north america fit-out cost guide - cbre/media/files/2017/project management...‘seats’ (office or...

NORTHAMERICAFIT-OUT COST GUIDEOccupier 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

BY THE NUMBERS

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

143

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

171

EXECUTIVE SUMMARY

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.

24,395

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).

© 2016 CBRE | CONFIDENTIAL & PROPRIETARY

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

DATA SET

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

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.

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 SumnerDirectorCost Consultancy

MARKET OVERVIEW


INTERPRETATION FOR INDIVIDUAL USEBenchmarking 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.

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.

BENCHMARKING GUIDELINES


NORTH AMERICA ONLY

GUIDE ASSUMPTIONS

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:

� Clear space, no demolition required

� Includes fire wet pipe sprinkler horizontal distribution throughout

� Flat floor, no raised flooring

� Floor main electrical panels

� Floor main mechanical cooling with duct headers to core walls

� Finished restrooms for Men & Women matching building standard

� Exterior blinds matching building standard

� Wall board applied to interior of exterior and core walls


REGIONAL MARKET

SUMMARIES


MarketDesign & CA

(soft costs)Construction (hard costs) FF&E IT Fees

Move Costs

TOTAL 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

AVERAGE OFFICE COST/SF BY MARKETIncludes both GWS Accounts and LMAs

OFFICE COSTS BY CATEGORYIncludes both GWS Accounts and LMAs

Design and CA (Soft Costs)

Move Costs

Fees

IT

FF & E

Construction (Hard Costs

26%60%

5%

1%

5%

3%

Design and CA (Soft Costs)

Move Costs

Fees

IT

FF & E

Construction (Hard Costs


MarketDesign & CA


Move Costs

TOTAL 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

Design & CA (Soft Costs) Const (Hard Costs) FF & E IT Fees Move Costs


AVERAGE OFFICE COST/SF BY MARKETIncludes 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.

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AVERAGE OFFICE COST/SF BY REGIONAL MARKETIncludes both GWS Accounts and LMAs: Low to High

$250

$200

$150

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CO

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AVERAGE OFFICE PROJECT COST/SF BY CITY MARKETIncludes both GWS Accounts and LMAs: Low to High

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AVERAGE COST PER SF:

$143.04


OFFICE COST/SF BY MARKETIncludes 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.

