1、Global Fit-Out Cost GuideA data-driven analysis of office fit-out pricing and global construction trends.CBRE INSIGHTSNOVEMBER 2022REPORTIntelligent Investment2022-20232CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Introduction 03Strategy 05 Project Planning 13

2、Further Cost Considerations 32Cost Indices&Market Trends 38Contents0102030405Introduction014CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023CBREs 2022-23 Global Fit-Out Cost Guide is the industrys most comprehensive analysis of fit-out pricing globally.This years

3、 edition focuses on the global changes in work models and the challenges faced as a result of the pandemic,climate change and heightened economic uncertainty.The global shift in workplace behaviors has resulted in new ways of thinking about the construction of offices.Companies have adopted hybrid w

4、ork models,and people need a blend of flexible,team and event spaces.Likewise,many companies have set net-zero carbon targets,expanding real estate sustainability strategy beyond energy savings to include decarbonization and Environmental,Social and Governance(ESG)criteria.But with the changes there

5、 have been challenges.The lingering effects of COVID-19 and the war in Ukraine have led to economic and supply chain uncertainty,which affects the fit-out market by diminishing budgets amid inflation and causing long lead times in procurement.CBRE introduced our Fit-Out Cost Guide in 2013 as a bench

6、marking tool to support planning and investing in capital fit-out projects.This year our cost guide leverages more quality data than ever before,with input from strategic partners.The 2022-23 guide provides insight into global market trends,with regional data from APAC,EMEA,North America and Latin A

7、merica.CBREs talented and diverse global project team provides the knowledge,research and connections that make this Fit-Out Cost Guide possible.We sincerely thank everyone who has contributed to the Fit-Out Cost Guide,and we thank our clients for your continued engagement with our work.We hope you

8、find this edition useful as you plan fit-out projects for 2023 and beyond.This global report provides in-depth analysis of fit-out cost data from CBRE.Strategy026CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Office as an Organization ChartEveryone has their own

9、 desk,desks are homogeneous,seats allocated and often hierarchical,limited other support spaces.Office as an AttractorSimilar to the Self-Organizing Office except the choice to work from home may be unstructured or ad hoc.Critical to understand what will attract people to the office and what might c

10、ause them to leave once there.Strong team neighborhoods.Self-Organizing OfficeShared desks that allow for greater variation of individual work and support spaces.Employees empowered to organize where and how they work as teams.Variations include Activity-Based Working(ABW)and Hot Desking.Office as a

11、 DestinationA divergent model that assumes that teams do not have their own neighborhoods,rather teams will come into the office as a group,creating pop-up neighborhoods for the day.Higher proportion of event space for collaboration and connection,supplemented by flexible workspace for people in the

12、 office on a non-team day.Pop-Up OfficeCompanies with most employees working entirely from home may still need a flexible work space for a day,particularly for events that connect and teach people,which likely will be in non-office locations such as parks,cinemas and other cultural event venues.Five

13、 Workplace TrendsAs the pandemic wanes,companies are assessing which styles best suit their needs.Predominant Pre-pandemic Office&Work from Home(WFH)MixWFH 1-2 days/weekWFH 3-4 days/weekWFH 5 days/week123457CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023EventsCo

14、me into work for a single specific event,that may not even be in office.Events might include meeting a particular person,a group social event,a collaboration activity,or shopping/events near the office.NetworkConnect and intersect,mostly in small groups,with colleagues outside immediate team.Teamwor

15、kSit with their team colleagues,possibly doing same work they do at home.Large-scale collaboration events will continue to occur intermittently.Spaces created for this function should have multi-purpose uses as work areas and small-group collaboration spaces.Factors causing people to leave the offic

16、e include inability to sit with colleagues,lack of acoustic privacy and clumsy technology configuration.Why will people come into the office?SchemeBREEAM LEED HQE DGNB WELL FitwelWired certificationOperated byBREUSGBCCERWAYDGNB IWBIUS HSSWIRED SCORECountries available(origin)International(UK)Interna

17、tional(US)International(France)International(Germany)International(US)International(US)USA,UK,France,Germany,Canada,Ireland(US)Levels of achievementPass,Good,Very Good,Excellent,OutstandingSilver,Gold,Platinum Pass,Good,Very Good,Excellent,ExceptionalBronze,Silver,Gold,PlatinumSilver,Gold,Platinum 1

18、 Star,2 Star,3 StarCertified,Silver,Gold,Platinum8CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Companies can achieve operational efficiencies and sustainability by streamlining,saving energy,reducing waste and recycling materials.Well-managed fit-out projects

19、can contribute to environmental and economic benefits through reductions in energy consumption,implementation of cost-neutral building maintenance methodologies and lower workspace costs.European Union(EU)rules such as the Corporate Sustainability Reporting Directive(CSRD)now require large companies

20、 to publish regular reports on their social and environmental impacts.Sustainability reporting ensures that companies consider their impacts on the environment and enables them to be transparent about their risks and opportunities.Energy-efficiency certifications for buildings are becoming more comm

21、on.Owners and occupiers are demanding sustainable fit-outs and increasingly opting for third-party certifications that verify a building meets certain environmental standards.These standards also may include wellbeing(WELL/Fitwel)and building connectivity(WiredScore/SmartScore).Environmental,Social&

22、GovernanceWith growing demand for climate action among consumers,occupiers and investors,measuring ESG performance is more important than ever for all businesses to thrive.Practices-Regulatory Pressure FIGURE 1:ESG InitiativesSource:CBRE Insights,2022.9CBRE INSIGHTS2022 CBRE,INC.Intelligent Investme

23、nt Global Fit-Out Cost Guide 2022-2023More than 30%of global Fortune 500 companies have publicly committed to achieving a climate goal by 2030.Governments globally have enacted new regulations to curb carbon emissions.For example,EU regulation aims to cut carbon emissions by at least 55%by 2030,and

24、the U.K.government commits to reduce carbon emissions by 78%by 2035.CBREs Global Live-Work-Shop Report found that millennials are highly attuned to the culture and practices of a companyincluding its environmental credentialswhen deciding whether to become or remain employees.Occupants of“greener”bu

25、ildings are also healthier and more productive at work.Planet-Carbon Reduction People-Seek Companies with PurposeDecarbonization Pathway-CRREMThe Carbon Risk Real Estate Monitor(CRREM)is a tool for measuring current consumption of a property,portfolio or business and evaluating the carbon-emission p

26、erformance against targets in line with the Paris Agreement.Energy Performance Contracting(EPC)More than 28%of carbon emissions is related to building operations,therefore existing building inventory must meet energy-efficiency standards.Buildings must achieve minimum applicable EPCs per the local l

27、egislation and challenge continuous improvement.Early ManagementIntegrated PartnersINCREASED VALUEDECREASED COSTSGlobal Scale&LeveragePreferred PricingSpeed to MarketDedicated Project Manager10CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Without proper conside

28、ration at the strategy stage,a project program could be extended by weeks as lead times become unreliable.For example,the global shortage of lumber has led to delays and cost increases in furniture manufacturing and delivery,where order fulfillment can now take up to six months(compared with three m

29、onths pre-pandemic).Early engagement can mitigate sourcing challenges,allowing for better planning from the projects outset and ample time to identify requirements and place orders ahead of a full contracts execution.Using trusted suppliers,which can align with client expectations and adhere to a se

30、rvice agreement,provides a degree of certainty on supply chain lead times and preferential rates.Failure to prepare at the strategic stages of a project may result in failure to meet key project objectives due to unstable supply chains.Reputable market and industry-leading suppliers Financially well

31、 positioned to ensure continuity of service CSR focused Globally diversified manufacturing services Recognized industry credentials and accreditations Focus on product innovation and use of technology:Competitive pricing and tiered discounts Wide product offering to support client requirements Warra

32、nties and aftercare support Lead time(days/week)/quick-ship programs Customization available Recycling services available Asset Recovery programsStrategic SourcingSourcing a capital project can take longer than anticipated,with availability and quick manufacture often taken for granted.In the curren

