60

$200
$176.86

$153.66
COST PER SF (USD)

$150

$100

$50

0
Los Angeles Orange County San Diego

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 31

 SOUTH CENTRAL

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $122.75 $216.00 $70.49
Cost / Seat (USD $) $22,661 $46,191 $12,048
Space Density (1 person per xxx SF) 194 118 476

Average Office Project Cost by Market

$180
$164.41

$160
$145.38
$138.49
$140

$120.86
$120
COST PER SF (USD)

$102.97
$100
$90.72

$77.75
$80

$60

$40

$20

0
Austin Dallas Houston Kansas City Little Rock Oklahoma St Louis

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SOUTHEAST

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $119.91 $185.40 $66.78
Cost / Seat (USD $) $20,444 $45,651 $6,139
Space Density (1 person per xxx SF) 169 71 333

Average Office Project Cost by Market

$160

$142.39
$140

$118.40 $117.38
$120 $113.03

$100
COST PER SF (USD)

$88.80
$81.72
$80

$60

$40

$20

0
Atlanta Birmingham Carolinas Florida Memphis Nashville

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 33

 SOUTHWEST

METRIC AVERAGE HIGH LOW

Cost / SF TOTAL (USD $) $106.38 $143.36 $63.30
Cost / Seat (USD $) $16,458 $28,806 $7,721
Space Density (1 person per xxx SF) 158 67 286

The Southwest has the lowest average build-out cost in North America.

Average Office Project Cost by Market

$120

$107.95

100 $95.37

80
COST PER SF (USD)

60

40

20

0
New Mexico Phoenix

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 GWS
ACCOUNT
SUMMARIES
AVERAGE OFFICE COST/SF BY GWS ACCOUNT

Design & CA Construction Move TOTAL

GWS Account (soft costs) (hard costs) FF&E IT Fees Costs COST/SF
Client 01 $7.95 $98.27 $55.59 $9.49 $0.00 $4.10 $175.40
Client 02 $7.31 $84.75 $64.06 $11.18 $2.12 $4.92 $174.34
Client 03 $5.98 $75.15 $40.68 $19.66 $9.31 $1.06 $151.84
Client 04 $8.67 $96.90 $35.70 $5.10 $7.14 $5.10 $158.61
Client 05 $6.94 $66.57 $25.19 $11.57 $3.61 $2.49 $116.36
Client 06 $12.33 $129.00 $49.33 $0.00 $1.11 $3.00 $194.77
Client 07 $8.55 $108.99 $35.20 $19.13 $0.00 $0.26 $172.12
Client 08 $9.05 $96.32 $39.98 $0.00 $0.00 $1.96 $147.32
Client 09 $10.00 $120.00 $50.00 $0.00 $5.40 $0.00 $185.40
Client 10 $4.61 $53.41 $50.57 $15.87 $5.17 $2.56 $132.19
Client 11 $12.00 $166.00 $60.00 $5.00 $3.00 $4.00 $250.00
Client 12 $3.96 $32.42 $71.53 $3.26 $2.20 $1.28 $114.65
Client 13 $10.00 $115.00 $23.00 $25.00 $7.00 $5.00 $185.00
Client 14 $25.33 $222.00 $26.33 $0.00 $3.00 $0.00 $276.67
Client 15 $5.33 $70.81 $17.30 $2.91 $3.90 $6.82 $107.06
Client 16 $13.62 $135.03 $42.90 $5.00 $2.35 $0.59 $199.49
Client 17 $6.06 $57.66 $37.40 $6.10 $3.45 $1.79 $112.45
Client 18 $7.60 $57.00 $38.00 $0.00 $0.00 $3.80 $106.40
Client 19 $10.96 $152.18 $37.85 $11.48 $5.00 $2.50 $219.96
Client 20 $9.00 $127.00 $35.00 $0.00 $8.00 $6.00 $185.00
Client 21 $10.12 $62.72 $32.85 $17.25 $7.83 $2.80 $133.57
Client 22 $13.74 $115.90 $40.85 $1.49 $2.79 $1.11 $175.88
Client 23 $15.00 $90.00 $80.00 $20.00 $6.00 $5.00 $216.00
Client 24 $4.68 $74.47 $39.39 $0.00 $0.00 $2.32 $120.85
Client 25 $7.63 $87.21 $35.22 $15.26 $10.58 $2.99 $158.88
Client 26 $5.04 $77.11 $31.00 $69.29 $6.36 $0.00 $188.80
Client 27 $5.95 $92.35 $14.50 $9.80 $6.39 $1.50 $130.49
Client 28 $5.96 $57.47 $39.24 $8.52 $8.90 $2.25 $122.33
Client 29 $3.19 $43.61 $31.24 $1.91 $0.00 $2.93 $82.88
Client 30 $5.17 $43.00 $22.33 $5.10 $2.17 $2.83 $80.60
Client 31 $5.29 $118.89 $40.30 $8.06 $2.01 $2.01 $176.57
Client 32 $6.74 $99.46 $34.97 $15.46 $5.49 $0.88 $162.99
Client 33 $2.49 $68.72 $20.73 $1.11 $4.58 $2.44 $100.06
Client 34 $2.11 $40.88 $26.17 $5.44 $0.78 $1.44 $76.81
Client 35 $12.05 $112.55 $34.27 $23.71 $14.38 $1.61 $198.56
Client 36 $10.10 $147.29 $55.11 $6.89 $3.50 $1.10 $224.00