MarketMaximum Cost/RSF

Minimum Cost/RSF

Average Cost/RSF

Atlanta $185.40 $66.78 $118.40

Austin $178.06 $121.50 $145.38

Birmingham $81.72 $81.72 $81.72

Boston $248.00 $147.32 $183.43

Calgary $125.10 $125.10 $125.10

Carolinas $183.60 $107.63 $142.39

Chicago $309.00 $130.43 $163.90

Cincinnati $87.12 $50.66 $68.89

Columbus $91.95 $70.65 $80.60

Dallas $158.61 $91.13 $120.86

DC $214.60 $80.74 $154.75

Denver $158.54 $71.60 $121.92

Detroit $146.08 $104.79 $122.55

Florida $179.52 $70.46 $117.38

Hartford $139.85 $78.64 $112.31

Houston $195.24 $115.31 $138.49

Indianapolis $59.49 $59.49 $59.49

Kansas City $118.41 $70.49 $90.72

Little Rock $102.97 $102.97 $102.97

Los Angeles $210.03 $145.21 $176.86

Memphis $102.54 $75.05 $88.80

Milwaukee $109.39 $77.20 $93.30

MarketMaximum Cost/RSF

Minimum Cost/RSF

Average Cost/RSF

Minneapolis $108.53 $68.26 $88.40

Montreal $198.54 $78.01 $138.28

Nashville $141.47 $96.57 $113.03

New Jersey $227.25 $128.03 $179.26

New Mexico $95.37 $95.37 $95.37

NYC $279.00 $183.64 $221.01

Oklahoma $77.75 $77.75 $77.75

Orange County

$213.60 $213.60 $213.60

Ottawa $74.52 $74.52 $74.52

Philadelphia $186.81 $95.85 $146.12

Phoenix $143.36 $63.30 $107.95

Pittsburgh $175.00 $66.42 $114.67

Portland $199.49 $199.49 $199.49

San Diego $210.53 $88.84 $153.66

San Francisco $269.75 $111.65 $222.92

Saskatoon $128.29 $117.90 $123.09

Seattle $249.00 $107.05 $172.40

St Louis $216.00 $112.81 $164.41

Toronto $192.41 $71.57 $121.06

Vancouver $164.76 $115.87 $144.86

Winnipeg $107.06 $107.06 $107.06


OFFICE COST PER SF BY MARKET: HIGH TO LOWIncludes both GWS Accounts and LMAs

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COST RATIOS: RELATIVE COST TO DENVERIncludes 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.

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OttawaOklahoma

Columbus

Birmingham

Minneapolis

Memphis

Kansas City

Milwaukee

New Mexico

Little Rock

Winnipeg

Phoenix

Hartford

Nashville

Pittsburgh

Florida

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Montreal

Houston

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

$50,000

$45,000

$40,000

$35,000

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$25,000

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AVERAGE COST PER SEAT BY MARKETIncludes both GWS Accounts and LMAs: Low to High

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6,36

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7,83

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8,36

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8,91

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9,52

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AVERAGE COST PER SEAT:

$24,395

Workstation Office Bench / Hotel Seat


SPACE PLAN USAGE BY MARKETIncludes both GWS Accounts and LMAs

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enve

rD

etro

itFl

orid

aH

artfo

rdH

oust

onIn

dian

apol

isKa

nsas

City

Littl

e Ro

ckLo

s A

ngel

esM

emph

isM

ilwau

kee

Min

neap

olis

Mon

trea

lN

ashv

ille

New

Jer

sey

New

Mex

ico

NYC

Okl

ahom

aO

rang

e C

ount

yO

ttaw

aPh

ilade

lphi

aPh

oeni

xPi

ttsbu

rgh

Port

land

San

Die

goSa

n Fr

anci

sco

Sask

atoo

nSe

attle

St L

ouis

Toro

nto

Vanc

ouve

rW

inni

peg

250

200

150

100

50

0

SEA

TS


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

250

200

150

100

50

0

NY

Nor

thea

st

Sout

h C

entr

al

Sout

heas

t

SoC

al

NoC

al

Sout

hwes

t

Can

ada

Nor

thw

est

Mid

wes

t

198

197

19 4

169

162

161

158

154

149

134

SQU

ARE

FEET


SPACE PLAN USAGE: DENSITY BY MARKETIncludes both GWS Accounts and LMAs: Low to High

Littl

e Ro

ckKa

nsas

City

Okl

ahom

aO

rang

e C

ount

yPh

ilade

lphi

aD

CA

tlant

aA

ustin

Otta

wa

NYC

Cal

gary

Sask

atoo

nM

ilwau

kee

Den

ver

St L

ouis

Pitts

burg

hH

artfo

rdN

ashv

ille

Min

neap

olis

Phoe

nix

Car

olin

asM

emph

isSa

n Fr

anci

sco

Birm

ingh

amD

alla

sBo

ston

Vanc

ouve

rFl

orid

aN

ew J

erse

yLo

s A

ngel

esIn

dian

apol

isSa

n D

iego

Toro

nto

Chi

cago

Win

nipe

gH

oust

onSe

attle

Mon

trea

lC

olum

bus

Cin

cinn

ati

Port

land

Det

roit

New

Mex

ico

300

250

200

150

100

50

0

SQU

ARE

FEET

274

269

247

247

228

219

204

201

198

198

192

190

189

189

181

179

175

172

172

167

167

164

161

160

159

158

158

157

154

153

149

149

137

137

132

130

130

128

128

123

122

117

96

AVERAGE DENSITY:

1 person/171 SF


SCHEDULE: AVERAGE BUILD TIME IN MONTHS BY MARKETIncludes 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.