33、t global economy,the supply chain faces pressure from reduced resources and increased demand.Benefits of Strategic SourcingClick to learn more about CBRE Supply Chain Sourcing services.FIGURE 2:Sourcing DiagramSource:CBRE Insights,2022.11CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-O

34、ut Cost Guide 2022-2023The building industry produces 21%of global GHG emissions,of which 18%are embodied emissions from typical building materials.Scope 3 GHG emissions in supply chain Baseline hotspots identified using supplier spend and emission metrics Engage high emission suppliers to improve a

35、nd measure reduction Global performance team and emissions tracking Increase use of certified diverse suppliers to meet spending goals Leverage partnerships Sourcing and supplier training playbooks,toolkits,case studies,etc.Global platform team Integrated into supplier onboarding process and leverag

36、e supplier risk ecosystem Sourcing and supplier training Managed within risk and operations Decarbonize the Supply Chain Supplier Diversity Responsible SourcingSource:UNECE,October 2022.VANCOUVER,CANADA12CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Many compan

37、ies have set a net-zero carbon target.CBRE recommends working with partners who have net-zero practices in action.Ensure your decarbonization journey includes the indirect emissions from your suppliers to reduce the carbon footprint of your supply chain.Click to learn more about Sustainability Solut

38、ions from CBRE.Project Planning03Design,Program&Cost Advice14CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Floor LayoutsThe floor layouts in this guide represent a 23,366-sq.-ft.(1,985-sq.-m.)usable floorplate.Build Specification LevelsLowMediumHigh123These lay

39、outs focus on real trends CBRE sees with our clients,whose focus is on future-proofing a post-COVID work environment.The Activity-based layout provides a design focusing on the individual worker,while the Team-based layout focuses on more collaboration areas that allow teams to work in the office ef

40、fectively and flexibly.The Event-based layout gives more consideration to flexible town hall,meeting room and client spaces.Many businesses will choose a hybrid of these working styles depending on their needs and operations.The three specification levels of low,medium and high are compatible with a

41、ll layouts.Relies on fittings from existing landlord builds(e.g.,ceiling arrangement)Basic fittings and furnishings Suitable for clients with low CAPEX or wanting a refresh rather than complete refit Budget minded approach to upgrading Includes bespoke design flourishes but retains much of existing

42、layout Great for a standard office space Highest specification of furnishing and fittings Floor designed to a more bespoke detail Suitable for headquarters or client-facing officesClick to learn more about floor layouts created by CBRE Design Collective.15CBRE INSIGHTS2022 CBRE,INC.Intelligent Inves

43、tment Global Fit-Out Cost Guide 2022-2023Activity spaceThis layout is similar to Agile floor plans and the office as an attractor concept.Allows for solo working,including workstations and breakout rooms More collaboration areas and fewer workstations compared with typical agile layouts Click to vie

44、w a 3D fly-through.FIGURE 3:Activity Space Floor LayoutSource:CBRE Design Collective,2022.16CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Team spaceThis layout is a form of collaborative agile space,offering a middle ground between the Office as an Attractor an

45、d Office as a Destination concepts.Focus is on Team-based/collaborative working in breakout areas,temporary and fixed meeting room spaces Highly adaptable to meet requirements of fixed teamsClick to view a 3D fly-through.FIGURE 4:Team Space Floor LayoutSource:CBRE Design Collective,2022.17CBRE INSIG

46、HTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Event spaceEvent floor plans align with the Office as a Destination concepts above,where staff come to the office for a one-off occasion,such as a town hall or client meeting.Focus is on town hall style,all-hands areas and cl

47、ient reception areas.Highly adaptable meeting room spaces and limited workstationsClick to view a 3D fly-through.FIGURE 5:Event Space Floor LayoutSource:CBRE Design Collective,2022.18CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Breakthrough advancements in spa

48、ce-visualization technology have resulted in user-friendly,agile solutions that let companies explore immersive 3D environments with ease.The renderings and flythrough in this edition of the cost guide were created using CBREs proprietary workplace space visualization technology,which allows users t

49、o freely navigate through any space or asset with agility,visualize designs and engage stakeholders,all from within a web browser.Space VisualizationActivity SpaceTeam SpaceEvent Space19CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023These layouts have been price

50、d locally within each market to capture the costing information along with typical procurement and program data.Prices for each global location include the following assumptions:The building is located in a central business district.The space leased is in good CAT A condition and costs are based on

51、a full new CAT B fit-out.Costs take into account a reconfiguration of existing CAT A installations to suit the CAT B design and upgrades where stated in the specification.The base building and CAT B design are without abnormalities.The costs assume that the base-build and landlord provided CAT A has

52、 the necessary infrastructure(e.g.sufficient HVAC and power)to support the intended fit-out.This is a generic design which does not take into account cultural differences and country-specific space planning considerations or local regulations.The base date for the pricing information in this documen

53、t is August 2022.All pricing is in USD and exchange rates are accurate to August 2022.Technology costs assume there is network already in place and a 15%professional fee globally(separate from that in the construction breakdown).Technology costs are regional.Moves costs are regional.Cost AnalysisThe

54、 cost data in this report has been developed with quantifiable measures using Activity-,Team-and Event-based layouts for the three levels of specifications(low,medium and high).Activity Fit-Out Total$/Sq.M.Team Fit-Out Total$/Sq.M.Event Fit-Out Total$/Sq.M.CountryCityLowHighLowHighLowHighAustraliaSy

55、dney1,5332,6531,4852,7552,2543,798AustraliaMelbourne1,5972,7671,5422,8682,3563,924AustraliaBrisbane1,5722,7221,5192,8232,2913,874AustraliaPerth1,5742,7251,5262,8302,3113,891ChinaHong Kong1,5412,6661,5832,8372,6174,083ChinaBeijing1,1852,1371,2092,2801,9273,256ChinaShanghai1,2172,1781,2912,3662,1903,4

56、83ChinaGuangzhou1,1392,0491,1782,2021,9063,181IndiaMumbai8531,3088961,4551,7312,628IndiaBangalore8181,2518691,4001,7092,562IndiaChennai8141,2468611,3911,6832,539IndiaNew Delhi8091,2398481,3781,6432,504IndiaHyderabad8081,2368541,3801,6702,521IndiaPune7991,2258331,3581,6042,463IndiaKolkata7951,2198321

57、,3531,6122,463JapanTokyo2,9674,1492,8914,7733,6825,818MalaysiaKuala Lumpur1,1991,7521,0121,6851,8732,836New ZealandAuckland1,3052,2281,2992,3552,1323,441PhilippinesManila1,2031,8771,2292,0181,9612,930SingaporeSingapore1,5252,5941,5062,7102,2773,776South KoreaSeoul1,2131,8641,1901,7402,1362,925Taiwan

58、Taipei1,2052,0901,2092,1991,9533,181VietnamHo Chi Minh City1,0441,5611,0141,5331,6542,50220CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 6:Build Your Own Budget-APAC Cost DataAPAC Cost DataSource:CBRE Insights,2022.Activity Fit-Out Total$/Sq.M.Team Fit-O

59、ut Total$/Sq.M.Event Fit-Out Total$/Sq.M.CountryCityLowHighLowHighLowHighAustriaVienna1,7122,5421,7012,5432,5773,568BelgiumBrussels1,5332,3861,4652,2752,4913,421BotswanaGabarone1,6052,4491,6372,4692,7013,585BulgariaSofia1,5552,7521,4522,9122,2093,684CroatiaZagreb1,6572,9441,5283,0952,2663,860Czech R

60、epublicPrague1,0921,9431,1542,1641,9442,992DenmarkCopenhagen1,5592,6471,4612,6262,3943,622FinlandHelsinki1,3932,2961,4062,5542,1133,224FranceParis 1,6532,3791,6192,5072,3243,217GermanyStuttgart2,0232,7612,0052,7772,8823,667GermanyFrankfurt1,9352,6481,9192,6662,7703,530GermanyHamburg1,9022,6091,8832,

