Cushman and Wakefield report finds Americas office fit-out costs rise 5.5% as contractor outlook remains upward

US-headquartered global real estate services firm Cushman & Wakefield has found that office fit-out costs across the Americas climbed 5.5% year-on-year to an average of $149 (€137) per square foot in 2026, with contractors reporting no expectation of price relief in the near term — findings with direct implications for fit-out budgeting and capital investment planning across the industry.

Business Wire reported that the findings come from Cushman & Wakefield's 2026 Americas Office Fit Out Cost Guide, spanning 59 markets and designed to help occupiers benchmark capital expenditure and relocation budgets. The report drew on a general contractor sentiment survey conducted across the region.

Andy Jansen, president of Project & Development Services at Cushman & Wakefield, said: "Office fit-out costs continued to increase across the Americas in 2026, even as construction activity remained subdued. Contractors still expect labor and material costs to rise in the near term, with no expectation of declines."

Some 79% of contractors anticipate labour and material cost increases over the next six months, while 83% expect suppliers to raise prices. A growing share — 20%, up from 13% — indicated they expect to absorb higher costs rather than pass them on, reflecting competitive pressures in a market where the office development pipeline has fallen to a 25-year low.

San Francisco ($228/€210 psf), San Jose ($224/€206 psf) and Seattle ($223/€205 psf) are the most expensive fit-out markets. Latin America remains the most cost-competitive region at $108 (€99) psf. Brazil, Boston and Los Angeles recorded the largest year-on-year increases at 50%, 19% and 15% respectively.

Access the full 2026 Americas Office Fit Out Cost Guide for detailed market-by-market benchmarks.