CalgaryMinneapolisNew Mexico

ColumbusSeattle

St LouisChicagoHouston

PittsburghKansas CityNew Jersey

TorontoBostonDetroitFloridaAtlantaDenver

CarolinasAustin

DCBirmingham

CincinnatiDallas

HartfordIndianapolis

Little RockLos Angeles

MemphisNashville

OklahomaOrange County

OttawaPhiladelphia

SaskatoonWinnipeg

VancouverSan Diego

San FranciscoPhoenix

NYCMilwaukee

PortlandMontreal

0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

MONTHS


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.

$160

$140

$120

$100

$80

$60

$40

$20

0Calgary Montreal Ottawa Saskatoon Toronto Vancouver Winnipeg

Average Office Project Cost by Market

CO

ST P

ER S

F (U

SD)

$125.10

$138.28

$74.52

$123.09 $121.06

$144.86

$107.06


MIDWEST


Cost / SF TOTAL (USD $) $115.82 $309.00 $50.66

Cost / Seat (USD $) $15,767 $61,800 $6,666


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.

$180

$160

$140

$120

$100

$80

$60

$40

$20

0Chicago Cincinnati Columbus Detroit Indianapolis Milwaukee Minneapolis


CO

ST P

ER S

F (U

SD)

$163.90

$68.89

$80.60

$122.55

$59.49

$93.30$88.40


NORTHERN CALIFORNIA


Cost / SF TOTAL (USD $) $222.92 $269.75 $111.65

Cost / Seat (USD $) $36,527 $66,107 $14,823


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

$250

$200

$150

$100

$50

0San Francisco


CO

ST P

ER S

F (U

SD)

$222.92


NORTHEAST


Cost / SF TOTAL (USD $) $151.12 $248.00 $66.42

Cost / Seat (USD $) $28,744 $49,698 $9,496


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

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

0Boston DC Hartford New Jersey Philadelphia Pittsburgh


CO

ST P

ER S

F (U

SD)

$183.43

$154.75

$112.31

$179.26

$146.12

$114.67


NORTHWEST


Cost / SF TOTAL (USD $) $157.08 $249.00 $71.60

Cost / Seat (USD $) $23,507 $56,563 $8,850


$250

$200

$150

$100

$50

0Denver Portland Seattle


CO

ST P

ER S

F (U

SD)

$121.92

$199.49

$172.40


NEW YORK


Cost / SF TOTAL (USD $) $221.01 $279.00 $183.64

Cost / Seat (USD $) $43,940 $111,155 $19,531


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.

$250

$200

$150

$100

$50

0New York City


CO

ST P

ER S

F (U

SD)

$221.01


SOUTHERN CALIFORNIA


Cost / SF TOTAL (USD $) $173.21 $213.60 $88.84

Cost / Seat (USD $) $28,651 $52,741 $12,005


$250

$200

$150

$100

$50

0Los Angeles Orange County San Diego


CO

ST P

ER S

F (U

SD)

$176.86

$213.60

$153.66


$145.38

$120.86

$138.49

$90.72

$102.97

$77.75

$164.41

SOUTH CENTRAL


Cost / SF TOTAL (USD $) $122.75 $216.00 $70.49

Cost / Seat (USD $) $22,661 $46,191 $12,048


$180

$160

$140

$120

$100

$80

$60

$40

$20

0Austin Dallas Houston Kansas City Little Rock Oklahoma St Louis


CO

ST P

ER S

F (U

SD)


SOUTHEAST


Cost / SF TOTAL (USD $) $119.91 $185.40 $66.78

Cost / Seat (USD $) $20,444 $45,651 $6,139


$160

$140

$120

$100

$80

$60

$40

$20

0Atlanta Birmingham Carolinas Florida Memphis Nashville


CO

ST P

ER S

F (U

SD)

$118.40

$81.72

$142.39

$117.38

$88.80

$113.03


SOUTHWEST


Cost / SF TOTAL (USD $) $106.38 $143.36 $63.30

Cost / Seat (USD $) $16,458 $28,806 $7,721


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

$120

100

80

60

40

20

0New Mexico Phoenix


CO

ST P

ER S

F (U

SD)