61、6222,7133,468GermanyBerlin1,8182,5001,8062,5212,6313,357GermanyMunich1,7592,6011,7632,5992,6523,596GhanaAccra1,6252,4991,6242,4772,5213,480GreeceAthens1,0821,7781,0811,8221,9172,758HungaryBudapest1,5292,1411,5082,1432,3483,191IrelandDublin1,5942,7091,5502,6962,3183,604IsraelTel Aviv1,9422,8341,7712,

62、7902,5873,575ItalyRome1,4512,1101,5552,2622,4643,196KazakhstanAlmaty1,3381,9801,3802,0702,3903,105KenyaNairobi1,6472,5161,6552,5082,6103,559KuwaitKuwait City1,6002,7101,7092,8512,5083,829LebanonBeirut1,7913,0131,9313,1952,8594,309Activity Fit-Out Total$/Sq.M.Team Fit-Out Total$/Sq.M.Event Fit-Out To

63、tal$/Sq.M.CountryCityLowHighLowHighLowHighMoroccoCasablanca1,2092,2211,2802,4272,1913,394NetherlandsAmsterdam1,4492,1801,3572,1462,1012,901NigeriaAbuja1,5002,3371,5332,3522,3943,258NorwayOslo1,3992,2751,4122,5452,1243,225OmanMuscat1,4602,4571,5822,6192,4193,592PolandWarsaw1,2281,9991,2562,1221,9092,

64、798PortugalLisbon1,1992,2021,2692,4062,1733,365QatarDoha1,7252,9241,8383,0682,6594,089RomaniaBucharest1,4442,4461,4782,8082,2423,662RwandaKigali1,5842,4721,6332,5122,5083,427Saudi ArabiaRiyadh1,7943,0211,9313,1992,8474,305SerbiaBelgrade1,5272,7041,4242,8582,1673,617SloveniaLjubljana1,7403,1081,5813,

65、2402,2713,976South AfricaJohannesburg1,5252,3281,5492,3562,4073,251SpainMadrid1,2192,2631,2662,4392,0973,349SwedenStockholm1,5642,5831,5522,8502,2193,492SwitzerlandGeneva2,7243,8142,6793,6053,6064,466TurkeyIstanbul1,2301,9681,2472,0841,9362,940UAEDubai1,6522,7981,7622,9402,5703,936UAEAbu Dhabi1,6522

66、,7981,7622,9402,5703,936United KingdomManchester1,6622,6371,6182,6962,1603,269United KingdomGlasgow1,6672,6411,6292,7072,3563,578United KingdomLondon1,8772,9701,8203,0282,5643,947ZimbabweHarare1,6522,5871,6252,5242,4633,45321CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide

67、 2022-2023FIGURE 7:Build Your Own Budget-EMEA Cost DataEMEA Cost DataSource:CBRE Insights,2022.Activity Fit-Out Total$/Sq.M.Team Fit-Out Total$/Sq.M.Event Fit-Out Total$/Sq.M.CountryCityLowHighLowHighLowHighArgentinaBuenos Aires1,3543,8851,3824,4112,0295,190Bahamas Nassau2,8654,7302,8304,9614,0046,5

68、18BarbadosBridgetown2,3783,9262,3374,0943,4535,530BrazilSao Paulo1,1872,0961,0561,9121,9563,060British Virgin IslandsRoad Town2,6464,3672,6084,5673,6195,809Cayman IslandsGeorge Town2,8584,7192,8244,9484,0086,516ChileSantiago1,4102,2571,2682,0052,5903,535ColombiaBogota1,5712,6661,4792,9702,5374,201Co

69、sta RicaSan Jose(CR)1,7252,6091,5592,5063,0744,478MexicoMexico City1,2672,0491,1732,0711,9342,965PanamaPanama City1,9723,2541,9263,3673,0464,749Puerto RicoSan Juan2,4294,0152,3914,1943,4325,565St.Kitts&NevisBasseterre2,2533,7242,2123,8793,2325,207St.LuciaCastries2,1233,5022,0783,6333,2025,043St.Maar

70、tenPhilipsburg2,4624,0622,4214,2383,5855,730St.Vincent&the GrendsKingstown1,6952,8001,6472,8792,6834,145Trinidad&TobagoPort of Spain2,5434,2042,5064,3973,5605,797Turks&Caicos IslandsCockburn Town2,8384,6912,8054,9223,8936,39522CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Gui

71、de 2022-2023FIGURE 8:Build Your Own Budget-LATAM Cost DataLATAM Cost DataSource:CBRE Insights,2022.Activity Fit-Out Total$/Sq.M.Team Fit-Out Total$/Sq.M.Event Fit-Out Total$/Sq.M.CountryCityLowHighLowHighLowHighCanadaToronto2,0173,3381,9723,4593,0124,722CanadaOttawa1,9913,2941,9453,4122,9814,668Cana

72、daVancouver1,9703,2631,9253,3802,9094,584CanadaMontreal1,9573,2411,9123,3582,8954,557United StatesSan Francisco3,2595,3833,2295,6684,4007,276United StatesNew York3,2355,3453,2075,6264,3737,229United StatesSan Jose3,1555,2123,1245,4854,2517,037United StatesOakland3,1075,1353,0775,4024,1986,942United

73、StatesChicago3,0285,0042,9975,2604,1086,781United StatesPhiladelphia2,9704,9072,9385,1564,0426,664United StatesNewark2,9604,8922,9285,1394,0316,644United StatesLos Angeles2,9564,8852,9245,1334,0276,636United StatesBoston2,9464,8672,9135,1134,0146,614United StatesSan Diego2,9144,8142,8815,0573,9796,5

74、49United StatesSacramento2,9024,7962,8695,0363,9666,526United StatesSaddle Brook2,9024,7952,8695,0363,9666,525United StatesSeattle2,8264,6712,7934,9013,8806,372United StatesMinneapolis2,8134,6482,7794,8773,8656,344United StatesPortland2,7394,5262,7044,7453,7826,194United StatesDetroit2,6544,3852,618

75、4,5933,6856,021Activity Fit-Out Total$/Sq.M.Team Fit-Out Total$/Sq.M.Event Fit-Out Total$/Sq.M.CountryCityLowHighLowHighLowHighUnited StatesCleveland2,5494,2122,5124,4073,5675,808United StatesBaltimore2,5294,1802,4924,3723,5455,769United StatesIndianapolis2,6864,4382,6464,6433,7726,135United StatesD

76、enver2,4854,1062,4474,2933,4945,678United StatesColumbus2,4774,0942,4394,2793,4865,662United StatesAtlanta2,4594,0652,4214,2483,4665,627United StatesSalt Lake City2,4584,0622,4204,2443,4635,623United StatesPhoenix2,4474,0452,4094,2273,4535,603United StatesNashville2,4404,0332,4024,2133,4445,587Unite

77、d StatesCincinnati,OH2,4374,0272,3974,2063,4405,579United StatesMiami2,4093,9822,3704,1583,4095,524United StatesOrlando2,4093,9822,3704,1573,4085,524United StatesTampa2,4033,9712,3654,1483,4025,512United StatesDallas2,3783,9302,3394,1033,3745,461United StatesOklahoma City2,3583,8982,3194,0683,3525,4

78、22United StatesHouston2,3493,8822,3094,0513,3415,402United StatesAustin2,3123,8222,2733,9853,2995,327United StatesTulsa2,3073,8112,2663,9753,2935,315United StatesCharlotte2,4093,9821,5522,9102,5914,331United StatesCharleston2,4093,9821,5522,9102,5914,33123CBRE INSIGHTS2022 CBRE,INC.Intelligent Inves

79、tment Global Fit-Out Cost Guide 2022-2023FIGURE 9:Build Your Own Budget-NAM Cost DataNorth America Cost DataSource:CBRE Insights,2022.FIGURE 9:Build Your Own Budget-NAM Cost Data Cont.24CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023There can be significant vari

80、ances in lead times and task durations from one country to the next.This can have a material impact on the viability of a business case and ultimately the decision on whether to proceed with a project.16 weeksConception&Design28 weeksProcurement&ConstructionProgramBased on the layouts provided,a pro

81、ject would typically require 16 weeks of conception and design and 28 weeks of procurement and construction.Pre-construction stage delays can include personnel shortages,extended permit processes(especially in the U.S.)or supply chain shortages.In some cases these shortages can lead to a minimum two

