CBRE Americas Cost Guide 2018 - 2019 by CBRE-JAPAN

NORTH AMERICA FIT- OUT COST GUIDE 2018/19 EDITION

CONTENTS

FOREWORD

METHODOLOGY

PROJECT SPEND

WORKPLACE STRATEGY

MARKET SUMMARY

SPECIAL FEATURES

FIT-OUT COST INDEX

64 FUSION CASE STUDIES

MARKET PRESSURES

INDICATIVE PRICING

BENCHMARKING & INDUSTRY STANDARDS

Â©Gensler/Ryan Gobuty

Â©Gensler/Michael Townsend

NORTH AMERICA FIT-OUT COST GUIDE

FOREWORD Regardless of sector or market, it’s important to consider the need to create workplace strategies that meet the future demands of organizations. Flexibility is at the core of workplace solutions - driving design, infrastructure, wellness and allocation decisions. A workplace can either enable or inhibit collaboration and productivity among employees. Many organizations have the desire to enhance workplace strategies to include better space utilization and increase employee productivity. With political and economic policies constantly in flux, we need real estate services that navigate seamlessly between employee effectiveness and cost efficiency. I am delighted to present the fourth annual North America FitOut Cost Guide. By using CBRE’s scale, we seek to consistently provide insights and outcomes that add value to your real estate decision-making capabilities.

BRET NAVE Executive Managing Director North America CBRE Project Management

Each year, we receive feedback on the importance of CBRE’s North America Fit-Out Cost Guide and its role in assisting clients with their own capital investment decisions. We understand how important our guide is each year, whether it's used for early-stage capital planning, cost assurance of third-party estimates, or providing a platform for in-house benchmarking. The intent of this guide is to provide the most accurate and localized cost information leveraging the expertise of our Project Management group around the United States and Canada. A key feature of this year’s guide is CBRE’s technology platform, providing more rigorous data and analysis. Kahua, CBRE’s platformas-a-service, provides direct and real-time collaboration allowing our teams to instantly leverage the multi-billion-dollar portfolios managed by our Project Management group. It’s exciting to see the role that technology can play to enhance the way we provide insights to the industry.

CHRIS SMITH Practice Leader Cost Consultancy CBRE Project Management

CBRE PROJECT MANAGEMENT

METHODOLOGY

©Gensler/Ryan Gobuty

This year’s Fit-Out Cost Guide provides a continuation of reliable and insightful cost data for corporate office tenant improvement projects throughout North America. With a relentless desire to improve the accuracy of our data, we are delighted to incorporate CBRE’s project management technology platform, Kahua, as our data resource (see page 8 for more information on Kahua). Kahua data has been supplemented with input from our local market leaders to ensure market snapshots accurately portray business sentiment in each market listed. This year we focused on answering a common question received throughout the year – “what cost pressures should I be aware of in the next 12 months?” While each market is subject to local influence, there are many common cost pressures to be aware of when doing business throughout North America. Whether it's labor shortages, wage hikes or material cost fluctuation, this year’s guide provides a forward-looking view that will enable you to better understand challenges in the marketplace and be prepared as you move forward with projects. The Indicative Pricing Guide, starting on page 68, provides a framework intended to assist with high-level estimating for planned corporate office projects. 4

NORTH AMERICA FIT-OUT COST GUIDE

Scope Specification Levels To maintain consistency with prior cost guides, our report categorizes typical project spend into Low, Medium and High. This sub-categorization generates a range of costs relevant to the varying spend levels in which our clients operate. Construction and FF&E are the two biggest components of total project cost; therefore, the key differentiators between Low, Medium and High will most commonly fall into these categories. The ‘fit and finish’ of an office – the choice of soft vs. hard flooring, glass-fronts vs. drywall, LED vs. fluorescent lighting – has tremendous impact on project cost.

LOW

MEDIUM

HIGH

In our Project Spend chapter (on page 10), costs are presented in six high-level categories – Soft Costs, Hard Costs, FFE/AV, Data/IT/Security, Fees and Move Costs. As our Project Spend section represents actual spend, contingency is not required as a separate cost category. The Market Summary pages, starting on page 34, provide a full cost breakdown of the major cost categories that make up total project cost, summarized below:

SOFT

HARD

FF&E / AV

DATA / IT / SECURITY

FEES

MOVE

all professional fees including architectural, engineering and consultancies

structured cabling and security

all construction costs including contractor fee, supervision to finishes, mechanical, electrical, etc.

project management delivery fees

furniture, fixtures and equipment including all workstations, chairs, soft seating, storage and audio-visual systems

office move including change management

CBRE PROJECT MANAGEMENT

METHODOLOGY

Limited design team (A&D supplemented by in-house workplace strategy)

Extensive design team with multiple specialty consultants (LEED, WELL, Acoustics, etc.)

HARD COSTS

Drywall and glass front combination / carpet tile

Glass fronts used in many areas / carpet and hard flooring

Extensive use of glass fronts / marble or stone flooring

FF&E / AV

Basic furniture / limited pantry equipment

Ergonomic furniture / limited highend pantry finishes with mid-level soft seating / minimal AV

HIGH

Minimal design team (adherence to global design)

MEDIUM

SOFT COSTS

LOW

KEY DRIVERS IN TOTAL PROJECT COST

Figure 1: Explanation of Key Drivers in Total Project Cost

High-end imported, ergonomic furniture / custom millwork / advanced telepresence systems

DATA / IT / SECURITY

Hardwire to each desk / minimal security features

Hardwire to each desk / mid-level security (card readers, etc.)

Combination hardwire / wireless connectivity to support flexible workspaces and teleconferencing

FEES & MOVE

Leverage in-house project management / single-phase box move coordinated internally

Fully outsourced project management / single-phase box move coordinated internally

Fully outsourced project management / multi-phase box move with extensive planning efforts

NORTH AMERICA FIT-OUT COST GUIDE

Figure 2: Total Project Cost Categories SOFT COSTS • • • •

Architect Mechanical, electrical & plumbing Cost Consultancy Specialty consultants

FF&E / AV • • • •

Furniture A/V equipment Signage & branding Equipment

DATA / IT / SECURITY • •

Structured cabling Security

HARD COSTS • • • • • • • • • • • • • • • • • • •

GC overhead & profit/general requirements Demolition & removals Concrete Masonry Metals Wood & plastics Thermal & moisture protection Doors & windows Finishes (carpet, flooring, paint, etc.) Specialties (glass front offices, movable partitions, raised floor, interconnecting stair, roof terrace) Equipment & furnishings Special construction Conveying systems Mechanical, electrical, plumbing Sprinkler Fire alarm Carpentry (ceilings, partitions) Millwork Window treatments

FEES • •

Project management fees Other

MOVE • • • •

Minor (box moves) Minor (IT moves) Major (change management) Decommissioning

©Gensler/Michael Townsend

CBRE PROJECT MANAGEMENT

Cloud-Based and Collaborative Project Management Solution This year we harnessed CBRE’s technology platform, Kahua, as our data resource. Kahua offers a platform to instantly leverage the multi-billion-dollar portfolios under CBRE management. Kahua allows us to streamline the data collection process and enhance the data integrity. Kahua is changing the way that capital assets are delivered and managed. As the world’s leading collaborative network for real estate and construction project management, Kahua delivers a secure, scalable, application Platform-as-a-Service (aPaaS). This customizable, web-based technology solution (available on all platforms, including mobile) is the most intuitive, configurable and user-friendly project management solution on the market. Additionally, Kahua’s multi-layered security strategy ensures project data is safely shared with the right people.

2,198 Licensed Kahua users

The manageable interface, file management and advanced reporting capability improves collaboration between all members of the project team, providing enhancements to the quality of project deliverables and improved efficiency to manage and track all aspects of project delivery.

Figure 3: Global Kahua Users as of August 2018

12,459 Kahua project count

1,439

AMERICAS

EMEA

703

TRACY RANDALL Senior Director CBRE Global Project Management Platform Tracy.Randall@cbre.com

APAC

$12.34B Kahua approved budgets *Numbers as of August 2018

NORTH AMERICA FIT-OUT COST GUIDE

“

Kahua is a modern, intuitive, cloudbased solution that dramatically changes how projects are executed and managed, and holds the potential to unlock significant efficiencies, data and insights. CBRE’s Global Workplace Solutions

©Gensler

CBRE PROJECT MANAGEMENT

“

- Sandeep Davé, Chief Digital and Technology Officer for

PROJECT SPEND

NORTH AMERICA FIT-OUT COST GUIDE

Â©Gensler/Michael Townsend

CBRE PROJECT MANAGEMENT

TOTAL PROJECT COST Figure 4: By Region LOW

MEDIUM

San Francisco, CA New York, NY Seattle, WA Boston, MA San Jose, CA Chicago, IL Oakland, CA Newark, NJ Philadelphia, PA Baltimore, MD Portland, OR Washington, D.C. Atlanta, GA Los Angeles, CA Minneapolis, MN San Diego, CA Toronto, ON Sacramento, CA Miami, FL Nashville, TN Indianapolis, IN Charlotte, NC Dallas, TX Detroit, MI St. Louis, MO Kansas City, MO Vancouver, WA Orlando, FL Tampa, FL Salt Lake City, UT Houston, TX Cleveland, OH Columbus, OH Tulsa, OK Charleston, SC Phoenix, AZ Vancouver, BC 12

Figure 5: By Sector

HIGH

LOW

$122

$196

$122 $99

$262

$161

$72

$144

$81

$145

$94

$261 $253 $243

$132

$77

$241

$140

$240

$130

$99

$236 $158

$232

$119

$78

$222

$149

$216

$120

$80

$276

$147

$86

$66 $70

$282

$188

$83

$82

$282

$161

$85

$92

$298

$154

$99

$211

$139

$207

$118 $110

$199 $196

$125 $114

$191

$78

$118

$189

$83 $79

$122

$82

$188

$109 $119

$88

$187 $185

$139

$180

$121

$175

$68 $71

$112 $122

$174 $172

$71

$114

$170

$68 $63 $78

$123

$165

$137 $94

$164 $160

$74

$111

$153

$72

$111

$153

$84

Science & Technology

$92

Legal

$98

$295

$162 $158

$272

Insurance

$88

$144

$251

Banking & Finance

$88

$178

$251

Consulting

$87

$148

$242

Manufacturing

$80

$153

$236

Retail

$85

$159

$229

Biotech $74

$156

$227

Hospitality $79

$129

$221

Energy

$88

$126

$217

Government

$82

$150

$216

Industrial

$76

$146

$216

Healthcare

$81

$139

$215

$193

$80 $90

HIGH

$307

$173

$95

$78

$329

$230

MEDIUM

$112 $151

NORTH AMERICA FIT-OUT COST GUIDE

Telecommunications Automotive

$89

$147

$210

$78

$135

$205

Pharmaceutical $73

$123

$204

Media & Entertainment

$96

Aerospace & Defense

$81

Real Estate

$81

Higher Education $67

$137 $127 $140 $132

$202 $194 $194 $184

Figure 6: Average Total Project Cost

HIGH $217.63

MEDIUM $153.93

LOW $87.14

This year we witnessed an increase in the Medium and High specification levels year-onyear (1.6% and 2.3% respectively); however, the Low specification average was slightly down (-1.1%). While it's accepted that overall costs are increasing each year, clients are finding ways to create cost efficiencies at the low end, driven by the desire to minimize capital investment in what are often short-term leased environments. The cost increase for Medium and High specification provides falls in line with several industry metrics that suggest a 2 to 3% average year-on-year increases across North America.

ÂŠGensler/Ryan Gobuty

San Francisco, New York and Seattle remain the most expensive markets in North America to build in, with Vancouver (BC), Phoenix and Charleston sitting at the low end of the cost spectrum. The science & technology sector reported the highest total spend, driven by a high proportion of activity in the high-cost areas of San Francisco and San Jose. CBRE PROJECT MANAGEMENT

SOFT COST Figure 7: By Region LOW

MEDIUM

San Francisco, CA New York, NY Newark, NJ Seattle, WA San Jose, CA Boston, MA Philadelphia, PA Dallas, TX Portland, OR Washington, D.C. Atlanta, GA Los Angeles, CA Chicago, IL Salt Lake City, UT Vancouver, WA Indianapolis, IN St. Louis, MO Charlotte, NC Toronto, ON Miami, FL Tampa, FL Baltimore, MD Minneapolis, MN Kansas City, MO Oakland, CA Vancouver, BC Houston, TX Orlando, FL Nashville, TN San Diego, CA Sacramento, CA Phoenix, AZ Detroit, MI Cleveland, OH Tulsa, OK Charleston, SC Columbus, OH 14

Figure 8: By Sector

HIGH

LOW

$7.79

$13.24

$7.55

$18.25

$12.24

$5.62 $4.75

$6.58

$16.54

$5.12

$9.32

$15.65

$4.81

$10.61

$15.25

$6.56

$10.25

$2.44 $3.83 $6.99

$5.25 $3.21

$14.14

$8.45

$13.88

$6.09

$4.01

$13.88 $8.24

$3.06

$13.19

$10.72

$3.23

$13.17

$8.88 $5.83

$3.40 $2.82

$14.96

$14.55

$5.26

$11.99

$9.16

$6.28

$2.70

$11.90

$11.85

$3.86

$11.24

$4.70 $7.61 $11.23 $3.53 $5.43 $11.21 $3.89

$6.92

$3.67

$3.26 $3.45

$10.85 $10.45

$6.71 $8.88

$3.68

$3.01 $3.55 $2.08 $4.08 $3.61 $4.13

$9.56

$7.45 $7.38 $7.28

$4.36 $5.76 $7.21 $4.39

$10.24 $9.61

$4.21 $9.24 $6.88 $9.12

$2.99 $3.57

Banking & Finance $4.88

$15.55

$8.75

Manufacturing $3.21

$5.83

$15.14

Consulting $4.15

$9.45

$15.03

Science & Technology $4.40

$8.25

$14.70

Hospitality $4.22

$6.69

$14.44

Insurance $3.76

$13.72

$6.31

Legal

$4.88

$9.23

Energy

$5.20

$8.76

$13.71 $12.55

Retail $3.21

$9.86

$12.37

Government $3.63

$7.23

$12.01

$6.62

$11.45

Healthcare $4.13

$10.88

$6.02

$3.61 $4.34 $3.07

$10.90

$6.01

$4.01 $4.15 $2.23

$15.89

$10.55

$10.94

$8.31

$4.18

Biotech $3.67

$11.24

$6.62

HIGH

$17.55

$16.80

$6.95

MEDIUM

$7.21

$5.56 $6.25

$4.49 $5.18 $5.92

NORTH AMERICA FIT-OUT COST GUIDE

Industrial

$5.21

Real Estate $3.43 Automotive $3.19 Higher Education

$4.57

Pharmaceutical

$4.11

Telecommunications $3.62 Media & Entertainment

$11.44

$7.25

$11.07

$7.01

$10.95

$6.43 $7.98

$10.32 $10.14

$7.03 $6.76

$9.10

$5.28 $6.78 $7.67

Aerospace & Defense $3.96 $5.80

$7.25

Figure 9: Average Soft Cost

HIGH $12.65

MEDIUM $7.57

LOW $3.81

Accounting for between 4 to 6% of total project spend, soft costs includes all of the core design consultants (architect and engineer), plus any one-off vendors on an asneeded basis, such as acoustic consultants, LEED and cost management. Architect fees are the largest component of total soft costs â&#x20AC;&#x201C; typically accounting for up to three-quarters of total soft costs. Clients that can build around a single, repeatable design standard (minimizing design iteration) can help efficiently manage design costs.

