In our quest to deliver insights to our clients and to create a customer experience that our competitors can’t touch, we introduce the 2018 Cost Fit Out Guide, along with Great Lakes specific reports. JLL’s 2018 Fit Out Guide is a comprehensive data-driven tool that provides a comparison and transparency of buildout costs across U.S. and Canadian markets. This year’s data includes cost by office style and cost by finish type.
The Basics of Office Fit Outs
An office fit out is the final step in a new office journey in which the design, construction and furnish of the physical workplace takes place. Office fit outs can range in scope based on tenant needs and geography.
In our report, it’s assumed that the space is in its second generation and ready for tenant improvements. Each market’s fit out costs depict the average expenses of building a comparable, medium office space factoring in hard costs, soft costs, tenant factors, furniture, fixtures and equipment (FF&E).
Using Our Fit Out Guide
The Fit Out Guide can help you begin to understand the ins and outs of traditional, moderate and progressive office styles and which is best for you and your real estate goals.
Learn what it costs to build out space in major Midwest markets, including:
JLL’s Office Fit Out Matrix
New to the 2018 report is the Office Fit Out Matrix, a tool to help you understand office fit out costs on a deeper, more relevant level, and begin to see how a handful of dynamics can impact your office space design and cost. The two main dynamics in the matrix are office style and space, and complexity. Each can affect your bottom line, and now you can compare cost per square foot.
2018 Office Fit Out Trends to Keep in Mind
JLL shares key insights on the construction sector and the office real estate industry in the report:
- Construction costs rose 3% through 2017 and are expected to follow suit heading into 2018 and beyond.
- Hard costs make up the large majority of standard fit out budgets.
- Rising materials costs and construction labor rates continue to affect project budgets.
- Demand for construction and building materials will remain strong as the industry pivots increasingly towards adaptive reuse, renovation and fit out projects in 2018.
For all the insights and an in-depth look at buildout costs, download the full JLL 2018 Fit Out Guide.