82、-month delay in manufacturing and delivery of items.Figure 10 compares overall project timelines in 2022 and 2019(where information is available).25CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 10:Program ComparisonWeeksTypical Procurement Route and Prog

83、ramSource:CBRE Insights,2022.26CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023What we previously knew as the“office”is evolving into a more collaborative place of social context.After all,interaction with colleagues makes us happier and more engaged at work.Thes

84、e restorative activities are as critical to the creative process as high-focus workand important for innovation to occur.To support the new hybrid work model,changes must make workspaces more efficient.CBRE service partner and furniture manufacturer Haworth,has identified five themes that companies

85、should consider as they plan their future office design.While all five themes are important,each company is unique in its approachfrom culture and goals to geographic location and workforce demographics.FurnitureWork fluidly.Work from Anywhere is the ecosystem that gives companies and employees flex

86、ibility in where and when work occurs.Total CostCost Per Sq.M.RegionSpec.ActivityTeamsEventActivityTeamsEventEMEALow$424,364$353,897$334,090$214$178$168 EMEAMed$595,094$591,506$448,795$300$298$226 EMEAHigh$841,219$768,499$655,587$424$387$330 NAMLow$422,323$337,306$333,436$213$170$168 NAMMed$592,922$

87、562,921$461,253$299$284$232 NAMHigh$783,578$693,916$623,480$395$350$314 APACLow$249,797$195,705$184,609$126$99$93 APACMed$341,460$346,598$254,660$172$175$128 APACHigh$381,308$377,812$561,846$192$190$283 LATAMLow$422,323$337,306$333,436$213$170$168 LATAMMed$592,922$562,921$461,253$299$283$232 LATAMHi

88、gh$783,578$693,916$623,480$395$349$314 DesignRegionSpec.Base Cost (inc Freight)Install Fee USDAVG Install Fee(%)ActivityEMEALow$424,363.72$46,680.01 11%Medium$595,093.55$65,460.29 11%High$841,218.78$92,534.07 11%NAMLow$422,322.82$50,678.74 12%Medium$592,922.17$71,150.66 12%High$783,578.11$94,029.37

89、12%APACLow$249,796.63$27,477.63 11%Medium$341,459.86$37,560.58 11%High$381,308.16$41,943.90 11%TeamsEMEALow$353,896.93$38,928.66 11%Medium$591,506.10$65,065.67 11%High$768,498.89$84,534.88 11%NAMLow$337,305.81$40,476.70 12%Medium$562,921.11$67,550.53 12%High$693,916.19$83,269.94 12%APACLow$195,704.6

90、3$21,527.51 11%Medium$346,597.78$38,125.76 11%High$377,812.01$41,559.32 11%EventEMEALow3,9821,5522,910Medium$422,322.82$50,678.74 12%High$422,322.82$50,678.74 12%NAMLow$333,435.95$40,012.31 12%Medium$461,252.73$55,350.33 12%High$623,480.12$74,817.61 12%APACLow$184,609.03$20,306.99 11%Medium$254,660.

91、26$28,012.63 11%High$561,846.48$61,803.11 11%27CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Note:These costs include professional fees,installation fees and freight.These are indicative of regional and may vary in country;however,base unit costs are largely co

92、nsistent in each regionFIGURE 11:Furniture TableFIGURE 12:Furniture BreakdownFurniture DataWe cant do our work without some form of technologyand we all learned how to use tools to access virtual resources and connect with people.People need spaces that protect from burnout and support wellbeingplac

93、es to recharge from intense collaboration and focus work,and where they can explore or happen upon great ideas.The office should be a place where people want to bewith a safe,comfortable and welcoming vibe that attracts people,supports wellbeing and merges hospitality.In the new world of hybrid work

94、,people have more choice of where to work and this new workforce autonomy will cause layouts to shift to less density.The office becomes better tuned to serve physical,emotional and cognitive needs.Hybrid work brings more choice in where to work,but the office is the hub for collaboration and cultur

95、e connection and togetherness for group work will be more critical than ever.Immersive Technology Restore Focus More Human Space Shift More CollaborationSource:CBRE Insights,2022.Source:CBRE Insights,2022.28CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Technolo

96、gy&SecurityTechnology is an essential component in the fit-out of any workplace.Appropriate technology provides users with the tools and working environment to flourish.Commercial environments continue to benefit from rapidly advancing technology for in-office collaboration.The workplace now comes e

97、quipped with innovative AV communication technology to expand how people can use the space.More traditional environments use AV systems only in meeting rooms and auditorium spaces.Agile environments use AV throughout the office to create flexible workspaces that enable users to communicate and colla

98、borate across a range of increasingly available platforms.New project developments should consider the way users will interface with this type of communication technology.AV equipment is moving away from credenzas within the room to centralized comms rooms for easier servicing and maintenance.Tenant

99、s IT installations typically include structured cabling(included in the Cat B construction costs)and wired and wireless network equipment.Monitors and desk phones are considered users equipment and typically arent included in the fit-out budget;however,the placement of these components is essential

100、to any workplace strategy.Clients existing equipment may not support changes in work styles and practices,often the driving force behind office relocations,so guidance on how to engage with the latest technology should occur early in the planning stages.Wi-Fi technology is sufficiently reliable as a

101、 primary method of connectivity for user devices within an agile working environment,but a structured cabling system will always be required.The growth in integrated and smart buildings is motivating an increase in Internet Protocol enabled devices that are network connected,which will need to be fa

102、ctored into technology budgets.Although additional IT infrastructure is required to support these systems,this cost is offset by savings in other packages.As more systems become IP-enabled,the reliance on connectivity to the Local Area Network(LAN)means that new switches and firewalls are typically

103、procured rather than relocated during an office move.Wireless access points installed within or beneath the ceiling void will provide users with connectivity to the internet and the ability to work anywhere within the office.Full Wi-Fi coverage within the office is a key requirement for agile and tr

104、aditional office working environments.It is critical that IT budgeting is considered early in the project and with a holistic view to achieve the savings that smart building technology,the Internet of Things and systems convergence can offer.Audiovisual Systems ITWhat is workplace technology?Workpla

105、ce technology is anything that touches the network:traditionally audiovisual,structured cabling,network hardware/wireless,access control,video surveillance,etc.What projects make sense to engage CBRE WTS?Corporate interiors projects of size(40+ksf)or technical complexity(two or more workplace techno

106、logy scopes)How and when do you engage CBRE WTS?Typically,the best time to engage the team is during the schematic design phaseWhere does CBRE|SiteREADY fit into a project lifecycle?CBRE|SiteREADYs services fit several applicable touchpoints throughout the project lifecycle depending on client needH

107、ow can you calculate Value-to-Fee?Value-to-Fee”can be estimated at 5/1 using the following logic:Cost savings from budgeted technology spend+Added utility of internal IT Resources+Change Order Avoidance29CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Tenants IT

108、installations typically include structured cabling(included in the Cat B construction costs)and wired and wireless network equipment.Monitors and desk phones are considered users equipment and typically arent included in the fit-out budget;however,the placement of these components is essential to an

109、y workplace strategy.Clients existing equipment may not support changes in work styles and practices,often the driving force behind office relocations,so guidance on how to engage with the latest technology should occur early in the planning stages.Wi-Fi technology is sufficiently reliable as a prim

110、ary method of connectivity for user devices within an agile working environment,but a structured cabling system will always be required.SecurityThe Workplace Technology Services(WTS)team is responsible for the successful management and coordination of all technology vendor/solutions.These teams work

111、 regionally to establish appropriate technology solutions with clients.The WTS scope of responsibility covers design elements,planning,procurement,construction and commissioning phases of the project.For this Fit-Out Cost Guide,the WTS team has taken the low,medium and high spec of the design as a c

112、lients requirements and costed in-country to determine a per-sq.-ft.figure.WTS focuses on the integrated delivery of technologies in the workplace to drive digital transformation and create a seamless employee experience.WTS teams bridge the gap between real estate&IT departments,delivering product-