ÂŠGensler

As referenced later in this report, the Architectural Billings Index (ABI) indicated in 2018 that demand for design services were at their highest levels since 2007. With a significant amount of construction work in the pipeline, this has the potential to squeeze architectural demand and potentially impact soft costs.

CBRE PROJECT MANAGEMENT

HARD COST Figure 10: By Region LOW

MEDIUM

San Francisco, CA Seattle, WA New York, NY San Jose, CA Boston, MA Oakland, CA Chicago, IL Newark, NJ Baltimore, MD Philadelphia, PA Portland, OR Sacramento, CA Minneapolis, MN San Diego, CA Los Angeles, CA Washington, D.C. Atlanta, GA Toronto, ON Nashville, TN Miami, FL Vancouver, WA Indianapolis, IN Detroit, MI Dallas, TX Charlotte, NC Tulsa, OK St. Louis, MO Orlando, FL Kansas City, MO Tampa, FL Houston, TX Cleveland, OH Vancouver, BC Columbus, OH Phoenix, AZ Salt Lake City, UT Charleston, SC 16

Figure 11: By Sector

HIGH

LOW

$78

$133

$68

$207

$123

$72 $106

$53

$95

$60

$187 $182 $178

$114

$37

$176

$94

$47 $37

$174

$100

$163

$83 $60

$98 $148 $98

$56

$146

$79

$142

$82

$138

$71

$50

$119 $89

$51 $54 $56 $49 $51 $47 $39 $36

$115

$74

$53

$115

$62

$114

$64

$113

$66

$112

$66 $71

$104 $104

$63

$102

$69

$98 $92

$66

$91

$83 $50

$43 $48

$90

$67 $63

Legal Insurance

$62 $50

Retail

$54

Consulting

$53

$167

$73

$156

$104

$152

$76

Manufacturing $47

$148

$95

Banking & Finance $46

$144

$108

Biotech $44

$107

Hospitality $46

$79

Telecommunications $47

$170

$92

$143 $137 $133

$90

Energy

$56

$68

$131

Government $46

$86

Healthcare $47

$86

$130

$115

$72

$77

$30

$185

$96

$116

$68

$56

$54

$124

$67

$57 $47

$146

$79

$52 $43

$147

$95

$52

$38

$150

$66

$47 $42

$160 $159

$80

$56 $54

$192

$101

$57

Science & Technology

HIGH

$196 $155

$56

MEDIUM

$88

Media & Entertainment Aerospace & Defense

$58

$76

$125

$75

$124

$52

Automotive $44

$88

Pharmaceutical $42

$76

Real Estate $49

$129

$77

$123 $120 $116

Higher Education $39

$83

$110

Industrial $41

$83

$109

$88

$50 $77

NORTH AMERICA FIT-OUT COST GUIDE

Figure 12: Average Hard Cost

HIGH $135.13

MEDIUM $91.36

LOW $51.49

With approximately 60% of the total project spend, hard costs (construction) is the single largest component of a projectâ&#x20AC;&#x2122;s cost. The varying specification levels highlight the wide spectrum of investment with the Low average of $51 per square foot through to the High average of over $135 per square foot.

ÂŠRMA Photography

With 69% of executives stating that "reducing portfolio costs" is their number one real estate goal, whether in the form of reducing the quality of internal finishes or procuring materials more effectively, construction is typically the key area for driving cost savings. Labor and materials are expected to continue rising at a rate of around 3 to 4% per year. Potential price increases stemming from trade tariffs also pose the risk of driving material cost increases.

CBRE PROJECT MANAGEMENT

FF&E / AV COST Figure 13: By Region LOW

MEDIUM

HIGH

$29.33 $79.67 San Francisco, CA $39.06 $33.24 $48.63 $72.73 New York, NY $20.09 $69.22 $52.08 Chicago, IL Seattle, WA $18.55 $30.65 $66.32 $31.47 $42.10 $66.22 Boston, MA $23.73 $42.02 $64.59 Washington, D.C. $28.43 $30.95 $62.34 San Jose, CA Salt Lake City, UT $20.23 $40.27 $61.73 $17.55 $32.57 $61.30 Atlanta, GA $59.23 $20.84 $40.06 Philadelphia, PA $18.35 $38.64 $58.59 Miami, FL $16.22 $30.01 $58.01 Oakland, CA $17.50 $35.51 $57.55 Kansas City, MO $33.06 $44.91 $57.24 Los Angeles, CA $15.20 $46.20 $56.99 Charleston, SC $32.68 $35.14 $55.40 Detroit, MI $20.01 $33.96 $55.32 St. Louis, MO $20.94 $26.89 $55.22 Baltimore, MD $27.90 $37.81 $53.40 Minneapolis, MN $20.01 $33.01 $52.88 Portland, OR $20.67 $35.51 $52.44 Charlotte, NC Indianapolis, IN $23.22 $39.99 $52.17 $15.95 $26.43 $51.18 Nashville, TN $21.45 $33.88 $51.12 Columbus, OH Newark, NJ $35.34 $45.58 $50.96 Cleveland, OH $21.79 $26.54 $50.87 Orlando, FL $23.95 $43.62 $50.25 Dallas, TX $16.15 $34.86 $49.06 Tampa, FL $11.54 $33.24 $48.25 Phoenix, AZ $15.01 $33.49 $48.21 Houston, TX $21.87 $27.20 $47.94 Toronto, ON $17.71 $20.30 $46.24 $20.86 $33.29 $45.88 San Diego, CA Vancouver, BC $22.00 $31.74 $39.45 Vancouver, WA $19.05 $29.94 $38.88 Sacramento, CA $16.25 $30.30 $36.30

Tulsa, OK 18

$14.57 $17.28 $30.01

NORTH AMERICA FIT-OUT COST GUIDE

Figure 14: By Sector LOW

MEDIUM

Science & Technology Industrial Banking & Finance

HIGH

$24.24 $20.96 $26.07

Legal

$24.22

Consulting

$22.43

Energy

$20.50

$43.20

$76.24

$42.41

$74.44

$45.26

$67.99

$44.60

$66.44

$50.28

$57.52

$40.65

$57.44

Government

$24.55

Healthcare

$22.40

$31.59

$56.23

Manufacturing

$21.04

$37.84

$54.41

Insurance Telecommunications Media & Entertainment Pharmaceutical Automotive

$42.31

$50.15

$27.76 $30.96 $23.25 $16.53 $25.45

$56.58

$54.16

$38.99 $53.74 $42.33

$53.42

$26.69

$53.39

$31.01

$52.44

Real Estate

$20.99

$42.56

$51.34

Hospitality

$21.09

$29.31

$50.56

$28.05

$49.55

Biotech

$19.16

Higher Education $15.99 Aerospace & Defense

$18.48

Retail $19.55

$31.05 $33.15 $35.35

$48.34 $46.24 $45.88

Figure 15: Average FF&E/AV Cost

HIGH $53.25

MEDIUM $40.78

LOW $22.73

Covering all loose and systems furniture, audio-visual equipment, signage and branding, this category is the second-largest behind hard costs as a proportion of total project cost. Year-over-year increases are generally in line with overall project spend (nationally 2 to 4% per year). San Francisco and New York sit at the top of FF&E/AV cost, partially due to the labor component of installing furniture and audio-visual systems, but also the predominance of high-end headquarter offices and tech sector clients implementing a higher quality workspace. With many clients focusing on workplaces of the future, there is significant focus on leveraging amenities and enhancing technology in the workplace. In more agile office environments, the use of interactive AV systems can enhance communication and collaboration within a workforce.

CBRE PROJECT MANAGEMENT

DATA / IT / SECURITY COST Figure 16: By Region LOW

MEDIUM

New York, NY San Francisco, CA Atlanta, GA Columbus, OH Seattle, WA Toronto, ON Philadelphia, PA San Jose, CA Washington, D.C. Oakland, CA Boston, MA Newark, NJ Cleveland, OH Houston, TX Baltimore, MD Chicago, IL Vancouver, WA Portland, OR Charlotte, NC Los Angeles, CA Charleston, SC Tampa, FL Sacramento, CA Indianapolis, IN Tulsa, OK Orlando, FL San Diego, CA Kansas City, MO Phoenix, AZ Nashville, TN Miami, FL Detroit, MI Salt Lake City, UT Dallas, TX Minneapolis, MN St. Louis, MO Vancouver, BC 20

Figure 17: By Sector

HIGH

LOW

$5.40

$14.02

$7.51

$3.41

$6.75

$2.67 $4.10

$12.56 $11.15

$5.01 $7.00

$6.20

$11.11 $11.10

$9.54

$4.00

$6.25

$2.25

$10.11

$3.67

$5.01

$8.22

$3.65

$10.01

$9.24

$3.26 $2.99

$9.87 $7.25

$5.57 $7.23

$5.23 $3.24 $4.44 $3.24

$9.01

$6.81

$8.91

$5.72

$4.81

$7.52

$6.22 $7.29 $5.10

$3.01

$7.25

$6.52 $6.26 $4.34

$4.59

Banking & Finance

$6.83

Aerospace & Defense $3.94 Pharmaceutical

$5.00

Science & Technology

$7.40

$13.11 $12.70 $12.56

$6.23 $5.95

Government $4.05

Consulting

$13.11

$9.58

Automotive $3.10

Hospitality

$9.83

$5.74

Manufacturing

$13.23

$9.00

$4.21 $4.21

Biotech $3.59

$11.77

$8.96

$11.43

$7.77 $7.83

$11.41

$8.03

$11.24 $11.21

$5.81

$8.21 $8.01

$5.89

$3.03

$14.44

$7.99

Industrial

$4.22

$7.31

$10.91

Healthcare

$3.80

$9.71

$10.88

Real Estate

$3.61

$8.90

Retail

$4.22

$7.88

$2.06 $4.49

$9.19

$6.21

$5.23

$2.75 $2.95

Legal $3.49

$9.40

$6.77

$4.25

$9.80

$9.45

$4.60

$3.27

$10.01

$5.91 $6.59

$7.21 $6.96

$6.67

$5.19 $6.64

$2.41 $3.23 $2.58

$10.35 $10.29 $10.25

$6.25

$2.06

$11.43

$7.27

$3.10

$12.25

$9.57

$3.69

HIGH

$13.45

$9.69

$5.29

MEDIUM

$6.20

$5.67

$6.02

$4.71

$5.35

$3.01 $4.84

$5.25

$3.91 $4.81 $5.23 $1.93 $2.05 $4.88 $2.08 $3.67 $4.56

NORTH AMERICA FIT-OUT COST GUIDE

Energy$2.74

$10.27

$6.39

$10.04

$3.44

$9.76

Higher Education

$4.81

$6.99

$9.41

Media & Entertainment

$5.17

$7.44

$9.41

Insurance $2.66 Telecommunications

$4.41

$7.78 $6.62

$8.99 $7.59

Figure 18: Average Data/IT/Security Cost

HIGH $10.29

MEDIUM $8.68

LOW $5.51

Covering structured cabling systems and tenant security systems (access control and CCTV), data, IT, and security typically accounts for around 5 to 6% of total project spend.

©Gensler/Michael Townsend

Agile office environments are using technology to enhance flexible working, with many clients moving toward partially or completely wireless offices in lieu of hardwiring to every desk. The growth in fully connected ‘smart’ buildings places further emphasis on ensuring the appropriate IT infrastructure is in place and budgeted accordingly. (Note: this category does not include the physical IT equipment such as desktop and laptop computers, as these are typically client-budgeted items.)

CBRE PROJECT MANAGEMENT

FEES Figure 19: By Region LOW

MEDIUM

New York, NY Newark, NJ San Francisco, CA Chicago, IL Boston, MA Indianapolis, IN Los Angeles, CA Salt Lake City, UT Philadelphia, PA Seattle, WA Columbus, OH Portland, OR Kansas City, MO Dallas, TX San Jose, CA Toronto, ON San Diego, CA Tampa, FL Vancouver, BC Washington, D.C. Minneapolis, MN Cleveland, OH Charleston, SC Houston, TX Oakland, CA Detroit, MI Sacramento, CA Nashville, TN Atlanta, GA Miami, FL Vancouver, WA Baltimore, MD Charlotte, NC St. Louis, MO Orlando, FL Tulsa, OK Phoenix, AZ 22

Figure 20: By Sector

HIGH

LOW

$2.21

$6.67

$4.08

$2.00

$5.36

$2.12 $1.08

$3.16

$1.42

$5.13

$1.92

$4.88

$3.31 $0.95

$3.37 $4.42

$2.46

$4.39

$1.88

$3.86

$2.01 $1.22

$2.25

$1.73

$3.99

$2.32

$3.23

$3.01 $1.79 $1.03

$3.68

$1.88

$3.61 $2.91 $3.44

$2.53

$3.01 $3.42

$2.20

$2.87

$1.95

$1.29 $1.34

$3.22

$2.88

$3.01

$2.64

$2.99

$1.81

$2.89 $2.99 $2.85

$1.05 $1.48 $1.23

$3.23

$2.96

$1.60 $2.26 $2.96 $1.26 $1.85 $2.91 $1.94

$2.47 $2.89

$0.91 $1.41 $2.09

$2.89 $2.29 $2.87

$1.36

$2.14 $2.78

$1.52

$2.01 $2.78

$0.59 $1.29

$2.21

$1.73 $1.93 $2.01 $0.74 $1.34 $1.88 $0.89 $1.43 $1.76 $0.88 $0.99 $1.22

NORTH AMERICA FIT-OUT COST GUIDE

$6.68

$3.29

Healthcare

$3.43 $2.25

Pharmaceutical

$5.23

$4.19

$3.01

Telecommunications $1.50

$4.99

$4.24

$4.69

$3.75

Biotech $1.99 Hospitality $1.99

$5.97

$4.26

$4.55

$3.25

$4.42

$4.03

Government

$2.14

$3.81

$4.22

Science & Technology

$2.40

$3.90

$4.04

Energy $1.74 Insurance

$3.22

$2.26

Media & Entertainment

$3.99 $3.98

$3.56

$3.01 $2.85 $3.94

$2.99

$1.93

$2.69

Banking & Finance

$2.95 $3.39

$1.85

$1.25

$3.88

$3.25 $3.88 $2.55

$2.00

$0.91

$4.21

$4.01

Industrial

HIGH

$6.22 $5.62

$2.14

MEDIUM

Consulting

$2.25

Higher Education $1.44

$2.06

Automotive $1.63

$2.08

Manufacturing $1.83

$2.92

Legal $1.57 $2.30 Retail

$3.92

$3.20

$3.88 $3.67 $3.43 $3.13

$2.76 $2.80 $3.05

Real Estate $1.71 $2.07

$2.65

Aerospace & Defense $1.65 $1.95 $2.14

Figure 21: Average Fees

HIGH $4.35

MEDIUM $3.73

LOW $2.27

Typically 2 to 3% of project cost is attributed to third-party project management fees. It's no surprise to see major hubs like New York, San Francisco, Chicago and Boston at the top, due to having higher market labor costs.

ÂŠGensler/Ryan Gobuty

As projects become more complex, with many office environments embracing the latest technology, it's important that effective project management is in place to control time, cost and quality. Early engagement of the project team helps leverage local market experience to mitigate cost and schedule risks.