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 37

 COST PER SF (USD)

0
$50
$100
$150
$200
$250
$300
Client 01

(USD)
OVERALL
AVERAGES
Client 02
Client 03
Client 04

$7.92
Client 05
Client 06
Client 07
Client 08
Client 09
Client 10

Design & CA (Soft Costs)

Client 11
Client 12
Client 13

$90.32
Client 14
Client 15
Client 16
Client 17
Client 18

Const (Hard Costs)

Client 19
Client 20

$39.96
Client 21
AVERAGE OFFICE COST/SF BY GWS ACCOUNT

Client 22

FF & E
Client 23
Client 24

IT

$14.18
Client 25
Client 26
Client 27

$4.83
Fees
Client 28
Client 29
Client 30

$2.77
Client 31
Client 32
Client 33
Move Costs

Client 34
Client 35

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

Client 36
 COST PER SF (USD)

$0
$50
$100
$150
$200
$250
$300
Client 34 $76.81
Client 30 $80.60
Low to High
Client 29 $82.88
Client 33 $100.06
Client 18 $106.40

PER SF:
Client 15 $107.06

$155.39
Client 17 $112.45

AVERAGE COST
Client 12 $114.65
Client 05 $116.36
Client 24 $120.85
Client 28 $122.33
Client 27 $130.49
Client 10 $132.19
Client 21 $133.57
Client 08 $147.32
Client 03 $151.84
Client 04 $158.61
Client 25 $158.88
Client 32 $162.99
Client 07 $172.12
Client 02 $174.34
Client 01 $175.40
Client 22 $175.88
Client 31 $176.57
Client 13 $185.00
Client 20 $185.00
AVERAGE OFFICE PROJECT COST/SF BY GWS ACCOUNT

Client 09 $185.40
Client 26 $188.80
Client 06 $194.77
Client 35 $198.56
Client 16 $199.49
Client 23 $216.00
Client 19 $219.96
Client 36 $224.00
Client 11 $250.00
Client 14 $276.67

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 39

 COST PER SF (USD)

$0
$50
$100
$150
$200
$250
$300
Client 03 $151.84
Client 05 $116.36
Client 06 $194.77
Client 10 $132.19
Client 11 $250.00
Client 12 $114.65
GWS Accounts Only

Client 19 $219.96

$159.10
Client 24 $120.85

BANKING AND
Client 28 $122.33

FINANCE AVERAGE:
Client 31 $176.57
Client 32 $162.99
Client 35 $198.56
Client 36 $224.00
Client 04 $158.61
Client 13 $185.00
Client 25 $158.88

$158.24
AVERAGE:
HEALTHCARE
Client 27 $130.49
Client 02 $174.34
Client 08 $147.32

$149.41
AVERAGE:
Client 33 $100.06

INSURANCE
Client 14 $276.67
Client 15 $107.06
Client 16 $199.49
AVERAGE OFFICE PROJECT COST/SF BY INDUSTRY

Client 17 $112.45

$180.56
AVERAGE:
SCIENCE &
TECHNOLOGY
Client 18 $106.40
Client 22 $175.88
Client 01 $175.40
Client 07 $172.12
Client 09 $185.40
Client 20 $185.00
Client 21 $133.57

OTHER
Client 23 $216.00

$139.32
AVERAGE: Client 26 $188.80
Client 29 $82.88
Client 30 $80.60
Client 34 $76.81

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 COST PER SEAT (USD)

$0
10K
20K
30K
40K
50K
$60K
Client 25 $10,184
Client 30 $10,282
Low to High
Client 18 $12,667
Client 05 $12,866
Client 34 $14,046
Client 15 $14,180

$24,781
PER SEAT:
Client 27 $14,999

AVERAGE COST
Client 28 $15,934
Client 10 $16,162
Client 33 $17,075
Client 21 $17,753
Client 29 $18,417
Client 31 $19,510
Client 11 $19,531
Client 04 $19,826
Client 17 $20,661
Client 22 $20,819
Client 32 $21,856
Client 24 $23,518
Client 03 $24,117
Client 16 $24,328
Client 02 $24,762
Client 20 $26,056
Client 06 $28,855
Client 12 $29,397
AVERAGE OFFICE COST PER SEAT BY GWS ACCOUNT