113、agnostic solutions as the single point of contact for all workplace technology scopes.Workplace TechnologyCBRE Move Management Services share best practices across regions and sectors including banking/finance,technology,retail,pharmaceutical,industrial and legal.Using the latest technology,CBRE mai

114、ntains up-to-date client space allocation data at all times,and our workplace specialists work with clients to optimize space utilization,ensuring best value throughout the project and a successful outcome.30CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Move ma

115、nagement and physical relocation of employees and their belongings is an integral part of a CAT B project and takes place either during or upon completion of the fit-out work.Moves have the potential to disrupt business continuity,which can impact productivity.Careful organization and sequence plann

116、ing is essential to minimize disruption.This usually involves a move consultant working with a range of client department representatives to identify the current set-up,accommodate activities critical for business continuity and plan for movement of employees,furniture and equipment.The move consult

117、ant is responsible for all aspects of change management and implements a comprehensive communications plan at all levels to ensure everyone affected is informed and has input into the project.They also work with a client-specified physical move provider,or leverage a preferred supplier list,acting a

118、s principal to command preferential rates.Beyond business transition,clients often require clearing or disposal of redundant furniture and fittings.An accredited environmental management system allows the move management team to manage the entire clearance process on the clients behalf.The team seek

119、s to re-use,re-purpose,donate or environmentally dispose of surplus furniture and effects,promoting client corporate social responsibility goals.Figures 13-15 cover a per-person cost and a per square meter cost in dollars of moves in EMEA and Americas.These also include an average,indicative managem

120、ent fee,which can range from 10 to 40%depending on location and other factors.Individual moves vary,and the below is indicative of moves relating to the Teams design,within a five-mile radius of original offices.Move ManagementPersonal MoveRegionItemGrossSmallLargeTotal SmallTotal LargeEMEACost Per

121、Person$25.38 24%32%$31.47$33.50 Cost Per Sq.M.$2.31 24%32%$2.86$3.05 AMERICASCost Per Person$254.72 48%91%$376.08$487.23 Cost Per Sq.M.$23.18 48%91%$34.22$44.34 Metro USCost Per Person$280.60 39%63%$388.88$457.56 Cost Per Sq.M.$25.53 39%63%$35.39$41.64 Technology MoveRegionItemGrossSmallLargeTotal S

122、mallTotal LargeEMEACost Per Person$68.62 22%24%$83.71$85.08 Cost Per Sq.M.$6.24 22%24%$7.62$7.74 AMERICASCost Per Person$254.72 42%73%$489.78$596.21 Cost Per Sq.M.$23.18 42%73%$44.57$54.26 Metro USCost Per Person$280.60 33%50%$511.70$576.83 Cost Per Sq.M.$25.53 33%50%$44.57$54.26 Full MoveRegionItem

123、GrossSmallLargeTotal SmallTotal LargeEMEACost Per Person$158.43 19%19%$188.53$188.53 Cost Per Sq.M.$14.42 19%19%$17.16$17.16 AMERICASCost Per Person$471.20 36%36%$641.57$641.57 Cost Per Sq.M.$42.88 36%36%$58.38$58.38 Metro USCost Per Person$514.33 30%30%$667.74$667.74 Cost Per Sq.M.$46.80 30%30%$60.

124、76$60.76 31CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 13:Personnel Move Cost Per RegionFIGURE 14:Technology Move Cost Per RegionFIGURE 15:Full Move Cost Per RegionMove Management:Cost Breakdown A move of persons only.Assumes two persons sharing a crat

125、e and moving personal items only,typically within the same building or nearby premises.Assumes basic items such as laptops can be carried by staff separately.This includes the above two moves,as well as furniture and other FF&E items that will require transport to a new site.A personnel move with it

126、ems such as screens,docking stations and other IT or audio visual equipment.Personnel Move Full Move Technology MoveSource:CBRE Insights,2022Further Cost Considerations0433CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023MethodologyOur model for this study is a hy

127、pothetical 1,000-sq.-m.office in a mid-size building located in the central business district of a major city in each country or region.The premises are assumed to have a typical hybrid office fit-out installed by the tenant that has sustained moderate wear during lease term.The cost assessments for

128、 each country are based on typical high and low rates for dilapidations or liabilities and are based on USD per square meter.The cost advice is indicative,and variations will always exist between individual properties,influenced by the lease terms and the building in question.That means the use of t

129、hese rates for IFRS 16 provisioning is unlikely to meet an auditors requirements as it may not provide the correct liability for a given property.An individual assessment of each property is therefore strongly recommended.ReinstatementOverview of Occupier Requirements The reinstatement of tenants al

130、terations and additions is required,returning the premises to the condition it was prior to occupation.The landlord will accept the tenants additions and alterations remain in pace at expiry,no reinstatement is required.Apart from responsibility for the works themselves,wider penalties are uncommon

131、at lease expiration even where the tenant hasnt completed work.If the tenant hasnt completed the work or reached a financial settlement,then the landlord can usually apply further penalties.Commonly,this will be a claim for lost rent for the period of time it would take to complete the work.Both par

132、ties negotiate a financial settlement with the landlord instead of the tenant carrying out the work.The tenant carries out the work needed to fulfill its obligations,so the premises are handed back to the landlord in compliance with the lease at expiration.The tenant is expected to keep the premises

133、 in good condition,remedying any defects and leaving it in good condition.Wear and tear is accepted by the landlord,but anything beyond this is considered tenant disrepair and must be remedied.Reinstatement Penalties Process Repair and ConditionTypical Lease ObligationsCountryCity Rate-Low$Per Sq.M.

134、Rate-High$Per Sq.M.Reinstatement RequiredGood Repair/Decorative Condition RequiredTypical ProcessRent Penalties for Works After Lease Expiry?AustraliaBrisbane$245$350 YesYesFinancial settlementYesAustraliaMelbourne$245$400 YesYesFinancial settlementYesAustraliaPerth$245$375 YesYesFinancial settlemen

135、tYesAustraliaSydney$245$425 YesYesFinancial settlementYesChinaBeijing$165$240 YesYesTenant undertakes worksNoChinaGuangzhou$165$240 YesYesTenant undertakes worksNoChinaHong Kong$385$550 YesYesTenant undertakes worksNoChinaShanghai$165$240 YesYesTenant undertakes worksNoIndiaBangalore$55$70 HybridWea

136、r and tear acceptedTenant undertakes worksNoIndiaChennai$55$70 HybridWear and tear acceptedTenant undertakes worksNoIndiaHyderabad$50$70 HybridWear and tear acceptedTenant undertakes worksNoIndiaKolkata$50$65 HybridWear and tear acceptedTenant undertakes worksNoIndiaMumbai$55$70 HybridWear and tear

137、acceptedTenant undertakes worksNoIndiaNew Delhi$55$70 HybridWear and tear acceptedTenant undertakes worksNoIndiaPune$50$65 HybridWear and tear acceptedTenant undertakes worksNoIndonesiaJakarta$70$100 YesYesTenant undertakes worksNoJapanTokyo$400$625 YesYesTenant undertakes worksNoMalaysiaKuala Lumpu

138、r$65$105 YesYesTenant undertakes worksNoNew ZealandAuckland$240$350 YesYesFinancial settlementNoPhilippinesManila$75$150 YesYesTenant undertakes worksNoSingaporeSingapore$140$200 YesYesTenant undertakes worksNoSouth KoreaSeoul$210$300 YesYesTenant undertakes worksNoTaiwanTaipei$115$160 YesYesTenant

139、undertakes worksNoThailandBangkok$105$150 YesYesTenant undertakes worksNoVietnamHo Chi Minh City$70$100 YesYesTenant undertakes worksNo34CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 16:Reinstatement APACKey Assumptions This guide excludes the cost of re

140、moving tenant furniture,AV,IT and security installations.Rates adopt the typical approach to reinstatement for that country.No allowance has been made for loss of profits(rent,service charge,rates etc.),non-recoverable VAT or professional fees not directly related to the works themselves.The base da

141、te for prices and exchange rates is August 2022.Building work is assumed to be carried out under a single contract and during normal working hours.General wear and tear from routine building use,rather than significant disrepair,will be evident.Tenants have internal repairing leases limiting their r