CBRE PROJECT MANAGEMENT

MOVE COST Figure 22: By Region LOW

MEDIUM

San Francisco, CA New York, NY Seattle, WA Atlanta, GA Philadelphia, PA Boston, MA Washington, D.C. Newark, NJ San Diego, CA Chicago, IL Los Angeles, CA Portland, OR San Jose, CA Charlotte, NC Oakland, CA Sacramento, CA Vancouver, BC Dallas, TX Detroit, MI Nashville, TN Indianapolis, IN Orlando, FL Baltimore, MD Charleston, SC Houston, TX Vancouver, WA Phoenix, AZ Minneapolis, MN Kansas City, MO St. Louis, MO Columbus, OH Salt Lake City, UT Miami, FL Cleveland, OH Tampa, FL Tulsa, OK Toronto, ON 24

Figure 23: By Sector

HIGH

LOW

$1.85

$2.05

$1.73

$2.06

$1.01 $1.25 $0.68

$3.32 $1.60

$3.12

$1.10

$0.88

$3.10

$1.14

$3.05

$0.78 $1.01

$2.88

$1.55

$2.22

$1.22

$1.29

$0.83

$1.62

$1.10

$2.34 $2.29

$2.08

$1.01

$2.12

$1.41

$1.46

$2.06

$1.69 $1.99

$1.55

$1.23

Insurance

$0.94

$1.89

$1.45 $1.22

Banking & Finance Manufacturing Biotech Real Estate Pharmaceutical Automotive

Consulting

$1.71

$1.20

$3.28 $3.01

$1.99

$2.85

$2.53

$1.55 $1.95 $1.04

$2.76

$2.26

$2.67

$1.28

$1.61

Industrial

$3.55

$2.03

$0.99

Media & Entertainment

$3.69

$3.23

$1.65

$1.18

$2.64

$1.83

$2.02

$1.88

$1.71

$3.92

$1.99

$1.35

$1.89 $1.98

$0.82 $0.89

$2.41

$1.94

$0.71

$0.76

$2.51 $2.46

$2.26

$1.25

$0.79

$3.45

$1.10

Legal

HIGH

$3.88

$2.36

$0.89

$4.22

MEDIUM

$2.21

$2.61 $2.49

$1.38

$1.22 $1.70

$1.10 $1.46 $1.67

Hospitality

$1.22

$1.53

$2.43

$0.55 $0.95 $1.61 $0.99 $1.02 $1.56 $0.98

$1.01 $1.52

$0.74

$1.16 $1.50

$0.66 $0.76 $1.44 $0.75

$1.10 $1.43

$0.88 $1.25 $1.31 $0.54 $1.04 $1.25 $0.89 $1.01 $1.23 $0.89$1.05 $1.22 $0.85 $1.10 $1.21 $0.89 $1.05$1.15 $0.65$1.00$1.12 $0.56

$0.98

$1.12

$0.63

$0.82 $1.01

NORTH AMERICA FIT-OUT COST GUIDE

Higher Education

$1.11

$1.41

$2.32

Energy

$1.10

$1.63

$2.25

Science & Technology

$1.01

$1.33

$2.16

Government

$1.32

$2.08

Telecommunications

$1.39

$1.56

$2.12 $2.09

Healthcare $0.88

$1.72

$2.01

Aerospace & Defense $0.98

$1.23

$1.95

Retail $0.82 $1.44

$1.83

Figure 24: Average Move Cost

HIGH $1.96

MEDIUM $1.81

LOW $1.33

Move costs account for around 1 to 1.5% of total project cost. Complex, multi-phased moves will require significant front-end planning, demonstrated by the $2 per square foot average High-spec cost, approximately 50% higher than the typical Low-spec move cost of $1.33 per square foot. The relatively minor cost associated with moving often underestimates the impact that effective move management can bring; efficient planning and communication, with a clearly articulated and detailed move plan, is essential in making office moves successful. It helps mitigate relocation costs and risks, and reduces the potential for extended staff downtime.

CBRE PROJECT MANAGEMENT

WORKPLACE STRATEGY

NORTH AMERICA FIT-OUT COST GUIDE

Â©Nicki Griffith Photography

CBRE PROJECT MANAGEMENT

WORKPLACE STRATEGY Employers continue to leverage real estate investment as a means of impacting employee effectiveness and engagement. Increased adoption of activity-based workplace (ABW) standards results in environments that better support work tasks and individual preferences by providing a balance of open work environments and enclosed private spaces. As recent studies have confirmed, while highly efficient, fully open environments can have an adverse impact on the ability of individuals to perform independent tasks. They also adversely impact team collaboration. In the most recent CBRE Occupier Survey, 45% of responding organizations anticipate migrating to ABW environments. As a result, many organizations who previously gained extreme efficiency by moving employees into smaller, open office seating may see the required balance of enclosed work and meeting spaces result in a slight decrease in efficiency. Efficiency is not the sole driver for most organizations. Occupiers looks at portfolio, design, infrastructure, and allocation solutions that are flexible enough to meet changing business demands, while supporting how employees want to work. Many continue to explore creative portfolio solutions such as integration of co-working options as a means to gaining greater future flexibility. Organizations are also exploring how technology can support employee experience. 59% of respondents to the CBRE Occupier Survey plan to introduce mobile apps that help employees do everything from finding available meeting spaces, to learning about events, and building stronger social networks. Real estate leaders are partnering with organizational counterparts in HR and technology to define employee experience strategies and leverage real estate investments into solutions that better target business objectives. 69% of real estate executives in our survey report directly to a C-Suite level executive, creating opportunities for decisions that directly impact corporate goals. Organizations are also looking for ways to gather data and leverage space analytics to drive decisions around allocation, planning and utilization of space. An increasing number of real estate leaders are securing funding to test and implement smart building technologies providing data that informs future real estate decisions. Partners in HR and technology simultaneously gather parallel insights about human performance, collaboration effectiveness, and more. Effective convergence of data driven insights is sure to inform an emergence of new employee experience solutions, resulting in direct impacts to real estate portfolio, design and planning decisions. Key themes include:

Balance

research on open-office impacts reinforce the need for balanced spaces to support needs for focused and collaborative work

Flexibility

organizations are exploring agile real estate solutions that allow for future portfolio flexibility

NINA CHARNOTSKAIA Senior Director CBRE Workplace Strategy Nina.Charnotskaia@cbre.com

NORTH AMERICA FIT-OUT COST GUIDE

Attraction

increased employee choice and flexibility means investing in workplace solutions that attract people to the office

Technology technology is driving data into the hands of corporate real estate leaders and their partners, helping to inform smarter investment decisions

Figure 25: Industry sector seat density, cost per seat and mobility ratio (sectors ranked by average seat density) SEAT DENSITY (RSF/Seat) Low-Average-High Telecommunications

174

294

Aerospace & Defense

112

181

270

Consumer Services

139

195

287

Energy

121

195

377

Technology

104

197

328

Finance & Insurance

198

376

Professional Services

198

349

Other

174

294

Construction & Engineering

125

214

333

Media & Entertainment

111

228

332

Life Sciences & Healthcare

229

362

Manufacturing & Industrial

124

256

342

Higher Education

162

313

414

335

371

482

DATA INSIGHTS

Legal

Density has decreased slightly year-on-year, triggered by an adjustment in workplace strategies to create better balance in work environments to support individual activities, provide a variety of space for collaboration, and focusing on efficient utilization of space.

COST PER SEAT ($k) Low-Average-High 34 24 10 31 23 15 47 35 18 49 42 17 108 41 21 82 37 10 47 25 11 41 27 11 33 29 19 63 27 16 74 33 21 61 40 18 55 34 18 107 51 29 Fit-out costs are declining, optimized through standards that provide consistent work settings across organizational levels. While fit-out costs vary widely, investments in amenities and technology provide greatest variance and are often the differentiator that enable employees to do their best work.

MOBILITY RATIO Average 1.20 1.03 1.09 0.97 1.00 1.04 1.20 1.13 1.00 1.00 1.09 1.15 0.95 1.04

Increased adoption of flexible work policies, activitybased work environments, and understanding space utilization and efficiency through sensor technology continue to increase seat sharing. Top performing organizations are reinvesting savings into services and tools to help employees work more seamlessly. CBRE PROJECT MANAGEMENT

WORKPLACE OF THE FUTURE Insight Into Workplace360 Organizations are looking to enhance their workplace strategies focusing on office environment, employee productivity, talent attraction and retention. Workplace360 is a global initiative transforming how CBRE works. Success is linked to the ability to work collaboratively and efficiently. Workplace360 enables teams to work better, smarter, and more productive in an increasingly mobile, highly connected world.

Objectives behind Workplace360:

Improving Effectiveness Creating a flexible work environment with high quality space, technology, and services enabling our team to work anywhere, anytime with anyone and increasing productivity due to staff well-being and health

Measurable Outcomes:

Knowledge Sharing Sharing and applying our experience and knowledge based on our own offices and client needs promotes communication and collaboration across business lines, increasing opportunities for our clients

Operational Efficiency Operating more efficiently can reduce costs associated with occupancy by approximately 30%

Results from the implementation of Workplace360

93%

79%

95%

said they would not go back to the old way of working

of the workforce felt more productive compared to the previous office space

felt the company made a significant reinvestment in its people

94%

83%

86%

agree or strongly agree that they can more easily collaborate 30

NORTH AMERICA FIT-OUT COST GUIDE

agree or strongly agree they are able to find spaces for private and focused work

believed there is a strong improvement in employee health and wellness

Insert

CBRE is rolling out the Workplace360 program globally and are tailoring it to local needs and requirements. We recognize how our own workspace can provide inspiration for our clients and help answer the question:

“How can your workplace enable the success of your business?”

©Gensler/Ryan Gobuty

CBRE PROJECT MANAGEMENT

WORKPLACE OF THE FUTURE Case Study: CBRE Phoenix Workplace360 - 'Metropolis in the Desert' Project Summary • Location: Phoenix, AZ • Size: 75,000 square feet • LEED Rating: Gold The new Phoenix office promotes flexibility, mobility, and productivity while also underpinning our corporate commitment to environmental sustainability, conservation of natural resources, and a minimal environmental footprint.

Project Objectives The main goals of the project were to prioritize occupant health and wellness, provide varied work environments to support both focus and collaboration, and capture the essence of the locale while still embodying the client’s brand. To achieve these goals we embedded wellness strategies throughout the office, ranging from access to daylight to easily adjustable sit-stand and treadmill desks. The new staircase which spans all three floors, also encourages an active work day. Implementing CBRE’s 'Workplace360' standards, the office is tech-enabled, free-address, and paper-free, allowing staff maximum choice in where and when to work. Art installations curated by staff members are featured prominently throughout the office, providing visual interest as well as a uniquely Phoenix atmosphere.

- Allyson Calvert, Director of Project Management

“

A hallmark of Workplace360, the office is 100% tech-enabled, free-address and paper-free, reinforcing a commitment to environmental sustainability.

©Gensler/Ryan Gobuty

NORTH AMERICA FIT-OUT COST GUIDE

ÂŠGensler/Ryan Gobuty

The staircase is the main unifying element in the office. Featuring seating nearby on all three floors, it is the point of congregation where employees can meet and collaborate and also provides an active alternative to the elevator.

The office provides 10 unique work space options. The tech-enabled office includes a range of collaboration zones, huddle rooms, focus rooms and an open office environment.

The 'SET' lounge is designed to contrast the 'RISE' cafe and is the perfect spot for teams to unwind after work or celebrate a big win.

Employees and guests are greeted in the heart of the office, a bright lobby featuring n array of seating options, a coffee bar, and concierge.

The 'RISE' cafe is a signature element for client workplaces. It features hospitality inspired furniture and finishes with stunning views of the mountains.

The 'Desert Metropolis' theme is incorporated throughout, featuring angular elements, modern finishes, and Sonoran Desert inspired design. CBRE PROJECT MANAGEMENT

MARKET SUMMARY

NORTH AMERICA FIT-OUT COST GUIDE

CBRE PROJECT MANAGEMENT

ATLANTA, GA Market Pressures

Market Trends In Atlanta, construction build-out costs for corporate office space increased up to 25% during 2018. Material costs have attributed to the increase, but labor remains the largest pressure on costs. Subcontractor availability in the 3rd quarter is putting significant pressure on costs and scheduling as well as lead times for furniture, adding time to project schedules. New code interpretations from local jurisdictions are impacting density calculations and subsequently design criteria and inspections.

Red represents low/no impact and dark green represents very high/significant impact

The average total spend for Atlanta (per RSF) is:

Level of activity in the region

LOW

MEDIUM

$77.55

HIGH

$129.71

$235.90

Figure 26: Average of Major Cost Categories in Atlanta LOW

Total Soft

$77.55 $3.21

Hard

$52.32

FF&E / AV

$17.55

Data / IT / Security

$2.67

Fees

$0.91

Move

$0.89

$129.71 $6.09 $78.85

MEDIUM

HIGH

$235.90 $13.88 $141.95

$32.57

$61.30

$9.69

$12.56

$1.41 $1.10

Material cost increase felt

Experiencing labor shortages

$2.89 $3.32

Wage fluctuations 36

NORTH AMERICA FIT-OUT COST GUIDE

Atlanta Market Outlook Atlanta has rising interest from technology firms in the Buckhead market, traditionally seen as more of a financial and insurance sector. This interest is overflow from a booming Midtown submarket. TI allowances are growing in conjunction with higher demand for more sophisticated build-outs, using growing technology needs in audio visual. Downtown Atlanta is in the midst of revitalization and demand grows as landlords seek a refreshed look and added amenities in assets that haven't been renovated since the 1980's. Ancillary neighborhoods around the city continue to see significant growth in converting older, distressed assets into vibrant business developments in the office and retail sectors.

â&#x20AC;&#x153;

TODD SCHMITT Senior Managing Director Todd.Schmitt@cbre.com

Atlanta continues to be a destination for Corporate Headquarters and Technology Firms in the growth and start up phase. Job creation is at an all time high and rental rates remain highly competitive.

CBRE PROJECT MANAGEMENT

CHICAGO, IL Market Pressures

Market Trends While the technology and healthcare sectors continue to be strong drivers for growth in the Chicagoland market, industrial requirements have provided the greatest rate of growth. Biopharma and life sciences are quickly becoming the next growth sector in Chicago. Subsequently, demand remains high for flexible office space, as does the associated construction costs.

Red represents low/no impact and dark green represents very high/significant impact

The average total spend for Chicago (per RSF) is:

LOW

MEDIUM

$85.22

HIGH

$188.20

Level of activity in the region

$275.58

Figure 27: Average of Major Cost Categories in Chicago LOW

Total Soft

$85.22 $3.06

$188.20 $10.72

MEDIUM

HIGH

$275.58 $13.17

Hard

$56.78

$114.42

$176.15

FF&E / AV

$20.09

$52.08

$69.22

$2.99

$5.57

Data / IT / Security Fees Move

$1.08 $1.22

Material cost increase felt

$3.16

$9.45 $5.13

$2.26

Experiencing labor shortages

$2.46

Wage fluctuations 38

NORTH AMERICA FIT-OUT COST GUIDE

Chicago Market Outlook Labor demand remains high in Chicago, but not as aggressive as 2017, therefore any labor shortages have been rebalanced. Labor has kept costs from increasing at the same pace as 2017 but does keep those costs at what is now an 11 year high. While the suburban-tourban flight may have settled down, growth in the Chicagoland market is still forecasted and supported by the multiple sectors finding value in the Chicago market.