$95.37

$107.95

GWS ACCOUNT

SUMMARIES


GWS AccountDesign & CA


Move Costs

TOTAL 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

AVERAGE OFFICE COST/SF BY GWS ACCOUNT


AVERAGE OFFICE COST/SF BY GWS ACCOUNT

Design & CA (Soft Costs) Const (Hard Costs) FF & E IT Fees Move Costs

Clie

nt 0

1

Clie

nt 0

2

Clie

nt 0

3

Clie

nt 0

4

Clie

nt 0

5

Clie

nt 0

6

Clie

nt 0

7

Clie

nt 0

8

Clie

nt 0

9

Clie

nt 1

0

Clie

nt 1

1

Clie

nt 1

2

Clie

nt 1

3

Clie

nt 1

4

Clie

nt 1

5

Clie

nt 1

6

Clie

nt 1

7

Clie

nt 1

8

Clie

nt 1

9

Clie

nt 2

0

Clie

nt 2

1

Clie

nt 2

2

Clie

nt 2

3

Clie

nt 2

4

Clie

nt 2

5

Clie

nt 2

6

Clie

nt 2

7

Clie

nt 2

8

Clie

nt 2

9

Clie

nt 3

0

Clie

nt 3

1

Clie

nt 3

2

Clie

nt 3

3

Clie

nt 3

4

Clie

nt 3

5

Clie

nt 3

6

$300

$250

$200

$150

$100

$50

0

CO

ST P

ER S

F (U

SD)

OVERALL AVERAGES

(USD)$7.92 $90.32 $39.96 $14.18 $4.83 $2.77


AVERAGE OFFICE PROJECT COST/SF BY GWS ACCOUNTLow to High

Clie

nt 3

4

Clie

nt 3

0

Clie

nt 2

9

Clie

nt 3

3

Clie

nt 1

8

Clie

nt 1

5

Clie

nt 1

7

Clie

nt 1

2

Clie

nt 0

5

Clie

nt 2

4

Clie

nt 2

8

Clie

nt 2

7

Clie

nt 1

0

Clie

nt 2

1

Clie

nt 0

8

Clie

nt 0

3

Clie

nt 0

4

Clie

nt 2

5

Clie

nt 3

2

Clie

nt 0

7

Clie

nt 0

2

Clie

nt 0

1

Clie

nt 2

2

Clie

nt 3

1

Clie

nt 1

3

Clie

nt 2

0

Clie

nt 0

9

Clie

nt 2

6

Clie

nt 0

6

Clie

nt 3

5

Clie

nt 1

6

Clie

nt 2

3

Clie

nt 1

9

Clie

nt 3

6

Clie

nt 1

1

Clie

nt 1

4

$300

$250

$200

$150

$100

$50

$0

CO

ST P

ER S

F (U

SD)

$76.

81

$80.

60

$82.

88

$100

.06

$106

.40

$107

.06

$112

.45

$114

.65

$116

.36

$120

.85

$122

.33

$130

.49

$132

.19

$133

.57

$147

.32

$151

.84

$158

.61

$158

.88

$162

.99

$172

.12

$174

.34

$175

.40

$175

.88

$176

.57

$185

.00

$185

.00

$185

.40

$188

.80

$194

.77

$198

.56

$199

.49

$216

.00

$219

.96

$224

.00

$250

.00 $2

76.6

7

AVERAGE COST PER SF:

$155.39


AVERAGE OFFICE PROJECT COST/SF BY INDUSTRYGWS Accounts Only

Clie

nt 0

3

Clie

nt 0

5

Clie

nt 0

6

Clie

nt 1

0

Clie

nt 1

1

Clie

nt 1

2

Clie

nt 1

9

Clie

nt 2

4

Clie

nt 2

8

Clie

nt 3

1

Clie

nt 3

2

Clie

nt 3

5

Clie

nt 3

6

Clie

nt 0

4

Clie

nt 1

3

Clie

nt 2

5

Clie

nt 2

7

Clie

nt 0

2

Clie

nt 0

8

Clie

nt 3

3

Clie

nt 1

4

Clie

nt 1

5

Clie

nt 1

6

Clie

nt 1

7

Clie

nt 1

8

Clie

nt 2

2

Clie

nt 0

1

Clie

nt 0

7

Clie

nt 0

9

Clie

nt 2

0

Clie

nt 2

1

Clie

nt 2

3

Clie

nt 2

6

Clie

nt 2

9

Clie

nt 3

0

Clie

nt 3

4

$300

$250

$200

$150

$100

$50

$0

CO

ST P

ER S

F (U

SD)