142、esponsibility to inside the demise.This excludes any elements of the common parts,including the structure sanitary accommodations,stairwells/elevators/lift lobbies,windows,central mechanical and electrical services.The scope of work required by the landlord will vary between regions,so we have assum

143、ed the works specification is appropriate to each local market.We have excluded the costs of removing structural works(such as interconnecting staircases),professional catering installations and gym facilities or equipment from the model.Source:CBRE Insights,2022CountryCity Rate-Low$Per Sq.M.Rate-Hi

144、gh$Per Sq.M.Reinstatement RequiredGood Repair/Decorative Condition RequiredTypical ProcessRent Penalties for Works After Lease Expiry?AngolaLuanda$70$170 HybridYesTenant undertakes worksYesAustriaVienna$135$245 YesYesFinancial settlementNoBelgiumBrussels$135$250 YesYesFinancial settlementYesBotswana

145、Gabarone$70$170 YesWear and tear acceptedTenant undertakes worksYesBulgariaSofia$30$55 HybridYesFinancial settlementNoCroatiaZagreb$40$65 HybridYesFinancial settlementNoCzech RepublicPrague$25$90 HybridYesFinancial settlementNoDenmarkCopenhagen$195$270 YesYesFinancial settlementNoEstoniaTailinn$15$4

146、0 NoWear and tear acceptedFinancial settlementNoEthiopiaAddis Ababa$75$175 HybridYesTenant undertakes worksYesFinlandHelsinki$30$75 NoWear and tear acceptedFinancial settlementNoFranceParis$170$260 YesYesFinancial settlementYesGermanyBerlin$130$220 YesWear and tear acceptedTenant undertakes worksNoG

147、ermanyFrankfurt$140$230 YesWear and tear acceptedTenant undertakes worksNoGermanyHamburg$130$220 YesWear and tear acceptedTenant undertakes worksNoGermanyMunich$140$230 YesWear and tear acceptedTenant undertakes worksNoGermanyStuttgart$140$230 YesWear and tear acceptedTenant undertakes worksNoGhanaA

148、ccra$75$175 YesWear and tear acceptedTenant undertakes worksYesGreeceAthens$40$80 NoWear and tear acceptedTenant undertakes worksNoHungaryBudapest$15$35 NoWear and tear acceptedFinancial settlementNoIrelandDublin$140$250 YesYesFinancial settlementNoIsraelTel Aviv$65$220 HybridWear and tear acceptedF

149、inancial settlementNoItalyMilan$160$260 YesYesTenant undertakes worksYesItalyRome$160$255 YesYesTenant undertakes worksYesIvory CoastAbidjan$85$190 YesWear and tear acceptedTenant undertakes worksNoKazakhstanAlmaty$10$35 NoWear and tear acceptedTenant undertakes worksNoKenyaNairobi$85$190 YesYes Ten

150、ant undertakes worksYesKuwaitKuwait City$200$365 YesYesTenant undertakes worksYesLatviaRiga$15$75 HybridWear and tear acceptedFinancial settlementNoLebanonBeirut$325$415 YesYesTenant undertakes worksYesCountryCity Rate-Low$Per Sq.M.Rate-High$Per Sq.M.Reinstatement RequiredGood Repair/Decorative Cond

151、ition RequiredTypical ProcessRent Penalties for Works After Lease Expiry?LithuaniaVilnius$15$75 NoWear and tear acceptedFinancial settlementNoLuxembourgLuxembourg$180$255 YesYesFinancial settlementYesMoroccoCasablanca$70$170 HybridYesFinancial settlementYesNetherlandsAmsterdam$125$180 YesYesTenant u

152、ndertakes worksYesNigeriaAbuja$75$170 YesYesTenant undertakes worksYesNorwayOslo$30$75 NoWear and tear acceptedFinancial settlementNoOmanMuscat$180$320 YesYesTenant undertakes worksYesPolandWarsaw$25$75 NoWear and tear acceptedFinancial settlementNoPortugalLisbon$75$140 YesYesTenant undertakes works

153、YesRomaniaBucharest$85$150 YesYesFinancial settlementNoQatarDoha$230$400 YesYesTenant undertakes worksYesSaudi ArabiaRiyadh$240$415 YesYesTenant undertakes worksYesSerbiaBelgrade$45$65 HybridYesTenant undertakes worksNoSlovakiaBratislava$45$120 HybridYesTenant undertakes worksNoSouth AfricaCape Town

154、$65$165 YesWear and tear acceptedTenant undertakes worksYesSouth AfricaJohannesburg$65$165 YesWear and tear acceptedTenant undertakes worksYesSpainBarcelona$80$190 YesYesTenant undertakes worksYesSpainMadrid$80$190 YesYesTenant undertakes worksYesSwedenStockholm$30$75 NoWear and tear acceptedTenant

155、undertakes worksYesSwitzerlandGeneva$210$285 YesYesFinancial settlementNoSwitzerlandZurich$215$290 YesYesFinancial settlementNoTurkeyIstanbul$15$25 NoWear and tear acceptedFinancial settlementNoUAEAbu Dhabi$215$380 YesYesTenant undertakes worksYesUAEDubai$215$380 YesYesTenant undertakes worksYesUgan

156、daKampala$70$170 YesWear and tear acceptedTenant undertakes worksYesUnited KingdomBelfast$160$300 YesYesFinancial settlementNoUnited KingdomGlasgow$160$300 YesYesFinancial settlementNoUnited KingdomLondon$200$375 YesYesFinancial settlementNoUnited KingdomManchester$175$325 YesYesFinancial settlement

157、NoZambiaLusaka$70$170 YesWear and tear acceptedTenant undertakes worksYes35CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 17:Reinstatement EMEAFIGURE 17:Reinstatement EMEA Cont.Source:CBRE Insights,2022CountryCity Rate-Low$Per Sq.M.Rate-High$Per Sq.M.Rein

158、statement RequiredGood Repair/Decorative Condition RequiredTypical ProcessRent Penalties for Works After Lease Expiry?ArgentinaBuenos Aires$70$280 YesYesTenant undertakes worksYesArgentinaCordoba$70$280 YesYesTenant undertakes worksYesBrazilBrasilia$160$240 YesYesTenant undertakes worksYesBrazilRio

159、de Janiero$160$240 YesYesTenant undertakes worksYesChileSantiago$65$157 HybridYesTenant undertakes worksYesColombiaBogota$65$157 HybridYesTenant undertakes worksYesCosta RicaSan Juan$75$200 HybridYesTenant undertakes worksYesEcuadorQuito$65$157 HybridYesTenant undertakes worksYesMexicoGuadalajara$70

160、$160 HybridYesTenant undertakes worksYesMexicoMexico City$70$160 HybridYesTenant undertakes worksYesMexicoMonterrey$70$160 HybridYesTenant undertakes worksYesMexicoQueretaro$70$160 HybridYesTenant undertakes worksYesParaguayAscuncion$70$280 YesYesTenant undertakes worksYesPeruLima$65$157 HybridYesTe

161、nant undertakes worksYesUruguayMontevideo$70$280 YesYesTenant undertakes worksYesCountryCity Rate-Low$Per Sq.M.Rate-High$Per Sq.M.Reinstatement RequiredGood Repair/Decorative Condition RequiredTypical ProcessRent Penalties for Works After Lease Expiry?CanadaMontreal$65$175 HybridWear and tear accept

162、edTenant undertakes worksNoCanadaOttawa$65$175 HybridWear and tear acceptedTenant undertakes worksNoCanadaToronto$65$175 HybridWear and tear acceptedTenant undertakes worksNoCanadaVancouver$65$175 HybridWear and tear acceptedTenant undertakes worksNoUnited StatesAtlanta$7$60 HybridWear and tear acce

163、ptedTenant undertakes worksYesUnited StatesAustin$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesBaltimore$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesBoston$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesCharleston$7$60 H