Momentum still exists locally as companies continue to take advantage of the depth of talent. Additionally, development of newer communities around the Business District makes Chicago even more attractive to firms looking to grow and optimize their return on investment.

â&#x20AC;&#x153;

ABE GAMBOA Senior Director Abram.Gamboa@cbre.com

CBRE PROJECT MANAGEMENT

DALLAS, TX Market Pressures

Market Trends The Dallas Fort-Worth (DFW) development pipeline is in high demand due to three new projects breaking ground in early 2018, adding over 500,000 square feet of new construction to the existing projects underway. The current total project count is 20, totaling 5.5 million square feet with a pre-leased rate at 60%. The bulk of new construction are risky projects with four build-to-suits. The majority of the new construction of +60% is in the Uptown, Las Colinas and Turtle Creek areas. Due to population growth at twice the national rate, we continue to see an increase in construction prices and labor shortage demands. Labor needs are high, but the industry struggles to keep up.

Red represents low/no impact and dark green represents very high/significant impact

Level of activity in the region

Pricing remains stable for all market sectors with steel stabilizing after an increase in the second quarter. The average total spend for Dallas (per RSF) is:

LOW

MEDIUM

$78.36

HIGH

$118.16

$188.94

Material cost increase felt

Figure 28: Average of Major Cost Categories in Dallas LOW

Total Soft Hard FF&E / AV Data / IT / Sec. Fees Move

$78.36 $2.44 $56.01 $16.15

$118.16 $3.83

$0.79

HIGH

$188.94 $14.55

$71.81 $34.86

$3.01 $1.03

MEDIUM

$114.58 $49.06

$4.84 $1.88 $0.94

Experiencing labor shortages

$5.25 $3.61 $1.89

Wage fluctuations 40

NORTH AMERICA FIT-OUT COST GUIDE

Dallas Market Outlook The DFW area has maintained robust job growth, adding over 122,000 jobs since the end of 2017. This increase makes Dallas the strongest growing city for job hunters among the 12 largest metros, more than double the U.S. average of 1.6%. The office sector, including professional and business services, experienced the largest growth. The DFW job market remains at 3.7%, below the five year average of 4.5%. Office and manufacturing projects have entered the market, which will carry through to the end of 2019.

â&#x20AC;&#x153;

SCOTT ELDREDGE Director Scott.Eldredge@cbre.com

The era of large office campus build-to-suit projects has come to an end. Mid-sized projects have filled the pipeline, keeping a stable environment for pricing.

CBRE PROJECT MANAGEMENT

LOS ANGELES, CA Market Pressures

Market Trends It's a builder's market in Los Angeles, and construction costs continue to rise year over year. California's Title 24 energy conservation code impacts cost by up to $10 per square foot and impacts the schedule by up to 2 to 4 weeks. American Disabilities Act (ADA) upgrades to existing spaces can be 20% of the overall construction costs. Vendors and contractors are running thin on workers, therefore field performance and the finished product can be affected. We've seen many clients suggesting opening bids to three subcontractors for each trade since availability can be scarce. The average total spend for Los Angeles (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$98.93

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$158.36

$231.81

Figure 29: Average of Major Cost Categories in Los Angeles LOW

Total Soft Hard FF&E / AV

$98.93 $4.01 $56.42

$8.24

$3.24

Fees

$0.95 $1.25

HIGH

Material cost increase felt

$231.81 $13.19

$94.65

$33.06

Data / IT / Sec.

Move

$158.36

MEDIUM

$44.91 $6.81 $2.46

$145.67 $57.24 $8.91

Experiencing labor shortages

$4.39 $1.29

$2.41

Wage fluctuations 42

NORTH AMERICA FIT-OUT COST GUIDE

Los Angeles Market Outlook There is solid pipeline growth going into 2019 between contracted work and new opportunities for all trades and vendors. In addition to code requirements and availability, future tariffs on materials may continue to drive up costs in Los Angeles. Average build-outs include one-third office and two-thirds open workstations with a variety of meeting areas. Retention continues to be an issue within the community.

â&#x20AC;&#x153;

LISA MARQUIS Senior Managing Director Lisa.Marquis@cbre.com

Construction activity is expected to remain strong over the next 18 to 24 months. We expect to see continued growth in the entertainment, biotech, healthcare, media sectors in preparation for the 2028 Olympics held in Los Angeles.

CBRE PROJECT MANAGEMENT

NASHVILLE, TN Market Pressures

Market Trends The Nashville market continues to trend in a positive direction with over 2 million square feet of office space planned to open over the next three to four years, with second-generation space being absorbed during that timeframe. Co-working and shared workspace models are emerging, seeing rapid growth in Nashville and is projected to increase two-fold over the next two to three years. Due to the volume of construction in the area, construction costs have risen 20% over the past three to four years. Permitting times have extended to approximately 10 to 12 weeks and the subcontractor market has been heavily stretched. The average total spend for Nashville (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$69.79

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$110.35

$195.71

Figure 30: Average of Major Cost Categories in Nashville Material cost increase felt LOW

Total

$69.79

Soft

$3.26

$4.21

Hard

$43.28

$70.83

FF&E / AV

$15.95

Data / IT / Sec.

$4.59

Fees

$1.94

Move

$0.76

$110.35

HIGH

$195.71 $9.24 $124.05

$26.43

$51.18 $5.19 $2.47

$1.22

MEDIUM

$6.64

Experiencing labor shortages

$2.89 $1.71

Wage fluctuations 44

NORTH AMERICA FIT-OUT COST GUIDE

Nashville Market Outlook Nashville’s outlook for the next 18 to 24 months is positive with continued growth in the office sector, both from a new construction standpoint and newly vacant second-generation space becoming available. The multifamily and retail sectors show signs of slowing, and the hospitality sector seems to be growing slightly.

“

WILL CARNEY Director, Project Management Will.Carney@cbre.com

Nashville continues to see short and long term growth in the Metropolitan area. We will see around 2 million square feet of new office space in the next 18-24 months, and the backfill of 2nd generation space as strong drivers. Nashville continues to be a very desirable location for growth and relocation and shows no signs of plateauing in the next 24 months.

CBRE PROJECT MANAGEMENT

NEW YORK, NY Market Pressures

Market Trends New York remains one of the most expensive places to build in the world. Several large developments such as Hudson Yards and the World Trade Center are well underway and nearing completion. Large tenants seeking to move to newer space are beginning to see fewer options. Once these mega-projects are completed, construction costs should begin to level out to approximate inflation-rate escalation. The neighboring states of New Jersey and Connecticut are also seeing strong activity in companies expanding their existing portfolio of space and taking advantage of attractive lease deals in bordering locations. The average total spend for New York (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$122.33

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$229.60

$307.25

Figure 31: Average of Major Cost Categories in New York LOW

Total

$122.33

Soft

$7.55

Hard FF&E / AV

$72.20 $33.24

Data / IT / Sec.

$5.40

Fees

$2.21

Move

$1.73

$229.60

MEDIUM

$17.55

$155.08

$192.40

$48.63

$72.73

$4.08 $2.06

Material cost increase felt

$307.25

$12.24

$7.51

HIGH

$14.02

Experiencing labor shortages

$6.67 $3.88

Wage fluctuations 46

NORTH AMERICA FIT-OUT COST GUIDE

New York Market Outlook The New York market remains busy with major trades under stress and fatigue. Electrical and millwork trades are some of those especially affected. These pressures are putting enough upward tension on pricing to exceed what's typically forecasted for market escalation. The New York market tends to have extraordinarilyhigh sub-contractor bidding being passed through to general contractors; however, the last two years have levelled to a slightly lower degree, allowing for more stable forecasting of construction costs.

â&#x20AC;&#x153;

NIGEL LIGHT Director Nigel.Light@cbre.com

A strong ground-up pipeline, plus a full market of tenant improvement work means New York remains highly active; with many clients seeking adjacent states such as New Jersey and Connecticut as providing value-for-money alternatives.

CBRE PROJECT MANAGEMENT

PHILADELPHIA, PA Market Pressures

Market Trends Philadelphia is seeing a broad range of activity across multiple sectors including office, industrial, retail, multifamily, healthcare and education. Finding qualified labor in the construction industry continues to be a challenge for general contractors and construction management firms. Local and national suppliers are beginning to issue material escalation notices in anticipation of increased tariffs on international goods, affecting prices. Philadelphia and the surrounding suburban markets are seeing record high prices for construction and a healthy backlog in activity. The average total spend for Philadelphia (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$71.68

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$144.46

$252.80

Figure 32: Average of Major Cost Categories in Philadelphia LOW

Total

$71.68

Soft

$6.56

Hard

$37.33

FF&E / AV

$20.84

Data / IT / Sec.

$3.69

Fees Move

$2.01 $1.25

$144.46 $10.25 $83.03

MEDIUM

HIGH

Material cost increase felt

$252.80 $14.96 $160.38

$40.06 $7.27

$59.23 $11.10

$2.25 $1.60

Experiencing labor shortages

$4.01 $3.12

Wage fluctuations 48

NORTH AMERICA FIT-OUT COST GUIDE

Philadelphia Market Outlook Philadelphia's job growth has outpaced other major Northeast cities by 8.9% over the past five years, stabling the economy. The increase in employment has impacted multiple types of real estate including; office, retail, industrial and housing. The growth is expected to overflow into the suburban markets as the millennial generation ages and expands out of the city. The strong local economy results in a healthy market for the near and mid-term period.

â&#x20AC;&#x153;

DARRELL SCHULER Senior Director Darrell.Schuler@cbre.com

Philadelphia has shown strong job growth over the past five years which has led to increased leasing activity, groundup construction and interior fit out projects. Ground-up construction has slowed but interior projects are facing a constrained labor pool and material escalations resulting in higher than normal construction costs.

CBRE PROJECT MANAGEMENT

PHOENIX, AZ Market Pressures

Market Trends Phoenix has a shortage of skilled craft workers that resulted in labor price increases of roughly 3 to 4% and extensions of overall project schedules by roughly four weeks. With material pricing growth of 2 to 3% and increased labor costs, Phoenix construction costs are trending slightly above the national average. With budgets already planned for major projects in 2018, clients are seeking to re-bid or provide additional value engineering in order to make current budgets work. General contractors are selective on the project bids due to the sub-contractor labor shortage. The average total spend for Phoenix (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$72.25

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$110.80

$153.24

Figure 33: Average of Major Cost Categories in Phoenix LOW

Total Soft Hard FF&E / AV Data / IT / Sec. Fees Move

$72.25 $2.08

$110.80 $4.08

$50.24 $15.01

$67.25

Material cost increase felt

$153.24

$6.67 $0.88

$0.76

$88.32 $48.21

$4.34

$0.99 $0.66

HIGH

$7.38

$33.49

$3.27

MEDIUM

Experiencing labor shortages

$1.22 $1.44

Wage fluctuations 50

NORTH AMERICA FIT-OUT COST GUIDE

Phoenix Market Outlook The industrial market remains strong with a high demand for space throughout the Valley. Manufacturing, aerospace, third party logistics and e-commerce users are the most active in the market. Office demand continues to increase and as a result, the overall vacancy rate has decreased to 16.2%. We are seeing an influx of call center space for tech, insurance and education, while new buildings are going up in the city centers of Phoenix and Tempe.

â&#x20AC;&#x153;

ALLYSON CALVERT Director, Project Management Allyson.Calvert@cbre.com

With material pricing growth between 2 to 3% and increased labor costs, Phoenix construction costs are trending slightly above the national average of construction costs.

CBRE PROJECT MANAGEMENT

SAN FRANCISCO, CA Market Pressures

Market Trends The agile workplace continues to dominate San Francisco's tenant improvements. Historically traditional clients such as law firms, financial institutions and public works entities are looking to refresh their workplace approach. Multi-function spaces are in top demand, e.g., conference rooms that can easily transform into open office, a game room or open to an allhands space. Audio visual costs are leading the trend of increasing construction costs in San Francisco. Clients are installing video conferencing capabilities in every meeting room, not just the boardroom. Many office functions that require AV solutions are contributing to the increase costs, i.e., reception check-in, visitor badging, company branding, education and conference room reservations. The advancement of smart building technologies allow for affordable solutions to bring a level of hospitality to the workplace. In San Francisco the smart building/ connected building is on the rise.

Red represents low/no impact and dark green represents very high/significant impact

Level of activity in the region

The average total spend for San Francisco (per RSF) is:

LOW

MEDIUM

$122.17

HIGH

$195.92

$328.61

Material cost increase felt

Figure 34: Average of Major Cost Categories in San Francisco LOW

Total

$122.17

Soft

$7.79

Hard FF&E / AV Data / IT / Sec.

$77.65 $29.33 $3.41

Fees

$2.14

Move

$1.85

$195.92 $13.24 $132.69 $39.06 $6.75 $2.12 $2.05

MEDIUM

HIGH

$328.61 $18.25 $207.40

Experiencing labor shortages

$79.67 $13.45 $5.62 $4.22

Wage fluctuations 52

NORTH AMERICA FIT-OUT COST GUIDE

San Francisco Market Outlook Strong leasing activity in San Francisco indicates the design and construction market will continue to be stretched for both material and labor resources. The lack of skilled labor to produce quality materials plagues the Bay Area. The cost of raw materials have increased, i.e., steel and drywall. The result is 5 to 8% inflation of costs, higher than average.

San Francisco and the Bay Area has seen unprecedented growth in the last decade with technology expansion as the primary driver.

â&#x20AC;&#x153;

EUN PORTER Director Eun.Porter@cbre.com

CBRE PROJECT MANAGEMENT

SEATTLE, WA Market Pressures

Market Trends The Seattle market is largely driven by the migration and expansion of the Blue Chip tech firms from Silicon Valley and the exponential growth of firms with a large presence in the area. This demand continues to put a strain on labor. Due to labor shortages, costs and schedules continue to increase. Project schedules are negatively impacted due to permit review periods. City of Seattle appointments are as far as 12 weeks out from date of request and a Change of Use permit can take another 12 to 14 for final review. Suburban permit reviews are running longer than usal, sometimes up to 5 weeks. The average total spend for Seattle (per RSF) is:

LOW

Level of activity in the region

MEDIUM

$98.71

Red represents low/no impact and dark green represents very high/significant impact

HIGH

$173.44

$297.79

Figure 35: Average of Major Cost Categories in Seattle LOW

Total

$98.71

Soft

$4.75

Hard

$68.17

FF&E / AV

$18.55

Data / IT / Sec.

$5.01

$173.44 $6.58

MEDIUM

HIGH

Material cost increase felt

$297.79 $16.54

$122.55 $30.65 $9.57

Fees

$1.22

$1.73

Move

$1.01

$2.36

$196.06 $66.32 $11.43

Experiencing labor shortages

$3.99 $3.45

Wage fluctuations 54

NORTH AMERICA FIT-OUT COST GUIDE

Seattle Market Outlook The prediction of a 2018 correction were a bit off. On the investor side of the business, landlords are hedging their capital spends on creating market ready/spec suites, many of which lease out before the construction is complete.

â&#x20AC;&#x153;

CARRIE GRIFFITHS Director, Project Management Carrie.Griffiths@cbre.com

Expansion of blue chip technology firms continue to drive exponential growth, straining existing labor supplies and driving costs up.