BANKING AND FINANCE AVERAGE:

$159.10

HEALTHCARE AVERAGE: $158.24

INSURANCE AVERAGE: $149.41

SCIENCE & TECHNOLOGY

AVERAGE: $180.56

OTHER AVERAGE: $139.32

$151

.84

$116

.36

$194

.77

$132

.19

$250

.00

$114

.65

$219

.96

$120

.85

$122

.33

$176

.57

$162

.99

$198

.56

$224

.00

$158

.61

$185

.00

$158

.88

$130

.49

$174

.34

$147

.32

$100

.06

$276

.67

$107

.06

$199

.49

$112

.45

$106

.40

$175

.88

$175

.40

$172

.12

$185

.40

$185

.00

$133

.57

$216

.00

$188

.80

$82.

88

$80.

60

$76.

81


AVERAGE OFFICE COST PER SEAT BY GWS ACCOUNTLow to High

Clie

nt 2

5

Clie

nt 3

0

Clie

nt 1

8

Clie

nt 0

5

Clie

nt 3

4

Clie

nt 1

5

Clie

nt 2

7

Clie

nt 2

8

Clie

nt 1

0

Clie

nt 3

3

Clie

nt 2

1

Clie

nt 2

9

Clie

nt 3

1

Clie

nt 1

1

Clie

nt 0

4

Clie

nt 1

7

Clie

nt 2

2

Clie

nt 3

2

Clie

nt 2

4

Clie

nt 0

3

Clie

nt 1

6

Clie

nt 0

2

Clie

nt 2

0

Clie

nt 0

6

Clie

nt 1

2

Clie

nt 0

1

Clie

nt 3

5

Clie

nt 1

9

Clie

nt 0

7

Clie

nt 1

3

Clie

nt 0

8

Clie

nt 3

6

Clie

nt 0

9

Clie

nt 2

3

Clie

nt 2

6

Clie

nt 1

4

$60K

50K

40K

30K

20K

10K

$0

CO

ST P

ER S

EAT

(USD

)

$10,

184

$10,

282

$12,

667

$12,

866

$14,

046

$14,

180

$14,

999

$15,

934

$16,

162

$17,

075

$17,

753

$18,

417

$19,

510

$19,

531

$19,

826

$20,

661

$20,

819

$21,

856

$23,

518

$24,

117

$24,

328

$24,

762

$26,

056

$28,

855

$29,

397

$30,

085

$32,

009

$33,

147

$35,

019

$37,

00

0

$37,

775

$38,

620

$41,

663

$43,

200

$52,

394

$55,

014

AVERAGE COST PER SEAT:$24,781


SPACE PLAN USAGE

Overall Space Usage Plan

Hotel / Bench Seat

Office

Workstation

14.2%

67.0%

18.7%

Workstation

Office

Hotel / Bench Seat

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.