164、ybridWear and tear acceptedTenant undertakes worksYesUnited StatesCharlotte$7$60 HybridWear and tear acceptedTenant undertakes worksYesCountryCity Rate-Low$Per Sq.M.Rate-High$Per Sq.M.Reinstatement RequiredGood Repair/Decorative Condition RequiredTypical ProcessRent Penalties for Works After Lease E

165、xpiry?United StatesChicago$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesCleveland$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesColumbus$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesDallas$7$60 HybridWear and tear accept

166、edTenant undertakes worksYesUnited StatesDenver$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesDetroit$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesHouston$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesIndianapolis$7$60 Hy

167、bridWear and tear acceptedTenant undertakes worksYesUnited StatesKansas City$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesLos Angeles$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesMiami$7$60 HybridWear and tear acceptedTenant undertakes worksYesUn

168、ited StatesMinneapolis$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesNashville$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesNew York$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesNewark$7$60 HybridWear and tear acceptedTe

169、nant undertakes worksYesUnited StatesOakland$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesOrlando$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesPhiladelphia$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesPhoenix$7$60 Hybri

170、dWear and tear acceptedTenant undertakes worksYesUnited StatesPortland$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesRaleigh$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesSacramento$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited

171、StatesSalt Lake City$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesSan Diego$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesSan Francisco$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesSan Jose$7$60 HybridWear and tear accep

172、tedTenant undertakes worksYesUnited StatesSt Louis$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesTampa$7$60 HybridWear and tear acceptedTenant undertakes worksYesUnited StatesTulsa$7$60 HybridWear and tear acceptedTenant undertakes worksYes36CBRE INSIGHTS2022 CBRE,INC.Intel

173、ligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 18:Reinstatement LATAMFIGURE 19:Reinstatement NAMFIGURE 19:Reinstatement NAM Cont.Source:CBRE Insights,2022Total Tax SavingsCountryEstimated Qualifying%Year 1($)Years 2-5($)Years 6-10($)Years 11+($)Years 11-15 Years 16 onwards Total Tax Sav

174、ed($)Austria 95%$18,363.60$72,434.20$90,797.80$424,403.20$90,797.80$333,605.40$605,998.80 Belgium 65%$49,989.80$201,999.60$28,565.60$133,646.20$28,565.60$105,080.60$414,201.20 Bulgaria 90%$59,171.60$129,565.40$15,303.00$25,505.00 N/A N/A$229,545.00 Croatia 85%$85,696.80$177,514.80$57,131.20$69,373.6

175、0 N/A N/A$389,716.40 Czech Republic 80%$59,171.60$173,434.00$38,767.60$116,302.80$14,282.80$102,020.00$387,676.00 Denmark 70%$63,252.40$194,858.20$33,666.60$100,999.80 N/A N/A$392,777.00 Finland 90%$93,858.40$284,635.80$20,404.00$61,212.00$20,404.00$40,808.00$460,110.20 France 100%$108,141.20$410,12

176、0.40$39,787.80$79,575.60 N/A N/A$637,625.00 Germany 100%$37,747.40$112,222.00$69,373.60$183,636.00$30,606.00$153,030.00$402,979.00 Hungary 90%$62,232.20$81,616.00$7,141.40$55,090.80 N/A N/A$206,080.40 Ireland 71%$28,565.60$113,242.20$84,676.60 N/A N/A N/A$226,484.40 Italy 85%$95,898.80$229,545.00$10

177、9,161.40$88,757.40$51,010.00$37,747.40$523,362.60 Luxembourg 65%$44,888.80$178,535.00$67,333.20$122,424.00$28,565.60$93,858.40$413,181.00 Norway 85%$79,575.60$274,433.80$17,343.40$107,121.00 N/A N/A$478,473.80 Poland 80%$43,868.60$163,232.00$52,030.20$128,545.20$46,929.20$81,616.00$387,676.00 Portug

178、al 95%$58,151.40$216,282.40$150,989.60$82,636.20$39,787.80$42,848.40$508,059.60 Romania 60%$11,222.20$46,929.20$58,151.40$128,545.20$42,848.40$85,696.80$244,848.00 Saudi Arabia 85%$77,535.20$240,767.20$38,767.60$77,535.20$38,767.60$38,767.60$434,605.20 South Africa 90%$127,525.00$347,888.20$88,757.4

179、0$79,575.60$54,070.60$25,505.00$643,746.20 Spain 80%$69,373.60$225,464.20$84,676.60$130,585.60$36,727.20$93,858.40$510,100.00 Sweden 90%$119,363.40$267,292.40$18,363.60$63,252.40$18,363.60$44,888.80$468,271.80 Switzerland 95%$23,464.60$94,878.60$34,686.80$52,030.20$6,121.20$45,909.00$205,060.20 UAE

180、80%$173,434.00$507,039.40$189,757.20$253,009.60 N/A N/A$1,123,240.20 United Kingdom 100%$60,191.80$121,403.80$75,494.80$102,020.00$29,585.80$72,434.20$359,110.40 37CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 20:Tax DepreciationCapital AllowancesTax Dep

181、reciationA significant portion of property costs incurred by occupiers could be tax deductible.This is commonly referred to as tax depreciation(EMEA).It is not uncommon to find that as much as 95%of the total cost of fit-outs or refurbishments qualifies for some form of relief,depending on the count

182、ry.Tax depreciation differs from book value depreciation used for accounting purposes in that it is used to directly reduce profits subject to taxation.Its methodology and calculation varies from country to country.In most countries,depreciation allowances are calculated on a linear basis where the

183、taxpayer deducts equal annual amounts.This is calculated by multiplying the rate of depreciation(useful economic life)by the assets initial value until the asset is written off in full.In other countries,a reducing-balance basis of depreciation is used,utilizing different rates of relief for differe

184、nt categories of expenditure.As a consequence,if assets are not allocated to the correct category,it could affect the level of relief available and the rate at which it is realized.Therefore,project leaders should undertake a review of all capital expenditure incurred on projects to allocate all ass

185、ets accurately and claim optimal tax relief.For example,in the U.K.,there is a 100%first-year writing-down allowance for any expenditure incurred on green and energy-/water-efficient technologies.Similar items that dont meet the criteria must be written-down at a rate of 8%per annum on a reducing-ba

186、lance basis.Source:CBRE Insights,2022Cost Indices&Market Trends0539CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023Equity and bond markets have sold off;inflation is running well above target levels in much of the world with volatile energy prices a contributory

187、factor.Interest rates and financing costs are rising in response to central banks tightening monetary policy.Public finances in some countries are stretched,in part due to the effects of emergency spending during the COVID-19 pandemic and likely to deteriorate further as governments spend on energy

188、cost mitigation measures.However,CBREs view is that continental Europe is poised to use expansionary fiscal policy to combat high energy costs and an economic downturn.Labor markets combine lower participation levels with skills shortages and unfilled job vacancies in a number of sectors and consume

189、r sentiment has weakened sharply amid declining real incomes.With the war in Ukraine and other geopolitical tensions,the downside risks are considerable.At the same time,there are some bright spots in the real economy:Air travel and restaurant visits have rebounded,retail spending patterns are broad

190、ly positive.The net effect of these countervailing forces will likely be a recession next year before economic growth resumes.Of the main developed markets,Europe is most impacted in this outlook,with the Asia-Pacific region relatively less affected.World GDP growth is expected to slow to around 1.5

191、%in 2023(down from 2.9%in 2022)with Europe and the U.S.both seeing moderate declines in 2023.APAC remains the main driver of global growth in 2023 with growth of around 3.5%,matching that of 2022 despite slightly slower growth in some key economies such as India and South Korea.Persistent inflation

192、presents a policy dilemma for central banks,which are keen to regain control of prices but anxious not to tip economies into prolonged recessions.The inflation position reflects a wide range of factors,including excess demand for high-value manufactured goods.This demand has been aggravated by suppl

193、y chain bottlenecks and shortages or extended delivery times for some interim components such as semiconductors.These are mostly easing as consumers spend more on services.Other inflation components are also starting to abate as supply chains loosen up,fuel and food costs stabilize and goods invento

194、ries riseso we expect lower rates of global price growth in 2023 than in 2022,but inflation will still remain elevated for a while yet.Optimistically,short term inflation cost rises will create less demand on supply chain.This will alleviate the pressures on supply and help stem inflation.Consumer P