CBRE PROJECT MANAGEMENT

WASHINGTON, D.C. Market Pressures

Market Trends The Washington, D.C. regional market is driven by a very diverse business community. While the Federal Government and legal sectors contract, technology, financial services, corporate, industrial and nonprofits are expanding. With increased defense spending by the Federal Government, we expect to see higher growth in defense and IT contractors with particular growth in cyber security. Commercial and residential development continue to be in the top five nationally and a red hot industrial sector largely around the Baltimore area. Office vacancy rates are approaching record highs which may suggest a correction in the development pipeline. Construction escalation is now at 4 to 6% semi-annual rate over the last year. Costs for furniture, audio visual, security and information technology have seen similar increases. We have seen high escalation in audio visual systems especially with network/cloud based AV systems being used on our larger projects. Although these systems cost more they are easier to manage, integrate better with the IT platform and easier to administer. Tenant allowances continue to be one of the highest in the country based on CBRE research. The forecast for the region continues to see sustained diversified business and population growth. The average total spend for Washington, D.C. (per RSF) is:

LOW

MEDIUM

$77.16

Red represents low/no impact and dark green represents very high/significant impact

Level of activity in the region

HIGH

$139.69

$240.34

Material cost increase felt

Figure 36: Average of Major Cost Categories in Washington LOW

Total

$77.16

Soft

$5.25

Hard

$42.01

FF&E / AV

$23.73

Data / IT / Sec.

$4.00

Fees

$1.29

Move

$0.88

MEDIUM

$139.69

$240.34

$8.45

$13.88

$78.95

$145.52

$42.02

$64.59

$6.25

$10.29

$2.88 $1.14

HIGH

Experiencing labor shortages

$3.01 $3.05

Wage fluctuations 56

NORTH AMERICA FIT-OUT COST GUIDE

Washington Market Outlook Washington, D.C. is the second highest U.S. market for foreign real estate investment largely due to the stability and diversification of the regional economy and the seat of the Federal Government. With the exception of defense, spending by the Federal Government has been flat and construction of new federally owned facilities is almost non-existent. Most activity is lease renewals and renovations of both owned and leased facilities. The mega 2.5 million square foot FBI headquarter build-out has been put on long term hold. The region continues to experience significant startup activity fueled by the technology sector. Cyber security/science seems to be a significant emerging project type driven by both Federal and private sector needs.

â&#x20AC;&#x153;

MICHAEL CONSIDINE Managing Director Michael.Considine@cbre.com

The Washington region in 2018 has been red hot. Prices have increased across virtually all business that support project design and construction with no signs of let-off.

CBRE PROJECT MANAGEMENT

SPECIAL FEATURES

NORTH AMERICA FIT-OUT COST GUIDE

Â©Gensler

CBRE PROJECT MANAGEMENT

FIT-OUT COST INDEX | NORTH AMERICA

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NORTH AMERICA FIT-OUT COST GUIDE

New York, NY

0.6 5

0.6

0.66

Orland

0.40

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0.60

0.68 0.67

Salt Lake City, UT

0.80

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The North American index is a guide only. For more detailed budgetary advice or for support in developing an estimate for a specific project, please contact the Cost Consultancy group for more information.

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Location is just one consideration â&#x20AC;&#x201C; existing conditions, quality of finish, furniture specifications, and overall workplace strategy are just some of the factors that can play a significant role in defining an accurate project budget. This index provides a starting point which can be utilized in connection with our Indicative Pricing Guide at the back of this report.

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The North American Fit-Out Cost Index leverages our empirical project data to provide a relative cost-to-build metric, setting Chicago as the baseline. The index is based upon average project spend in each city.

cisco, CA

Figure 37: Index of Major North American Cities (Chicago as the baseline)

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The cost to fit-out an office space varies from city to city, something which must be considered when planning any budget.

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FIT-OUT COST INDEX | GLOBAL

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San

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Bogotá

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0.53

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2.00

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0.62

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1.06

1.00

Toky

0.70

0.75

1.04

Dallas

1.50

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1.1

1.75

0.50

Seattle

0.25

1.03

0.74

1.00

Buenos Aires

0.79

0.8

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0.86

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0.85

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0.82

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The Global Index is a guide only. For budget estimates on specific projects, please contact CBRE's Cost Consultancy group or the Project Management Division lead from the relevant market who can provide you with relevant and accurate information.

This industry leading benchmark data, paired with CBRE’s global presence and market knowledge, allows us to partner with our clients to provide our expertise and offer the best solutions to achieve our clients’ objectives.

Figure 38: Index of Major Cities Globally (Chicago as the baseline)

tia San

From large corporations to start-ups, benchmarking remains a key tool to assist our clients in their decision-making process. CBRE is pleased to introduce the inaugural CBRE Global Fit-Out Index which aims to highlight the relativity of key markets around the world. Specifically, this index shows the effect on corporate real estate capital planning decisions by reporting the comparative difference of office fit-out costs in 23 key markets across four global regions.

CBRE PROJECT MANAGEMENT

FUSION is our strategic sourcing program designed to leverage CBRE’s scale to bring value to our clients. With trusted and established market leaders in each service category, our FUSION partners cover the end-to-end spectrum from design through construction, furniture, move management and maintenance. At its heart the program is about creating value for our clients through our purchasing power, yet value can take many forms. The program recognizes significant cost savings (typically 15 to 20%) as well as cost avoidance through value engineering or alternative product solutions. FUSION also drives schedule enhancements through early vendor engagement, direct purchasing of equipment, expedited manufacturing and delivery and high-efficiency products. CBRE is currently working on FUSION 2.0; the next generation of the FUSION program. By expanding the portfolio of preferred suppliers and negotiating preferred rates through commercial and service level agreements, FUSION 2.0 creates a stronger and more distinct advantage for our clients.

“

FUSION 2.0 is transformative. It will align our enterprise supply chain team across all lines of business, focused on executing current and future business needs from a global perspective. - Terry Doumkos, Global Vice President of Strategic Sourcing

NORTH AMERICA FIT-OUT COST GUIDE

FUSION CASE STUDIES

LIBRARY RETROFIT, NEW YORK, NY The Manhattan based client came to CBRE for support in planning and developing a full-scale retrofit of its 110 year-old facility. In partnership with CBRE|Johnson Controls, the client received expedited lead times and extended warranties on HVAC equipment, which helped the client expedite the project timeline.

OUTCOME The client achieved 6% in direct cost savings and reduced operating costs due to increased energy efficiency.

FUSION partner:

OFFICE BUILDING RENOVATION IN TEMPE, AZ The client came to CBRE for engineering insights to successfully complete their 222,000 square foot, nine-story office renovation. We partnered with Gilbane to propose solutions that would save the client money, without compromising quality. They decided to go with direct equipment purchases to eliminate unnecessary mark-ups, re-invest savings to enhance quality of the project, and engage early with our team to fast-track the project.

OUTCOME The client achieved 12% value ($2.4 million) with an expedited project schedule.

HEADQUARTER RELOCATION, TORONTO, ON

CBRE partnered our client with Haworth as their exclusive furniture provider. Mock-ups were provided for testing and design review to ensure the workspace was inviting, adjustable for rapid employee growth, and attracts the best talent. Superior product pricing led to significant cost savings and value-added design services.

OUTCOME

FUSION partner:

The client achieved 25% direct cost savings.

TERRY DOUMKOS Global Vice President of Strategic Sourcing CBRE Project Management |FUSION Leader Terry.Doumkos@cbre.com CBRE PROJECT MANAGEMENT

MARKET PRESSURES What can the general temperature of the sector tell us about future activity? In tandem with the cost data presented in this guide – supporting an approximate 2-3% increase per annum in average total project cost, several industry-established metrics support a continuation of increased office activity across North America. In this section, we analyze several of these metrics to help understand how looking back at the last twelve months may support our clients' capital investment decisions moving forward in 2019. Construction employment reached a 10-year high in July 2018, adding workers “at nearly three times the rate of the economy as a whole,” according to the Associated General Contractors of America (AGC)1. An expanding workforce is indicative of the economy’s overall strength. One of the potential drivers of this market strength is the recently implemented tax reforms – enabling companies to increase their capital investment and spur stronger office leasing in 2018-19. Another indicator of market activity comes from the AIA’s (American Institute of Architects) Architecture Billings Index (ABI). Generally used as a leading indicator of construction activity coming down the pipeline in the next 9-12 months, the ABI has been reporting higher levels of design services. At the start of the year, the ABI was at it’s highest since 20072. Much like the AIA, the Associated Builders and Contractors (ABC) releases a Construction Backlog Indicator (CBI), which indicates the volume of work that will be performed within the commercial and industrial construction sectors. Year-to-year, the CBI notes that commercial activity is up 3.2% from 20173. What does this mean for the commercial sector as a whole as we look ahead to 2019? With the general level of increased activity in the marketplace, demand for contractors will be heightened, further pressure will be exerted on the demand for skilled labor, and awareness of the impacts of material tariffs and general material cost increases will be of paramount importance.

1 64

Associated General Contractors of America Construction employment 3x faster than the economy as a whole

NORTH AMERICA FIT-OUT COST GUIDE

Architecture Buildings Index Highest point since 2007

Construction Backlog Indicator 3.2% increase from 2017 to 2018

The foremost cost pressures facing the commercial office sector in the next 12 months. Two key cost pressures likely to play a prominent role in the next 12 months are material pricing increases and labor shortages. Whilst neither topic is necessarily new, recently implemented commodity tariffs are anticipated to up the ante on cost escalation. To that end, many organizations are now bracing themselves for what is currently a difficult-to-quantify impact. The recently implemented tariffs on steel (25%) and aluminum (10%) lead many in the design and construction industry to believe that these tariffs will ultimately be passed on in the form of higher construction costs . The design and construction industry accounts for around 40% of all steel shipments into the U.S., according to the American Iron and Steel Institute. A key factor regarding the tariffs will be where the exemptions land â&#x20AC;&#x201C; for example, whether Canada and Mexicoâ&#x20AC;&#x2122;s planned exemptions hold (Canada and Mexico accounted for 25% of U.S. steel imports in 2017).1 An additional consideration to financial cost is the potential impact of schedule delays, should domestic producers be unable to keep up with the increased in-country demand. We also expect that contractors and sub-contractors will reduce the period in which their bids remain valid, in anticipation of price volatility. What may have previously been a 30 or 60-day guaranteed price can be reduced to 15 or even 10 days in some markets. Pressure continues to be exerted nationwide from the shortage of skilled labor. In a recent publication by the AGC, studies found that 80% of contractors are experiencing difficulties in filling hourly craft positions.3 Additionally, construction wage growth (1.2% per annum) is currently projected at double the wage growth for all-sectors (0.6%).4

Figure 39: Comparable Industry Year on Year Cost Increases CBRE AVERAGE FIT-OUT GUIDE INCREASE

TURNER BUILDING COST INDEX 4.9%

2.5%

GRH (Oldcastle) CONSTRUCTION COST INCREASE

COMPARABLE INDUSTRY METRICS

CBRE. (2018, March 20). U.S. MarketFlash | Potential Impact of Rising Steel Prices on Commerical Real Estate. Retrieved from https://www.cbre.us/research-and-reports/US-MarketFlash-Impact-of-Steel-Prices-Commercial-Real-Estate

Turmail, B. (2018, August 29). Eighty Percent of Contractors Report Difficulty Finding Qualified Craft Workers to Hire as Association alls for Measures to Rebuild Workforce. Retrieved from https://www.agc.org/news/2018/08/29/eighty-percent-contractors-report-difficulty-finding-qualified-craft-workers-hire-0

Bureau of Labor Statistics (2017, October 24). Employment Projections - 2016-26. Retrieved from https://www.bls.gov/news.release/pdf/ecopro.pdf

ENR CONSTRUCTION COST INCREASE 3.2%

CBRE PROJECT MANAGEMENT

BENCHMARKING & INDUSTRY STANDARDS The Evolution of Benchmarking in the Built Environment Whether in North America or across the globe, the inherent challenge and risk with cost benchmarking analysis is inconsistency when comparing projects. Inconsistencies can appear from: • Contrasting work breakdown structures • Scope of work inclusions and exclusions • Differing construction methodologies • Existing site conditions Due to these inconsistencies, no two projects are the same. With the globalization of construction and CBRE clients operating at an international level, the need to accurately compare projects at the regional and international level is growing and will become more significant for each of our clients. Many benchmarking efforts lack the ability to provide meaningful comparative analysis due to inconsistency and the lack of transparency and understanding of basic comparative foundations. This gap in data can lead to the loss of client confidence in the ability for data to successfully drive business decisions. In this years' North American Fit-Out Cost Guide, we leveraged data from Kahua to gather consistent reporting of costs at the project level. Leveraging this technology platform ensures we provide reliable and empirical data for analysis. Also, there are other public initiatives that strive for benchmarking consistency and demonstrate the evolving nature of project benchmarking.

“

With the globalization of construction and CBRE clients operating at an international level, the need to accurately compare projects at the regional and international level is growing and will become more significant for each of our clients.

NORTH AMERICA FIT-OUT COST GUIDE

International Construction Measurement Standards The International Construction Measurement Standards (ICMS), represents the first initiative of its kind globally. The ICMS is a framework for classifying, analyzing, and presenting project costs at the regional, national, and international level. The ICMS is not a detailed method of measurement – it's a high-level standard for benchmarking and cost reporting. The aim of the ICMS is ultimately to provide global consistency in the way that project costs are compared, and to generate data that is used with confidence to inform improved decision-making. CBRE is excited to partner on this initiative and recognizes significant opportunities in the ICMS. The ICMS is the product of a collaborative effort by the ICMS Coalition, a collection of industry organizations, including the Royal Institution of Chartered Surveyors (RICS), the Institution of Civil Engineers (ICE), and over 40 other professional organizations. ICMS is intended to align with existing measurement guidelines, including International Property Measurement Standards (IPMS) and Building Owners and Managers Association (BOMA), to ensure a consistent determination of floor area, whether gross external or internal floor area, for reliable and accurate unit cost analysis. While many clients operate specific work breakdown structures, CBRE’s ambition is to leverage the multi-code functionality of Kahua to facilitate the ICMS in generating an elevated level of benchmarking. This process supports CBRE clients in making better decisions in deploying capital.

