Office Construction Costs Ease as Inflation Slows: Tariff and Labor Expenses Pose New Challenges and Uncertainties
Cushman & Wakefield's 2025 General Contractor Sentiment Survey reveals that construction cost increases have fallen below their 5- and 10-year averages as inflation eases across the Americas. However, the sector faces new challenges from U.S. tariffs on Canadian and Mexican imports.
Key findings show that new office construction pipeline has declined 40% YOY across the Americas. To address higher costs, Class A tenant improvement packages increased by 7% YOY, with some markets experiencing up to 20% YOY increases in TI allowances.
The survey indicates ongoing concerns about rising labor costs and commodity prices (lumber, steel, copper, cement) extending into 2025. Extended permitting times remain a significant challenge, contributing to project delays. With new office space availability, occupiers are increasingly focusing on upgrading existing spaces through fit-outs.
Il Survey sul Sentiment dei General Contractor 2025 di Cushman & Wakefield rivela che gli aumenti dei costi di costruzione sono scesi al di sotto delle medie degli ultimi 5 e 10 anni, poiché l'inflazione si attenua in tutta l'America. Tuttavia, il settore affronta nuove sfide a causa dei dazi statunitensi sulle importazioni canadesi e messicane.
I principali risultati mostrano che il pipeline di nuova costruzione di uffici è diminuito del 40% su base annua in tutta l'America. Per affrontare i costi più elevati, i pacchetti di miglioramento degli spazi per i locatari di Classe A sono aumentati del 7% su base annua, con alcuni mercati che registrano aumenti fino al 20% su base annua nelle indennità per miglioramenti.
Il sondaggio indica preoccupazioni persistenti riguardo all'aumento dei costi del lavoro e dei prezzi delle materie prime (legno, acciaio, rame, cemento) che si protrarranno fino al 2025. I tempi di autorizzazione prolungati rimangono una sfida significativa, contribuendo ai ritardi nei progetti. Con la disponibilità di nuovi spazi per uffici, i locatari si concentrano sempre più sull'aggiornamento degli spazi esistenti attraverso i lavori di ristrutturazione.
La Encuesta de Sentimiento de Contratistas Generales 2025 de Cushman & Wakefield revela que los aumentos en los costos de construcción han caído por debajo de sus promedios de 5 y 10 años, ya que la inflación se alivia en las Américas. Sin embargo, el sector enfrenta nuevos desafíos debido a los aranceles estadounidenses sobre las importaciones canadienses y mexicanas.
Los hallazgos clave muestran que el pipeline de nueva construcción de oficinas ha disminuido un 40% interanual en las Américas. Para abordar los costos más altos, los paquetes de mejoras para inquilinos de Clase A aumentaron un 7% interanual, con algunos mercados experimentando aumentos de hasta un 20% interanual en las asignaciones de TI.
La encuesta indica preocupaciones continuas sobre el aumento de los costos laborales y los precios de las materias primas (madera, acero, cobre, cemento) que se extenderán hasta 2025. Los tiempos de permisos prolongados siguen siendo un desafío significativo, contribuyendo a retrasos en los proyectos. Con la disponibilidad de nuevos espacios de oficina, los ocupantes están enfocándose cada vez más en actualizar los espacios existentes a través de remodelaciones.
커시먼 앤 웨이크필드의 2025년 일반 계약자 감정 조사에 따르면, 건설 비용 상승이 5년 및 10년 평균을 하회하고 있으며, 이는 미주 전역의 인플레이션 완화와 관련이 있습니다. 그러나 이 부문은 캐나다 및 멕시코 수입에 대한 미국의 관세로 인해 새로운 도전에 직면해 있습니다.
주요 결과에 따르면, 신규 사무실 건설 파이프라인이 전년 대비 40% 감소했습니다. 높은 비용을 해결하기 위해, A급 임차인 개선 패키지가 전년 대비 7% 증가했습니다, 일부 시장에서는 TI 수당이 전년 대비 20%까지 증가하는 경우도 있습니다.
조사는 2025년까지 계속되는 노동 비용 및 원자재 가격(목재, 강철, 구리, 시멘트)에 대한 우려를 나타냅니다. 허가 시간이 길어지는 것은 여전히 중요한 도전 과제가 되어 프로젝트 지연에 기여하고 있습니다. 새로운 사무실 공간의 가용성과 함께, 점유자들은 기존 공간을 개선하기 위해 점점 더 많은 노력을 기울이고 있습니다.