Client 01 $30,085
Client 35 $32,009
Client 19 $33,147
Client 07 $35,019
Client 13 $37,000
Client 08 $37,775
Client 36 $38,620
Client 09 $41,663
Client 23 $43,200
Client 26 $52,394
Client 14 $55,014

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 41

SPACE PLAN USAGE

Over the past few years, the trend has been to reduce the number of assigned or designated seating
and move toward flexible workspaces. Generally, clients supported by the LMA business tend to design
spaces with more flex or hotel seating as compared to the GWS clients.

Overall Space Usage Plan

18.7%

Hotel
Workstation
/ Bench Seat

14.2% Office

Workstation
Hotel / Bench Seat
67.0%

GWS Accounts Space Usage Plan LMA Space Usage Plan

13.3%
24.2%

14.0% Hotel
Workstation
/ Bench Seat Hotel
Worksta
/

Office Office

Workstation
Hotel / Bench Seat Worksta
Hotel /
72.6% 14.4% 61.4%

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SEATS

0
50
100
150
200
250
300
350
Client 03
Client 05
Client 06
Client 10
Client 11
Client 12
Client 19
Summarized by Industry

Client 24
Client 28

BANKING AND FINANCE

Client 31
Client 32
Client 35
Client 36
Client 04

Workstation
Client 13
Client 25

HEALTHCARE
Client 27
Client 02

Office
SPACE PLAN USAGE BY GWS ACCOUNT

Client 08
Client 33

INSURANCE
Client 14
Client 15
Client 16
Client 17

SCIENCE &
TECHNOLOGY
Client 18

Bench / Hotel Seat

Client 22
Client 01
Client 07
Client 09
Client 20
Client 21
Client 23

OTHER
Client 26
Client 29
Client 30
Client 34

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 43

 SQUARE FEET

0
50
100
150
200
250
300
350
Client 26 286
Client 08 256
Client 12 256
Low to High

Client 09 225
Client 29 222
Client 07 203
Client 23 200
Client 13 200
Client 14 198
Client 24 197
Client 17 191
Client 34 184
Client 01 173
Client 36 172
Client 33 170
Client 35 161
Client 19 150
Client 03 150
Client 06 148
Client 02 141
Client 20 141
Client 21 135
Client 28 133
SPACE PLAN USAGE: DENSITY BY GWS ACCOUNT

Client 15 132
Client 30 128
Client 04 125
Client 32 123
Client 10 123
Client 16 122
Client 18 119
Client 22 116
Client 05 116
AVERAGE DENSITY:

Client 27 115
1 person per 158 SF

Client 31 110
Client 11 78
Client 25 64

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

 SQUARE FEET

0
50
100
150
200
250
300
350
Client 03 150
Client 05 116
Client 06 148
Client 10 123
Client 11 78
Client 12 256
Client 19 150
Summarized by Industry

FINANCE
Client 24 197

BANKING AND
Client 28 133
Client 31 110
Client 32 123
Client 35 161
Client 36 172
Client 04 125
Client 13 200
Client 25 64

HEALTHCARE
Client 27 115
Client 02 141
Client 08 256
Client 33 170

INSURANCE
Client 14 198
Client 15 132
Client 16 122
SPACE PLAN USAGE: DENSITY BY GWS ACCOUNT

Client 17 191

SCIENCE &
TECHNOLOGY
Client 18 119
Client 22 116
Client 01 173
Client 07 203
Client 09 225
Client 20 141
Client 21 135

OTHER
Client 23 200
Client 26 286
Client 29 222
Client 30 128
Client 34 184

PROJECT MANAGEMENT | NORTH AMERICA | FIT-OUT COST GUIDE | 45

KEY CONTACT ACKNOWLEDGMENTS

CARRIE BOEGEMAN ANDREW SUMNER

Director Director
T +1 952 233 7340 CBRE Cost Management
C +1 952 818 4612 T +1 212 803 6145
carrie.boegeman@cbre.com andrew.sumner@cbre.com

www.cbre.us
This disclaimer shall apply to CBRE Inc. and to all other divisions of the Corporation (“CBRE”). All information included herein pertaining to CBRE – including but not limited to its operations,
employees, technology and clients – are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without
the prior written consent of CBRE. CBRE and the CBRE logo are the service marks of CBRE Inc. and/or its affiliated or related companies in other countries. All other marks displayed on this
document are the property of their respective owners. CBRE © 2016 All Rights Reserved.