Royal Institution of Chartered Surveyors As a key contributor in the development of these standards, CBRE partners with the Royal Institution of Chartered Surveyors (RICS) to help promote the integration of the ICMS. The RICS accredits over 125,000 qualified professionals and firms, and for more than 150 years has been the preeminent global professional body promoting and enforcing the highest international standards in the valuation, management, and development of land, real estate, construction, and infrastructure. As CBRE’s Cost Consultancy practice continues to expand, we're proud to acknowledge the RICS as a key thought partner and look forward to collaborating and serving our clients with world-class outcomes. CBRE PROJECT MANAGEMENT

INDICATIVE PRICING

NORTH AMERICA FIT-OUT COST GUIDE

CBRE PROJECT MANAGEMENT

INDICATIVE PRICING GUIDE MARKET

TOTAL COSTS ($/RSF) TOTAL COST ($/RSF)

MARKET

SPECIFICATION LEVEL LEVEL SPECIFICATION

LOW LO

USA, AK, Anchorage USA, AK, Fairbanks USA, AL, Birmingham USA, AL, Mobile USA, AR, Little Rock USA, AZ, Phoenix USA, AZ, Tucson USA, CA, Fresno USA, CA, Los Angeles USA, CA, Oakland USA, CA, Sacramento USA, CA, San Diego USA, CA, San Francisco USA, CA, San Jose USA, CO, Colorado Springs USA, CO, Denver USA, CT, Hartford USA, DC, Washington USA, DE, Wilmington USA, FL, Fort Lauderdale USA, FL, Jacksonville USA, FL, Miami USA, FL, Orlando USA, FL, Tampa USA, GA, Atlanta USA, GA, Augusta USA, HI, Honolulu USA, IA, Des Moines USA, ID, Boise USA, IL, Chicago USA, IL, Joliet USA, IN, Fort Wayne USA, IN, Indianapolis USA, KS, Kansas City USA, KS, Wichita USA, KY, Frankfort USA, KY, Lexington USA, KY, Louisville USA, LA, Baton Rouge USA, LA, New Orleans USA, LA, Shreveport USA, MA, Boston USA, MA, Springfield USA, MD, Annapolis USA, MD, Baltimore USA, ME, Portland USA, MI, Detroit USA, MN, Minneapolis USA, MO, Kansas City USA, MO, St Louis USA, MS, Jackson USA, MT, Billings USA, NC, Charlotte USA, NC, Raleigh USA, ND, Bismarck USA, NE, Omaha USA, NH, Manchester USA, NJ, Newark USA, NM, Albuquerque USA, NM, Santa Fe USA, NV, Las Vegas USA, NY, Brooklyn USA, NY, New York USA, NY, Syracuse USA, OH, Cincinnati USA, OH, Cleveland USA, OH, Columbus USA, OK, Oklahoma City USA, OK, Tulsa USA, OR, Portland USA, PA, Philadelphia USA, PA, Pittsburgh USA, RI, Providence USA, SC, Columbia USA, SD, Sioux Falls USA, TN, Chattanooga USA, TN, Memphis USA, TN, Nashville USA, TX, Austin USA, TX, Dallas USA, TX, El Paso USA, TX, Fort Worth USA, TX, Houston USA, TX, San Antonio USA, UT, Provo USA, UT, Salt Lake City USA, VA, Alexandria USA, VA, Norfolk

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MEDIUM MED

121.16 122.05 93.17 90.84 89.06 94.26 89.46 103.67 113.13 122.89 107.19 111.00 133.05 119.13 93.47 97.98 107.88 102.04 102.83 91.74 89.85 91.54 92.28 91.39 99.31 92.03 119.13 98.22 92.43 121.36 114.82 92.97 96.89 101.00 92.03 96.64 94.01 94.41 96.84 93.27 88.22 124.67 104.37 99.66 99.56 96.09 102.98 108.33 103.28 103.87 90.30 93.37 95.50 92.58 96.44 94.11 97.88 112.64 91.54 89.11 102.48 119.28 136.51 100.40 95.15 99.02 97.33 90.20 90.40 103.77 111.94 103.18 104.12 90.40 90.94 92.78 92.97 93.82 92.87 95.20 86.44 91.09 91.74 91.09 89.75 93.87 100.70 90.89

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

194.43 195.86 149.52 145.78 142.92 151.27 143.56 166.37 181.55 197.21 172.01 178.14 213.51 191.17 150.00 157.23 173.13 163.75 165.02 147.21 144.19 146.90 148.09 146.66 159.38 147.69 191.17 157.63 148.33 194.75 184.26 149.20 155.48 162.08 147.69 155.08 150.87 151.51 155.40 149.68 141.57 200.07 167.48 159.93 159.77 154.21 165.26 173.84 165.73 166.69 144.91 149.84 153.26 148.57 154.77 151.03 157.07 180.76 146.90 143.00 164.46 191.41 219.07 161.12 152.70 158.90 156.20 144.75 145.07 166.53 179.65 165.58 167.09 145.07 145.94 148.88 149.20 150.55 149.04 152.78 138.71 146.18 147.21 146.18 144.03 150.63 161.60 145.86

NORTH AMERICA FIT-OUT COST GUIDE

SOFT ($/RSF) SOFTCOSTS COSTS ($/RSF) HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

SPECIFICATION LEVEL SPECIFICATION LEVEL

LOW LO

276.05 278.08 212.28 206.98 202.92 214.77 203.82 236.21 257.76 280.00 244.22 252.91 303.13 271.42 212.96 223.23 245.80 232.48 234.29 209.01 204.72 208.56 210.25 208.22 226.28 209.69 271.42 223.79 210.59 276.50 261.60 211.83 220.75 230.11 209.69 220.18 214.20 215.10 220.63 212.51 201.00 284.06 237.79 227.07 226.84 218.94 234.63 246.82 235.31 236.66 205.74 212.73 217.59 210.93 219.73 214.43 223.00 256.64 208.56 203.03 233.50 271.76 311.03 228.76 216.80 225.60 221.76 205.51 205.96 236.43 255.06 235.08 237.22 205.96 207.20 211.38 211.83 213.75 211.61 216.91 196.93 207.54 209.01 207.54 204.50 213.86 229.44 207.09

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MEDIUM MED

5.72 5.76 4.40 4.29 4.20 4.45 4.22 4.89 5.34 5.80 5.06 5.24 6.28 5.62 4.41 4.62 5.09 4.82 4.85 4.33 4.24 4.32 4.36 4.31 4.69 4.34 5.62 4.64 4.36 5.73 5.42 4.39 4.57 4.77 4.34 4.56 4.44 4.46 4.57 4.40 4.16 5.88 4.93 4.70 4.70 4.54 4.86 5.11 4.87 4.90 4.26 4.41 4.51 4.37 4.55 4.44 4.62 5.32 4.32 4.21 4.84 5.63 6.44 4.74 4.49 4.67 4.59 4.26 4.27 4.90 5.28 4.87 4.91 4.27 4.29 4.38 4.39 4.43 4.38 4.49 4.08 4.30 4.33 4.30 4.24 4.43 4.75 4.29

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

9.85 9.92 7.58 7.39 7.24 7.66 7.27 8.43 9.20 9.99 8.72 9.03 10.82 9.69 7.60 7.97 8.77 8.30 8.36 7.46 7.31 7.44 7.50 7.43 8.08 7.48 9.69 7.99 7.52 9.87 9.34 7.56 7.88 8.21 7.48 7.86 7.64 7.68 7.87 7.58 7.17 10.14 8.49 8.10 8.10 7.81 8.37 8.81 8.40 8.45 7.34 7.59 7.77 7.53 7.84 7.65 7.96 9.16 7.44 7.25 8.33 9.70 11.10 8.16 7.74 8.05 7.91 7.33 7.35 8.44 9.10 8.39 8.47 7.35 7.40 7.54 7.56 7.63 7.55 7.74 7.03 7.41 7.46 7.41 7.30 7.63 8.19 7.39

HARD ($/RSF) HARDCOSTS COSTS ($/RSF) HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

SPECIFICATION LEVEL SPECIFICATION LEVEL

LOW LO

17.80 17.93 13.69 13.35 13.09 13.85 13.14 15.23 16.62 18.06 15.75 16.31 19.55 17.50 13.73 14.40 15.85 14.99 15.11 13.48 13.20 13.45 13.56 13.43 14.59 13.52 17.50 14.43 13.58 17.83 16.87 13.66 14.24 14.84 13.52 14.20 13.81 13.87 14.23 13.70 12.96 18.32 15.33 14.64 14.63 14.12 15.13 15.92 15.17 15.26 13.27 13.72 14.03 13.60 14.17 13.83 14.38 16.55 13.45 13.09 15.06 17.52 20.06 14.75 13.98 14.55 14.30 13.25 13.28 15.25 16.45 15.16 15.30 13.28 13.36 13.63 13.66 13.78 13.65 13.99 12.70 13.38 13.48 13.38 13.19 13.79 14.80 13.35

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MEDIUM MED

69.14 69.65 53.17 51.84 50.82 53.79 51.05 59.16 64.56 70.13 61.17 63.34 75.92 67.98 53.34 55.91 61.56 58.23 58.68 52.35 51.27 52.24 52.66 52.15 56.67 52.52 67.98 56.05 52.74 69.25 65.52 53.06 55.29 57.63 52.52 55.15 53.65 53.88 55.26 53.23 50.34 71.15 59.56 56.87 56.82 54.84 58.77 61.82 58.94 59.27 51.53 53.28 54.50 52.83 55.03 53.71 55.85 64.28 52.24 50.85 58.48 68.07 77.90 57.30 54.30 56.50 55.54 51.47 51.59 59.22 63.88 58.88 59.42 51.59 51.90 52.94 53.06 53.54 53.00 54.33 49.32 51.98 52.35 51.98 51.22 53.56 57.47 51.87

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

107.75 108.54 82.86 80.79 79.21 83.83 79.56 92.20 100.61 109.29 95.33 98.72 118.32 105.94 83.13 87.13 95.95 90.75 91.45 81.58 79.91 81.41 82.07 81.28 88.32 81.85 105.94 87.36 82.20 107.93 102.11 82.69 86.17 89.82 81.85 85.95 83.61 83.96 86.12 82.95 78.46 110.88 92.82 88.63 88.54 85.46 91.58 96.34 91.85 92.38 80.31 83.04 84.93 82.33 85.77 83.70 87.05 100.17 81.41 79.25 91.14 106.08 121.41 89.29 84.62 88.06 86.56 80.22 80.39 92.29 99.56 91.76 92.60 80.39 80.88 82.51 82.69 83.43 82.60 84.67 76.87 81.01 81.58 81.01 79.82 83.48 89.56 80.84

FFE/AV COC FF&E / AV HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

SPECIFICA SPECIFICA

LOW LO

170.11 171.36 130.81 127.54 125.04 132.34 125.60 145.56 158.84 172.54 150.49 155.85 186.80 167.25 131.23 137.56 151.47 143.26 144.37 128.80 126.15 128.52 129.56 128.31 139.44 129.21 167.25 137.91 129.77 170.38 161.20 130.54 136.03 141.80 129.21 135.68 132.00 132.55 135.96 130.95 123.86 175.04 146.53 139.92 139.78 134.92 144.58 152.09 145.00 145.84 126.78 131.09 134.08 129.98 135.40 132.13 137.42 158.14 128.52 125.11 143.89 167.46 191.66 140.97 133.60 139.02 136.66 126.64 126.92 145.70 157.17 144.86 146.18 126.92 127.68 130.26 130.54 131.72 130.40 133.66 121.36 127.89 128.80 127.89 126.01 131.79 141.38 127.61

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

ME M

33.27 33.51 25.58 24.94 24.45 25.88 24.56 28.46 31.06 33.74 29.43 30.48 36.53 32.71 25.66 26.90 29.62 28.02 28.23 25.19 24.67 25.13 25.34 25.09 27.27 25.27 32.71 26.97 25.38 33.32 31.52 25.53 26.60 27.73 25.27 26.53 25.81 25.92 26.59 25.61 24.22 34.23 28.65 27.36 27.34 26.38 28.27 29.74 28.36 28.52 24.79 25.64 26.22 25.42 26.48 25.84 26.87 30.93 25.13 24.47 28.14 32.75 37.48 27.57 26.13 27.19 26.72 24.77 24.82 28.49 30.74 28.33 28.59 24.82 24.97 25.47 25.53 25.76 25.50 26.14 23.73 25.01 25.19 25.01 24.64 25.77 27.65 24.96

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

OSTS ($/RSF) COSTS ($/RSF)

ATION LEVEL LEVEL ATION

EDIUM MED

55.59 56.00 42.75 41.68 40.86 43.25 41.05 47.57 51.91 56.39 49.18 50.93 61.04 54.66 42.89 44.95 49.50 46.82 47.18 42.09 41.23 42.00 42.34 41.93 45.57 42.23 54.66 45.07 42.41 55.68 52.68 42.66 44.45 46.34 42.23 44.34 43.14 43.32 44.43 42.80 40.48 57.20 47.89 45.73 45.68 44.09 47.25 49.70 47.39 47.66 41.43 42.84 43.82 42.48 44.25 43.18 44.91 51.68 42.00 40.89 47.02 54.73 62.64 46.07 43.66 45.43 44.66 41.39 41.48 47.61 51.36 47.34 47.77 41.48 41.73 42.57 42.66 43.05 42.61 43.68 39.66 41.80 42.09 41.80 41.18 43.07 46.20 41.70

DATA/IT/SECURITY COSTS DATA / IT / SEC COSTS ($/RSF)($/RSF) HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

SPECIFICATION LEVEL LEVEL SPECIFICATION

LOW LO

65.86 66.35 50.65 49.38 48.41 51.24 48.63 56.36 61.50 66.81 58.27 60.34 72.33 64.76 50.81 53.26 58.65 55.47 55.90 49.87 48.85 49.76 50.17 49.68 53.99 50.03 64.76 53.40 50.25 65.97 62.42 50.54 52.67 54.90 50.03 52.53 51.11 51.32 52.64 50.70 47.96 67.78 56.74 54.18 54.12 52.24 55.98 58.89 56.14 56.47 49.09 50.76 51.92 50.33 52.43 51.16 53.21 61.23 49.76 48.44 55.71 64.84 74.21 54.58 51.73 53.83 52.91 49.03 49.14 56.41 60.86 56.09 56.60 49.14 49.44 50.43 50.54 51.00 50.49 51.75 46.99 49.52 49.87 49.52 48.79 51.03 54.74 49.41

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MEDIUM MED

7.93 7.98 6.10 5.94 5.83 6.17 5.85 6.78 7.40 8.04 7.01 7.26 8.70 7.79 6.11 6.41 7.06 6.68 6.73 6.00 5.88 5.99 6.04 5.98 6.50 6.02 7.79 6.43 6.05 7.94 7.51 6.08 6.34 6.61 6.02 6.32 6.15 6.18 6.34 6.10 5.77 8.16 6.83 6.52 6.51 6.29 6.74 7.09 6.76 6.80 5.91 6.11 6.25 6.06 6.31 6.16 6.40 7.37 5.99 5.83 6.70 7.80 8.93 6.57 6.22 6.48 6.37 5.90 5.91 6.79 7.32 6.75 6.81 5.91 5.95 6.07 6.08 6.14 6.08 6.23 5.65 5.96 6.00 5.96 5.87 6.14 6.59 5.95

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

13.51 13.61 10.39 10.13 9.93 10.51 9.97 11.56 12.61 13.70 11.95 12.37 14.83 13.28 10.42 10.92 12.03 11.37 11.46 10.23 10.02 10.20 10.29 10.19 11.07 10.26 13.28 10.95 10.30 13.53 12.80 10.36 10.80 11.26 10.26 10.77 10.48 10.52 10.79 10.40 9.83 13.90 11.63 11.11 11.10 10.71 11.48 12.08 11.51 11.58 10.07 10.41 10.65 10.32 10.75 10.49 10.91 12.56 10.20 9.93 11.42 13.30 15.22 11.19 10.61 11.04 10.85 10.05 10.08 11.57 12.48 11.50 11.61 10.08 10.14 10.34 10.36 10.46 10.35 10.61 9.64 10.15 10.23 10.15 10.01 10.46 11.23 10.13

FEES FEES($/RSF) ($/RSF)

HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

LOW LO

13.88 13.98 10.67 10.41 10.20 10.80 10.25 11.88 12.96 14.08 12.28 12.72 15.24 13.65 10.71 11.22 12.36 11.69 11.78 10.51 10.29 10.49 10.57 10.47 11.38 10.54 13.65 11.25 10.59 13.90 13.15 10.65 11.10 11.57 10.54 11.07 10.77 10.81 11.09 10.68 10.11 14.28 11.96 11.42 11.41 11.01 11.80 12.41 11.83 11.90 10.34 10.70 10.94 10.60 11.05 10.78 11.21 12.90 10.49 10.21 11.74 13.66 15.64 11.50 10.90 11.34 11.15 10.33 10.36 11.89 12.82 11.82 11.93 10.36 10.42 10.63 10.65 10.75 10.64 10.91 9.90 10.43 10.51 10.43 10.28 10.75 11.54 10.41