LMA Space Usage Plan

Hotel / Bench Seat

Office

Workstation14.4% 61.4%

24.2%

Workstation

Office

Hotel / Bench Seat

GWS Accounts Space Usage Plan

Hotel / Bench Seat

Office

Workstation

14.0%

72.6%

13.3%

Workstation

Office

Hotel / Bench Seat


SPACE PLAN USAGE BY GWS ACCOUNTSummarized by Industry

Workstation Office Bench / Hotel Seat

Clie

nt 0

3

Clie

nt 0

5

Clie

nt 0

6

Clie

nt 1

0

Clie

nt 1

1

Clie

nt 1

2

Clie

nt 1

9

Clie

nt 2

4

Clie

nt 2

8

Clie

nt 3

1

Clie

nt 3

2

Clie

nt 3

5

Clie

nt 3

6

Clie

nt 0

4

Clie

nt 1

3

Clie

nt 2

5

Clie

nt 2

7

Clie

nt 0

2

Clie

nt 0

8

Clie

nt 3

3

Clie

nt 1

4

Clie

nt 1

5

Clie

nt 1

6

Clie

nt 1

7

Clie

nt 1

8

Clie

nt 2

2

Clie

nt 0

1

Clie

nt 0

7

Clie

nt 0

9

Clie

nt 2

0

Clie

nt 2

1

Clie

nt 2

3

Clie

nt 2

6

Clie

nt 2

9

Clie

nt 3

0

Clie

nt 3

4

350

300

250

200

150

100

50

0

SEA

TS

BANKING AND FINANCE HEALTHCARE INSURANCE SCIENCE & TECHNOLOGY

OTHER


SPACE PLAN USAGE: DENSITY BY GWS ACCOUNTLow to High

Clie

nt 2

6

Clie

nt 0

8

Clie

nt 1

2

Clie

nt 0

9

Clie

nt 2

9

Clie

nt 0

7

Clie

nt 2

3

Clie

nt 1

3

Clie

nt 1

4

Clie

nt 2

4

Clie

nt 1

7

Clie

nt 3

4

Clie

nt 0

1

Clie

nt 3

6

Clie

nt 3

3

Clie

nt 3

5

Clie

nt 1

9

Clie

nt 0

3

Clie

nt 0

6

Clie

nt 0

2

Clie

nt 2

0

Clie

nt 2

1

Clie

nt 2

8

Clie

nt 1

5

Clie

nt 3

0

Clie

nt 0

4

Clie

nt 3

2

Clie

nt 1

0

Clie

nt 1

6

Clie

nt 1

8

Clie

nt 2

2

Clie

nt 0

5

Clie

nt 2

7

Clie

nt 3

1

Clie

nt 1

1

Clie

nt 2

5

350

300

250

200

150

100

50

0

SQU

ARE

FEET

286

256

256

225

222

203

200

200

198

197

191

184

173

172

170

161

150

150

148

141

141

135

133

132

128

125

123

123

122

119

116

116

115

110

78

64

AVERAGE DENSITY:1 person per 158 SF


SPACE PLAN USAGE: DENSITY BY GWS ACCOUNTSummarized by Industry

Clie

nt 0

3

Clie

nt 0

5

Clie

nt 0

6

Clie

nt 1

0

Clie

nt 1

1

Clie

nt 1

2

Clie

nt 1

9

Clie

nt 2

4

Clie

nt 2

8

Clie

nt 3

1

Clie

nt 3

2

Clie

nt 3

5

Clie

nt 3

6

Clie

nt 0

4

Clie

nt 1

3

Clie

nt 2

5

Clie

nt 2

7

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nt 0

2

Clie

nt 0

8

Clie

nt 3

3

Clie

nt 1

4

Clie

nt 1

5

Clie

nt 1

6

Clie

nt 1

7

Clie

nt 1

8

Clie

nt 2

2

Clie

nt 0

1

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nt 0

7

Clie

nt 0

9

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nt 2

0

Clie

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1

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3

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6

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9

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0

Clie

nt 3

4

350

300

250

200

150

100

50

0

SQU

ARE

FEET

BANKING AND FINANCE

HEALTHCARE INSURANCE SCIENCE & TECHNOLOGY

OTHER

150

116

148

123

78

256

150

197

133

110 12

3

161 17

2

125

200

64

115

141

256

170

198

132

122

191

119

116

173

203

225

141

135

200

286

222

128

184

www.cbre.us

CARRIE BOEGEMANDirectorT +1 952 233 7340C +1 952 818 [email protected]

KEY CONTACT

ANDREW SUMNERDirectorCBRE Cost ManagementT +1 212 803 [email protected]

ACKNOWLEDGMENTS

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.

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