195、rice Index(CPI)inflation for Europe,UK and US will average 3.5%,3.1%and 2.7%respectivelydown from 2022 rates but still well above target of about 2%.Economic and Market OutlookHeightened economic and geopolitical uncertainty provide the backdrop for this guide.40CBRE INSIGHTS2022 CBRE,INC.Intelligen

196、t Investment Global Fit-Out Cost Guide 2022-2023The construction sector has experienced particularly acute cost pressures reflecting its high dependence on energy and raw materials such as lumber,which have been particularly volatile.In Africa and parts of Latin America and APAC,rapid cost inflation

197、 in materials and services has had the effect of reducing the shelf life of tender offers to as little as two weeks;and more generally project schedules and contingencies have expanded.After a period of rapid growth,we expect the rate of construction cost inflation generally to ease in 2023,particul

198、arly in Europe and North America,and project viability to improve as a result.The recent challenging cost environment has caused many occupiers to refocus their capital spend from office fit-out to asset preservation/replacement,or to reallocate it altogether to operational expenditure.Evidence sugg

199、ests that this gap is closing and slight reductions are available in FF&E in APAC markets,but manufacturers and suppliers likely will remain cautious to avoid inventory depletion.At the same time,tightening ESG regulation in some countries likely will strain corporate budgets.Prudent cost management

200、 will remain imperative.Figures 23-27 illustrate the changes in various markets and show common issues faced in each location.1.601.401.201.000.800.600.400.20India 0.44Vietnam 0.53Malaysia 0.58Greece 0.59South Korea 0.62Philippines 0.65Czech Republic 0.66Taiwan 0.69Brazil 0.70Kazakhstan 0.70Poland 0

201、.70Turkey 0.70Mexico 0.71New Zealand 0.74Netherlands 0.75China 0.75Hungary 0.76Italy 0.76Portugal 0.78Spain 0.78Morocco 0.79Finland 0.79Belgium 0.79Norway 0.80Chile 0.81Nigeria 0.83South Africa 0.83France 0.84Botswana 0.84Ghana 0.85Denmark 0.86Kenya 0.86Singapore 0.86Romania 0.87Oman 0.87Rwanda 0.87

202、Austria 0.88Sweden 0.88Ireland 0.88Serbia 0.88Zimbabwe 0.88Australia 0.89Bulgaria 0.89Kuwait 0.91United Kingdom 0.92Germany 0.93Croatia 0.95Colombia 0.95Israel 0.96UAE 0.97St.Vincent&the Grends 0.97Slovenia 0.98Costa Rica 0.98Qatar 1.01Lebanon 1.02Saudi Arabia 1.06Canada 1.12Argentina 1.13Panama 1.1

203、3St.Lucia 1.21St.Kitts&Nevis 1.27Barbados 1.34Barbados 1.34Puerto Rico 1.36St.Maarten 1.39Trinidad&Tobago 1.42British Virgin Islands 1.46United States 1.47Japan 1.52Turks&Caicos 1.58Cayman Islands 1.60Bahamas 1.6041CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023

204、FIGURE 21:Global Radar GraphMarket OutlookUsing London as point of deviation,this radar shows each cities average project cost in relation to other countries.Source:CBRE Insights,2022Kolkata 0.50Pune 0.51New Delhi 0.51Hyderabad 0.51Chennai 0.52Bangalore 0.52Mumbai 0.54Ho Chi Minh City 0.62Kuala Lump

205、ur 0.68Seoul 0.72Manila 0.76Guangzhou 0.79Taipei 0.80Beijing 0.82Shanghai 0.85Auckland 0.86Singapore 1.00Hong Kong 1.04Sydney 1.01Brisbane 1.04Perth 1.04Melbourne 1.05Tokyo 1.771.801.601.401.201.000.800.600.400.20Greece 0.59Czech Republic 0.66Kazakhstan 0.70Poland 0.70Turkey 0.70Netherlands 0.75Hung

206、ary 0.76Italy 0.76Portugal 0.78Spain 0.78Morocco 0.79Finland 0.79Belgium 0.79Norway 0.80Nigeria 0.83South Africa 0.83France 0.84Botswana 0.84Ghana 0.85Denmark 0.86Kenya 0.86Romania 0.87Oman 0.87Rwanda 0.87Austria 0.88Sweden 0.88Ireland 0.88Serbia 0.88Zimbabwe 0.88Bulgaria 0.89Kuwait 0.91UK 0.92Germa

207、ny 0.93Croatia 0.95Israel 0.96UAE 0.97Slovenia 0.98Qatar 1.01Lebanon 1.02Saudi Arabia 1.06Switzerland 1.291.401.201.000.800.600.400.2042CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment Global Fit-Out Cost Guide 2022-2023FIGURE 22:EMEA Radar GraphFIGURE 23:APAC Radar GraphMarket OutlookSource:CBRE I

208、nsights,2022Brazil.98Mexico 1.00Chile 1.14Colombia 1.35St.Vincent&the Grends 1.38Argentina 1.59Panama 1.60St.Lucia 1.71St.Kitts&Nevis 1.79Barbados 1.90Puerto Rico 1.92St.Maarten 1.96Trinidad&Tobago 2.01British VI 2.06Turks&Caicos 2.23Cayman Islands 2.26Bahamas 2.262.502.001.501.000.501.201.000.800.6

209、00.400.20Charleston 0.61Charlotte 0.61Montreal 0.62Vancouver 0.62Ottawa 0.63Toronto 0.64Tulsa 0.72Austin 0.72Houston 0.74Oklahoma City 0.74Dallas 0.74Tampa 0.75Orlando 0.75Miami 0.75Cincinnati,OH 0.76Nashville 0.76Phoenix 0.76Salt Lake City 0.77Atlanta 0.77Columbus 0.77Denver 0.78Baltimore 0.79Cleve

210、land 0.79Detroit 0.83Indianapolis 0.84Portland 0.85Minneapolis 0.87Seattle 0.88Saddle Brook 0.90Sacramento 0.90San Diego 0.90Boston 0.91Los Angeles 0.92Newark 0.92Philadelphia 0.92Chicago 0.94Oakland 0.96San Jose 0.97New York 1.00San Francisco 1.0143CBRE INSIGHTS2022 CBRE,INC.Intelligent Investment

211、Global Fit-Out Cost Guide 2022-2023FIGURE 24:North America Radar GraphFIGURE 25:Latin America Radar GraphMarket OutlookSource:CBRE Insights,2022ContactsPaul Saville-KingGlobal President,Project Managementpaul.saville- Penny MociniSenior DirectorEMEA,Project MConnor JonesProject ManagerEMEA,Project M

212、anagement Nic McNamaraDirectorAMS Project M Seng Han Lee DirectorAPAC,PJM Global Leadership&PJuliana UribeMarketing Specialist&Pursuit Excellence LATAM&Caribbean,Project MPeter AndrewExecutive Director Workplace Strategy,Asia PTerry DoumkosGlobal Vice PresidentStrategic S Ludovic ChambeHead of Susta

213、inabilityContinental EEric StangSenior Managing DirectorProject Management,US Move MSteve Billington Senior DirectorProject Management,UK Move MDylan McCroryManaging DirectorWorkplace Technology Services Project MRupert Riley DirectorProject Management and Building Consultancy,UK&Ireland European DG

214、raham BurrellSenior DirectorHead of Capital A Copyright 2022.All rights reserved.The views and opinions in these articles belong to the author and do not necessarily represent the views and opinions of CBRE.Our employees are obliged not to make any defamatory clauses,infringe or authorize infringeme

215、nt of any legal rights.Therefore,the company will not be responsible for or be liable for any damages or other liabilities arising from such statements included in the articles.Visit the Global Fit-Out Cost Guide website for an interactive report overview.For related research,please view CBRE Global Workplace&Occupancy Insights.Project ManagementService LeadersCBRE ResearchRichard Barkham,Ph.D.Global Chief Economist Head of Global Research&Head of ARichard Holberton Ph.D Senior Director EMEA,R