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MOVE ($/RSF) MOVECOSTS COSTS ($/RSF)

SPECIFICATION LEVEL LEVEL SPECIFICATION

MEDIUM MED

3.28 3.30 2.52 2.46 2.41 2.55 2.42 2.81 3.06 3.33 2.90 3.00 3.60 3.22 2.53 2.65 2.92 2.76 2.78 2.48 2.43 2.48 2.50 2.47 2.69 2.49 3.22 2.66 2.50 3.28 3.11 2.52 2.62 2.73 2.49 2.62 2.54 2.55 2.62 2.52 2.39 3.37 2.82 2.70 2.69 2.60 2.79 2.93 2.79 2.81 2.44 2.53 2.58 2.51 2.61 2.55 2.65 3.05 2.48 2.41 2.77 3.23 3.69 2.72 2.57 2.68 2.63 2.44 2.45 2.81 3.03 2.79 2.82 2.45 2.46 2.51 2.52 2.54 2.51 2.58 2.34 2.47 2.48 2.47 2.43 2.54 2.73 2.46

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

5.02 5.05 3.86 3.76 3.69 3.90 3.70 4.29 4.68 5.09 4.44 4.60 5.51 4.93 3.87 4.06 4.47 4.22 4.26 3.80 3.72 3.79 3.82 3.78 4.11 3.81 4.93 4.07 3.83 5.02 4.75 3.85 4.01 4.18 3.81 4.00 3.89 3.91 4.01 3.86 3.65 5.16 4.32 4.13 4.12 3.98 4.26 4.48 4.28 4.30 3.74 3.87 3.95 3.83 3.99 3.90 4.05 4.66 3.79 3.69 4.24 4.94 5.65 4.16 3.94 4.10 4.03 3.73 3.74 4.30 4.63 4.27 4.31 3.74 3.76 3.84 3.85 3.88 3.84 3.94 3.58 3.77 3.80 3.77 3.72 3.89 4.17 3.76

HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

SPECIFICATION LEVEL LEVEL SPECIFICATION

LOW LO

5.42 5.46 4.17 4.07 3.99 4.22 4.00 4.64 5.06 5.50 4.80 4.97 5.95 5.33 4.18 4.38 4.83 4.57 4.60 4.11 4.02 4.10 4.13 4.09 4.44 4.12 5.33 4.40 4.14 5.43 5.14 4.16 4.34 4.52 4.12 4.32 4.21 4.23 4.33 4.17 3.95 5.58 4.67 4.46 4.46 4.30 4.61 4.85 4.62 4.65 4.04 4.18 4.27 4.14 4.32 4.21 4.38 5.04 4.10 3.99 4.59 5.34 6.11 4.49 4.26 4.43 4.36 4.04 4.05 4.64 5.01 4.62 4.66 4.05 4.07 4.15 4.16 4.20 4.16 4.26 3.87 4.08 4.11 4.08 4.02 4.20 4.51 4.07

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

MEDIUM MED

1.83 1.84 1.41 1.37 1.35 1.42 1.35 1.57 1.71 1.86 1.62 1.68 2.01 1.80 1.41 1.48 1.63 1.54 1.55 1.39 1.36 1.38 1.39 1.38 1.50 1.39 1.80 1.48 1.40 1.83 1.73 1.40 1.46 1.53 1.39 1.46 1.42 1.43 1.46 1.41 1.33 1.88 1.58 1.51 1.50 1.45 1.56 1.64 1.56 1.57 1.36 1.41 1.44 1.40 1.46 1.42 1.48 1.70 1.38 1.35 1.55 1.80 2.06 1.52 1.44 1.50 1.47 1.36 1.37 1.57 1.69 1.56 1.57 1.37 1.37 1.40 1.40 1.42 1.40 1.44 1.31 1.38 1.39 1.38 1.36 1.42 1.52 1.37

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2.72 2.74 2.09 2.04 2.00 2.11 2.00 2.32 2.54 2.75 2.40 2.49 2.98 2.67 2.09 2.20 2.42 2.29 2.30 2.06 2.01 2.05 2.07 2.05 2.23 2.06 2.67 2.20 2.07 2.72 2.57 2.08 2.17 2.26 2.06 2.17 2.11 2.12 2.17 2.09 1.98 2.79 2.34 2.23 2.23 2.15 2.31 2.43 2.31 2.33 2.02 2.09 2.14 2.07 2.16 2.11 2.19 2.52 2.05 2.00 2.30 2.67 3.06 2.25 2.13 2.22 2.18 2.02 2.03 2.33 2.51 2.31 2.33 2.03 2.04 2.08 2.08 2.10 2.08 2.13 1.94 2.04 2.06 2.04 2.01 2.10 2.26 2.04

MARKET

HIGH HI

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2.97 3.00 2.29 2.23 2.19 2.31 2.20 2.55 2.78 3.02 2.63 2.73 3.27 2.92 2.29 2.41 2.65 2.51 2.52 2.25 2.21 2.25 2.27 2.24 2.44 2.26 2.92 2.41 2.27 2.98 2.82 2.28 2.38 2.48 2.26 2.37 2.31 2.32 2.38 2.29 2.17 3.06 2.56 2.45 2.44 2.36 2.53 2.66 2.54 2.55 2.22 2.29 2.34 2.27 2.37 2.31 2.40 2.77 2.25 2.19 2.52 2.93 3.35 2.47 2.34 2.43 2.39 2.21 2.22 2.55 2.75 2.53 2.56 2.22 2.23 2.28 2.28 2.30 2.28 2.34 2.12 2.24 2.25 2.24 2.20 2.30 2.47 2.23

CBRE PROJECT MANAGEMENT

USA, NM, Albuquerque USA, NM, Santa Fe USA, NV, Las Vegas USA, NY, Brooklyn USA, NY, New York USA, NY, Syracuse USA, OH, Cincinnati USA, OH, Cleveland USA, OH, Columbus USA, OK, Oklahoma City USA, OK, Tulsa USA, OR, Portland USA, PA, Philadelphia USA, PA, Pittsburgh USA, RI, Providence USA, SC, Columbia MARKET USA, SD, Sioux Falls USA, TN, Chattanooga USA, TN, Memphis USA, USA,AK, TN,Anchorage Nashville USA, USA,AK, TX,Fairbanks Austin USA, USA,AL, TX,Birmingham Dallas USA,AL, TX,Mobile El Paso USA, USA,AR, TX,Little Fort Rock Worth USA, USA,AZ, TX,Phoenix Houston USA, USA,AZ, TX,Tucson San Antonio USA, USA,CA, UT,Fresno Provo USA, USA,CA, UT,Los SaltAngeles Lake City USA, USA,CA, VA,Oakland Alexandria USA, USA,CA, VA,Sacramento Norfolk USA, USA,CA, VA,San Richmond USA, Diego USA,CA, VA,San Virginia Beach USA, Francisco USA,CA, VT, San Burlington USA, Jose USA,CO, VT, Montpelier USA, Colorado Springs USA,CO, WA,Denver Seattle USA, USA,CT, WA, Spokane USA, Hartford USA,DC, WA,Washington Tacoma USA, USA,DE, WA,Wilmington Vancouver USA, USA,FL, WI,Fort Milwaukee USA, Lauderdale USA,FL, WV, Charleston USA, Jacksonville USA,FL, WY, Cheyenne USA, Miami CDN, Calgary USA, FL,AB, Orlando CDN, Edmonton USA, FL,AB, Tampa CDN, BC,Atlanta Vancouver USA, GA, CDN, MB, Winnipeg USA, GA, Augusta CDN, Moncton USA, HI,NB, Honolulu CDN, USA, IA,NS, DesHalifax Moines CDN, Ottawa USA, ID,ON, Boise CDN, Toronto USA, IL,ON, Chicago CDN, USA, IL,QC, JolietMontreal CDN, USA, IN,QC, FortQuebec Wayne City CDN, Saskatoon USA, IN,SK, Indianapolis USA, KS, Kansas City USA, KS, Wichita USA, KY, Frankfort USA, KY, Lexington USA, KY, Louisville USA, LA, Baton Rouge USA, LA, New Orleans USA, LA, Shreveport USA, MA, Boston USA, MA, Springfield USA, MD, Annapolis USA, MD, Baltimore USA, ME, Portland USA, MI, Detroit USA, MN, Minneapolis USA, MO, Kansas City USA, MO, St Louis USA, MS, Jackson USA, MT, Billings USA, NC, Charlotte USA, NC, Raleigh USA, ND, Bismarck USA, NE, Omaha USA, NH, Manchester USA, NJ, Newark USA, NM, Albuquerque USA, NM, Santa Fe USA, NV, Las Vegas USA, NY, Brooklyn USA, NY, New York USA, NY, Syracuse USA, OH, Cincinnati USA, OH, Cleveland USA, OH, Columbus USA, OK, Oklahoma City USA, OK, Tulsa USA, OR, Portland USA, PA, Philadelphia USA, PA, Pittsburgh USA, RI, Providence USA, SC, Columbia USA, SD, Sioux Falls USA, TN, Chattanooga USA, TN, Memphis USA, TN, Nashville USA, TX, Austin USA, TX, Dallas USA, TX, El Paso USA, TX, Fort Worth USA, TX, Houston USA, TX, San Antonio USA, UT, Provo USA, UT, Salt Lake City USA, VA, Alexandria USA, VA, Norfolk

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

91.54 89.11 102.48 119.28 136.51 100.40 95.15 99.02 97.33 90.20 90.40 103.77 111.94 103.18 104.12 90.40 90.94 92.78 LO 92.97 LOW 121.16 93.82 122.05 92.87 93.17 95.20 86.44 90.84 91.09 89.06 91.74 94.26 91.09 89.46 89.75 103.67 93.87 113.13 100.70 122.89 90.89 107.19 92.63 111.00 90.40 133.05 96.54 119.13 93.72 93.47 116.35 97.98 99.71 107.88 102.24 102.04 100.60 102.83 103.38 91.74 99.17 89.85 92.38 91.54 111.15 92.28 111.15 91.39 106.50 99.31 98.42 92.03 88.96 119.13 96.79 98.22 108.38 92.43 109.27 121.36 101.05 114.82 101.30 92.97 101.59 96.89 101.00 92.03 96.64 94.01 94.41 96.84 93.27 88.22 124.67 104.37 99.66 99.56 96.09 102.98 108.33 103.28 103.87 90.30 93.37 95.50 92.58 96.44 94.11 97.88 112.64 91.54 89.11 102.48 119.28 136.51 100.40 95.15 99.02 97.33 90.20 90.40 103.77 111.94 103.18 104.12 90.40 90.94 92.78 92.97 93.82 92.87 95.20 86.44 91.09 91.74 91.09 89.75 93.87 100.70 90.89

$ 146.90 $ 143.00 $ 164.46 $ 191.41 $ 219.07 $ 161.12 $ 152.70 $ 158.90 $ 156.20 $ 144.75 $ 145.07 $ 166.53 $ 179.65 $ 165.58 $ 167.09 $ 145.07 TOTAL COST ($/RSF) $ 145.94 SPECIFICATION LEVEL $ 148.88 SPECIFICATION LEVEL MED 149.20 $ MEDIUM $$ 194.43 150.55 $$ 195.86 149.04 $$ 149.52 152.78 138.71 $$ 145.78 $ 146.18 $ 142.92 147.21 $$ 151.27 146.18 $$ 143.56 144.03 $$ 166.37 150.63 $$ 181.55 161.60 $$ 197.21 145.86 $$ 172.01 148.64 $$ 178.14 145.07 $$ 213.51 154.92 $$ 191.17 150.39 $$ 150.00 186.72 $$ 157.23 160.01 $$ 173.13 164.07 $$ 163.75 161.44 $$ 165.02 165.89 $$ 147.21 159.14 $$ 144.19 148.25 $$ 146.90 178.37 $$ 148.09 178.37 $$ 146.66 170.90 $$ 159.38 157.94 $$ 147.69 142.76 $$ 191.17 155.32 $$ 157.63 173.92 $$ 148.33 175.35 $$ 194.75 $ 162.16 $ 184.26 162.56 $$ 149.20 163.03 $$ 155.48 $ 162.08 $ 147.69 $ 155.08 $ 150.87 $ 151.51 $ 155.40 $ 149.68 $ 141.57 $ 200.07 $ 167.48 $ 159.93 $ 159.77 $ 154.21 $ 165.26 $ 173.84 $ 165.73 $ 166.69 $ 144.91 $ 149.84 $ 153.26 $ 148.57 $ 154.77 $ 151.03 $ 157.07 $ 180.76 $ 146.90 $ 143.00 $ 164.46 $ 191.41 $ 219.07 $ 161.12 $ 152.70 $ 158.90 $ 156.20 $ 144.75 $ 145.07 $ 166.53 $ 179.65 $ 165.58 $ 167.09 $ 145.07 $ 145.94 $ 148.88 $ 149.20 $ 150.55 $ 149.04 $ 152.78 $ 138.71 $ 146.18 $ 147.21 $ 146.18 $ 144.03 $ 150.63 $ 161.60 $ 145.86

208.56 203.03 233.50 271.76 311.03 228.76 216.80 225.60 221.76 205.51 205.96 236.43 255.06 235.08 237.22 205.96 207.20 211.38 HI 211.83 HIGH 276.05 213.75 278.08 211.61 212.28 216.91 196.93 206.98 207.54 202.92 209.01 214.77 207.54 203.82 204.50 236.21 213.86 257.76 229.44 280.00 207.09 244.22 211.04 252.91 205.96 303.13 219.96 271.42 213.52 212.96 265.10 223.23 227.18 245.80 232.94 232.48 229.21 234.29 235.53 209.01 225.94 204.72 210.48 208.56 253.25 210.25 253.25 208.22 242.64 226.28 224.25 209.69 202.69 271.42 220.52 223.79 246.93 210.59 248.96 276.50 230.23 261.60 230.79 211.83 231.47 220.75 230.11 209.69 220.18 214.20 215.10 220.63 212.51 201.00 284.06 237.79 227.07 226.84 218.94 234.63 246.82 235.31 236.66 205.74 212.73 217.59 210.93 219.73 214.43 223.00 256.64 208.56 203.03 233.50 271.76 311.03 228.76 216.80 225.60 221.76 205.51 205.96 236.43 255.06 235.08 237.22 205.96 207.20 211.38 211.83 213.75 211.61 216.91 196.93 207.54 209.01 207.54 204.50 213.86 229.44 207.09

4.32 4.21 4.84 5.63 6.44 4.74 4.49 4.67 4.59 4.26 4.27 4.90 5.28 4.87 4.91 4.27 4.29 4.38 4.39 5.72 4.43 5.76 4.38 4.40 4.49 4.08 4.29 4.30 4.20 4.33 4.45 4.30 4.22 4.24 4.89 4.43 5.34 4.75 5.80 4.29 5.06 4.37 5.24 4.27 6.28 4.56 5.62 4.42 4.41 5.49 4.62 4.71 5.09 4.83 4.82 4.75 4.85 4.88 4.33 4.68 4.24 4.36 4.32 5.25 4.36 5.25 4.31 5.03 4.69 4.65 4.34 4.20 5.62 4.57 4.64 5.11 4.36 5.16 5.73 4.77 5.42 4.78 4.39 4.79 4.57 4.77 4.34 4.56 4.44 4.46 4.57 4.40 4.16 5.88 4.93 4.70 4.70 4.54 4.86 5.11 4.87 4.90 4.26 4.41 4.51 4.37 4.55 4.44 4.62 5.32 4.32 4.21 4.84 5.63 6.44 4.74 4.49 4.67 4.59 4.26 4.27 4.90 5.28 4.87 4.91 4.27 4.29 4.38 4.39 4.43 4.38 4.49 4.08 4.30 4.33 4.30 4.24 4.43 4.75 4.29