Le Sondage sur le Sentiment des Entrepreneurs Généraux 2025 de Cushman & Wakefield révèle que les augmentations des coûts de construction sont tombées en dessous de leurs moyennes sur 5 et 10 ans, alors que l'inflation diminue à travers les Amériques. Cependant, le secteur fait face à de nouveaux défis en raison des tarifs américains sur les importations canadiennes et mexicaines.
Les résultats clés montrent que le pipeline de construction de nouveaux bureaux a diminué de 40% d'une année sur l'autre à travers les Amériques. Pour faire face à des coûts plus élevés, les packages d'amélioration pour les locataires de classe A ont augmenté de 7% d'une année sur l'autre, certains marchés enregistrant des augmentations allant jusqu'à 20% d'une année sur l'autre dans les allocations TI.
Le sondage indique des préoccupations continues concernant l'augmentation des coûts de main-d'œuvre et des prix des matières premières (bois, acier, cuivre, ciment) qui s'étendront jusqu'en 2025. Les délais de permis prolongés restent un défi significatif, contribuant aux retards de projet. Avec la disponibilité de nouveaux espaces de bureau, les occupants se concentrent de plus en plus sur l'amélioration des espaces existants par des aménagements.
Die Umfrage zur Stimmung der Generalunternehmer 2025 von Cushman & Wakefield zeigt, dass die Baukostensteigerungen unter den 5- und 10-Jahres-Durchschnitt gefallen sind, da die Inflation in den Amerikas nachlässt. Der Sektor sieht sich jedoch neuen Herausforderungen durch US-Zölle auf kanadische und mexikanische Importe gegenüber.
Wichtige Ergebnisse zeigen, dass die Pipeline neuer Bürogebäude im Jahresvergleich um 40% zurückgegangen ist in den Amerikas. Um höheren Kosten zu begegnen, wurden die Verbesserungsangebote für Mieter der Klasse A um 7% im Jahresvergleich erhöht, wobei einige Märkte Zuwächse von bis zu 20% im Jahresvergleich bei den TI-Zulagen verzeichnen.
Die Umfrage weist auf anhaltende Bedenken hinsichtlich steigender Arbeitskosten und Rohstoffpreise (Holz, Stahl, Kupfer, Zement) hin, die bis 2025 andauern werden. Verlängerte Genehmigungszeiten bleiben eine erhebliche Herausforderung, die zu Projektverzögerungen beiträgt. Mit der Verfügbarkeit neuer Büroflächen konzentrieren sich die Nutzer zunehmend darauf, bestehende Räume durch Umbauten aufzuwerten.
- Construction cost increases have fallen below 5- and 10-year averages
- Landlords increasing TI allowances by 7-20% YOY to support tenant improvements
- Office construction pipeline declined 40% YOY across Americas
- Rising labor and commodity costs expected to continue into 2025
- New tariffs on Canadian and Mexican imports creating market uncertainty
- Extended permitting times causing project delays
Cushman & Wakefield releases 2025 General Contractor Sentiment Survey
Office: Under Construction (Graphic: Business Wire)
“While we’re seeing the pace of inflation slow on construction costs, there remain serious headwinds and uncertainty about the impact of tariffs and labor shortages on the construction industry,” said Brian Ungles, President, Project & Development Services,
The new office construction pipeline has declined
“While new office construction pipeline has decreased, costs for all construction will continue to rise with more fit-out activity in existing offices and the strength of new construction in other property sectors, which increases competition for construction materials and labor,” said Richard Jantz, Tri-State Lead, Project & Development Services.
To facilitate fit outs by accommodating higher costs, office landlords increased Class A tenant improvement (TI) packages by
Cushman & Wakefield’s 2025 Americas Office Fit Out Cost Guide offers insights into 58 markets, providing occupiers with better support to refine their capital planning and relocation budgets. A comprehensive fit out cost section includes current costs for architectural trades; millwork; doors, frames and hardware; drywall, acoustic ceilings and carpentry; general finishes; mechanical, plumbing and fire protection; electrical and more. New in 2025, we’ve added a process to calculate all-in costs: Low Voltage Cabling, Audio Visual Equipment, Security, and Furniture, Fixtures & Equipment (FF&E), and soft costs. The report also explores key findings, an overview of general construction conditions, and a detailed analysis of the office sector.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311793528/en/
Media Contact:
Mike Boonshoft
michael.boonshoft@cushwake.com
Source: Cushman & Wakefield
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