$ 7.44 $ 7.25 $ 8.33 $ 9.70 $ 11.10 $ 8.16 $ 7.74 $ 8.05 $ 7.91 $ 7.33 $ 7.35 $ 8.44 $ 9.10 $ 8.39 $ 8.47 $ 7.35 SOFT COSTS ($/RSF) $ 7.40 SPECIFICATION LEVEL $ 7.54 SPECIFICATION LEVEL MED $ 7.56 MEDIUM $$ 9.85 7.63 $$ 9.92 7.55 $$ 7.58 7.74 7.03 $$ 7.39 $ 7.41 $ 7.24 7.46 $$ 7.66 7.41 $$ 7.27 7.30 $$ 8.43 7.63 $$ 9.20 8.19 $$ 9.99 7.39 $$ 8.72 7.53 $$ 9.03 7.35 $$ 10.82 7.85 $$ 9.69 7.62 $$ 7.60 9.46 $$ 7.97 8.11 $$ 8.77 8.31 $$ 8.30 8.18 $$ 8.36 8.41 $$ 7.46 8.06 $$ 7.31 7.51 $$ 7.44 9.04 $$ 7.50 9.04 $$ 7.43 8.66 $$ 8.08 8.00 $$ 7.48 7.23 $$ 9.69 7.87 $$ 7.99 8.81 $$ 7.52 8.89 $$ 9.87 $ 8.22 $ 9.34 8.24 $$ 7.56 8.26 $$ 7.88 $ 8.21 $ 7.48 $ 7.86 $ 7.64 $ 7.68 $ 7.87 $ 7.58 $ 7.17 $ 10.14 $ 8.49 $ 8.10 $ 8.10 $ 7.81 $ 8.37 $ 8.81 $ 8.40 $ 8.45 $ 7.34 $ 7.59 $ 7.77 $ 7.53 $ 7.84 $ 7.65 $ 7.96 $ 9.16 $ 7.44 $ 7.25 $ 8.33 $ 9.70 $ 11.10 $ 8.16 $ 7.74 $ 8.05 $ 7.91 $ 7.33 $ 7.35 $ 8.44 $ 9.10 $ 8.39 $ 8.47 $ 7.35 $ 7.40 $ 7.54 $ 7.56 $ 7.63 $ 7.55 $ 7.74 $ 7.03 $ 7.41 $ 7.46 $ 7.41 $ 7.30 $ 7.63 $ 8.19 $ 7.39

INDICATIVE PRICING GUIDE MARKET

TOTAL COSTS ($/RSF)

NORTH AMERICA FIT-OUT COST GUIDE

SOFT COSTS ($/RSF)

LO LOW

13.45 13.09 15.06 17.52 20.06 14.75 13.98 14.55 14.30 13.25 13.28 15.25 16.45 15.16 15.30 13.28 13.36 13.63 HI 13.66 HIGH 17.80 13.78 17.93 13.65 13.69 13.99 12.70 13.35 13.38 13.09 13.48 13.85 13.38 13.14 13.19 15.23 13.79 16.62 14.80 18.06 13.35 15.75 13.61 16.31 13.28 19.55 14.18 17.50 13.77 13.73 17.10 14.40 14.65 15.85 15.02 14.99 14.78 15.11 15.19 13.48 14.57 13.20 13.57 13.45 16.33 13.56 16.33 13.43 15.65 14.59 14.46 13.52 13.07 17.50 14.22 14.43 15.92 13.58 16.05 17.83 14.85 16.87 14.88 13.66 14.93 14.24 14.84 13.52 14.20 13.81 13.87 14.23 13.70 12.96 18.32 15.33 14.64 14.63 14.12 15.13 15.92 15.17 15.26 13.27 13.72 14.03 13.60 14.17 13.83 14.38 16.55 13.45 13.09 15.06 17.52 20.06 14.75 13.98 14.55 14.30 13.25 13.28 15.25 16.45 15.16 15.30 13.28 13.36 13.63 13.66 13.78 13.65 13.99 12.70 13.38 13.48 13.38 13.19 13.79 14.80 13.35

52.24 50.85 58.48 68.07 77.90 57.30 54.30 56.50 55.54 51.47 51.59 59.22 63.88 58.88 59.42 51.59 51.90 52.94 53.06 69.14 53.54 69.65 53.00 53.17 54.33 49.32 51.84 51.98 50.82 52.35 53.79 51.98 51.05 51.22 59.16 53.56 64.56 57.47 70.13 51.87 61.17 52.86 63.34 51.59 75.92 55.09 67.98 53.48 53.34 66.40 55.91 56.90 61.56 58.34 58.23 57.41 58.68 58.99 52.35 56.59 51.27 52.72 52.24 63.43 52.66 63.43 52.15 60.77 56.67 56.16 52.52 50.77 67.98 55.23 56.05 61.85 52.74 62.36 69.25 57.66 65.52 57.80 53.06 57.97 55.29 57.63 52.52 55.15 53.65 53.88 55.26 53.23 50.34 71.15 59.56 56.87 56.82 54.84 58.77 61.82 58.94 59.27 51.53 53.28 54.50 52.83 55.03 53.71 55.85 64.28 52.24 50.85 58.48 68.07 77.90 57.30 54.30 56.50 55.54 51.47 51.59 59.22 63.88 58.88 59.42 51.59 51.90 52.94 53.06 53.54 53.00 54.33 49.32 51.98 52.35 51.98 51.22 53.56 57.47 51.87

$ 81.41 $ 79.25 $ 91.14 $ 106.08 $ 121.41 $ 89.29 $ 84.62 $ 88.06 $ 86.56 $ 80.22 $ 80.39 $ 92.29 $ 99.56 $ 91.76 $ 92.60 $ 80.39 HARD COSTS ($/RSF) $ 80.88 SPECIFICATION LEVEL $ 82.51 SPECIFICATION LEVEL MED 82.69 $ MEDIUM $$ 107.75 83.43 $$ 108.54 82.60 $$ 82.86 84.67 76.87 $$ 80.79 $ 81.01 $ 79.21 81.58 $$ 83.83 81.01 $$ 79.56 79.82 $$ 92.20 83.48 $$ 100.61 89.56 $$ 109.29 80.84 $$ 95.33 82.38 $$ 98.72 80.39 $$ 118.32 85.86 $$ 105.94 83.35 $$ 83.13 103.48 $$ 87.13 88.68 $$ 95.95 90.92 $$ 90.75 89.47 $$ 91.45 91.94 $$ 81.58 88.19 $$ 79.91 82.16 $$ 81.41 98.85 $$ 82.07 98.85 $$ 81.28 94.71 $$ 88.32 87.53 $$ 81.85 79.12 $$ 105.94 86.08 $$ 87.36 96.39 $$ 82.20 97.18 $$ 107.93 $ 89.87 $ 102.11 90.09 $$ 82.69 90.35 $$ 86.17 $ 89.82 $ 81.85 $ 85.95 $ 83.61 $ 83.96 $ 86.12 $ 82.95 $ 78.46 $ 110.88 $ 92.82 $ 88.63 $ 88.54 $ 85.46 $ 91.58 $ 96.34 $ 91.85 $ 92.38 $ 80.31 $ 83.04 $ 84.93 $ 82.33 $ 85.77 $ 83.70 $ 87.05 $ 100.17 $ 81.41 $ 79.25 $ 91.14 $ 106.08 $ 121.41 $ 89.29 $ 84.62 $ 88.06 $ 86.56 $ 80.22 $ 80.39 $ 92.29 $ 99.56 $ 91.76 $ 92.60 $ 80.39 $ 80.88 $ 82.51 $ 82.69 $ 83.43 $ 82.60 $ 84.67 $ 76.87 $ 81.01 $ 81.58 $ 81.01 $ 79.82 $ 83.48 $ 89.56 $ 80.84

HARD COSTS ($/RSF)

LO LOW

128.52 125.11 143.89 167.46 191.66 140.97 133.60 139.02 136.66 126.64 126.92 145.70 157.17 144.86 146.18 126.92 127.68 130.26 HI 130.54 HIGH 170.11 131.72 171.36 130.40 130.81 133.66 121.36 127.54 127.89 125.04 128.80 132.34 127.89 125.60 126.01 145.56 131.79 158.84 141.38 172.54 127.61 150.49 130.05 155.85 126.92 186.80 135.54 167.25 131.58 131.23 163.36 137.56 139.99 151.47 143.54 143.26 141.25 144.37 145.14 128.80 139.23 126.15 129.70 128.52 156.06 129.56 156.06 128.31 149.52 139.44 138.19 129.21 124.90 167.25 135.89 137.91 152.16 129.77 153.42 170.38 141.87 161.20 142.22 130.54 142.64 136.03 141.80 129.21 135.68 132.00 132.55 135.96 130.95 123.86 175.04 146.53 139.92 139.78 134.92 144.58 152.09 145.00 145.84 126.78 131.09 134.08 129.98 135.40 132.13 137.42 158.14 128.52 125.11 143.89 167.46 191.66 140.97 133.60 139.02 136.66 126.64 126.92 145.70 157.17 144.86 146.18 126.92 127.68 130.26 130.54 131.72 130.40 133.66 121.36 127.89 128.80 127.89 126.01 131.79 141.38 127.61

25.13 $ 24.47 $ 28.14 $ 32.75 $ 37.48 $ 27.57 $ 26.13 $ 27.19 $ 26.72 $ 24.77 $ 24.82 $ 28.49 $ 30.74 $ 28.33 $ 28.59 $ 24.82 $ 24.97FF&E $ / AV C SPECIFICA 25.47 SPECIFICA $ LO M 25.53 $ LOW ME 33.27 25.76 $$ 33.51 25.50 $$ 25.58 26.14 $$ 23.73 $$ 24.94 25.01 $$ 24.45 25.19 $$ 25.88 25.01 $$ 24.56 24.64 $$ 28.46 25.77 $$ 31.06 27.65 $$ 33.74 24.96 $$ 29.43 25.43 $$ 30.48 24.82 $$ 36.53 26.51 $$ 32.71 25.73 $$ 25.66 31.95 $$ 26.90 27.38 $$ 29.62 28.07 $$ 28.02 27.62 $$ 28.23 28.38 $$ 25.19 27.23 $$ 24.67 25.36 $$ 25.13 30.52 $$ 25.34 30.52 $$ 25.09 29.24 $$ 27.27 27.02 $$ 25.27 24.43 $$ 32.71 26.57 $$ 26.97 29.76 $$ 25.38 30.00 $$ 33.32 27.74 $$ 31.52 27.81 $$ 25.53 27.89 $$ 26.60 27.73 $ 25.27 $ 26.53 $ 25.81 $ 25.92 $ 26.59 $ 25.61 $ 24.22 $ 34.23 $ 28.65 $ 27.36 $ 27.34 $ 26.38 $ 28.27 $ 29.74 $ 28.36 $ 28.52 $ 24.79 $ 25.64 $ 26.22 $ 25.42 $ 26.48 $ 25.84 $ 26.87 $ 30.93 $ 25.13 $ 24.47 $ 28.14 $ 32.75 $ 37.48 $ 27.57 $ 26.13 $ 27.19 $ 26.72 $ 24.77 $ 24.82 $ 28.49 $ 30.74 $ 28.33 $ 28.59 $ 24.82 $ 24.97 $ 25.47 $ 25.53 $ 25.76 $ 25.50 $ 26.14 $ 23.73 $ 25.01 $ 25.19 $ 25.01 $ 24.64 $ 25.77 $ 27.65 $ 24.96 $

FFE/AV CO

42.00 $ 40.89 $ 47.02 $ 54.73 $ 62.64 $ 46.07 $ 43.66 $ 45.43 $ 44.66 $ 41.39 $ 41.48 $ 47.61 $ 51.36 $ 47.34 $ 47.77 $ 41.48 $ COSTS ($/RSF) 41.73 $ ATION LEVEL 42.57 $ ATION LEVEL MED EDIUM 42.66 $ 55.59 43.05 $$ 56.00 42.61 $$ 42.75 43.68 $$ 39.66 $$ 41.68 41.80 $$ 40.86 42.09 $$ 43.25 41.80 $$ 41.05 41.18 $$ 47.57 43.07 $$ 51.91 46.20 $$ 56.39 41.70 $$ 49.18 42.50 $$ 50.93 41.48 $$ 61.04 44.30 $$ 54.66 43.00 $$ 42.89 53.39 $$ 44.95 45.75 $$ 49.50 46.91 $$ 46.82 46.16 $$ 47.18 47.43 $$ 42.09 45.50 $$ 41.23 42.39 $$ 42.00 51.00 $$ 42.34 51.00 $$ 41.93 48.86 $$ 45.57 45.16 $$ 42.23 40.82 $$ 54.66 44.41 $$ 45.07 49.73 $$ 42.41 50.14 $$ 55.68 46.36 $$ 52.68 46.48 $$ 42.66 46.61 $$ 44.45 46.34 $ 42.23 $ 44.34 $ 43.14 $ 43.32 $ 44.43 $ 42.80 $ 40.48 $ 57.20 $ 47.89 $ 45.73 $ 45.68 $ 44.09 $ 47.25 $ 49.70 $ 47.39 $ 47.66 $ 41.43 $ 42.84 $ 43.82 $ 42.48 $ 44.25 $ 43.18 $ 44.91 $ 51.68 $ 42.00 $ 40.89 $ 47.02 $ 54.73 $ 62.64 $ 46.07 $ 43.66 $ 45.43 $ 44.66 $ 41.39 $ 41.48 $ 47.61 $ 51.36 $ 47.34 $ 47.77 $ 41.48 $ 41.73 $ 42.57 $ 42.66 $ 43.05 $ 42.61 $ 43.68 $ 39.66 $ 41.80 $ 42.09 $ 41.80 $ 41.18 $ 43.07 $ 46.20 $ 41.70 $

OSTS ($/RSF)

49.76 48.44 55.71 64.84 74.21 54.58 51.73 53.83 52.91 49.03 49.14 56.41 60.86 56.09 56.60 49.14 49.44 50.43 HI 50.54 HIGH 65.86 51.00 66.35 50.49 50.65 51.75 46.99 49.38 49.52 48.41 49.87 51.24 49.52 48.63 48.79 56.36 51.03 61.50 54.74 66.81 49.41 58.27 50.35 60.34 49.14 72.33 52.48 64.76 50.95 50.81 63.25 53.26 54.20 58.65 55.58 55.47 54.69 55.90 56.20 49.87 53.91 48.85 50.22 49.76 60.42 50.17 60.42 49.68 57.89 53.99 53.50 50.03 48.36 64.76 52.62 53.40 58.92 50.25 59.40 65.97 54.93 62.42 55.07 50.54 55.23 52.67 54.90 50.03 52.53 51.11 51.32 52.64 50.70 47.96 67.78 56.74 54.18 54.12 52.24 55.98 58.89 56.14 56.47 49.09 50.76 51.92 50.33 52.43 51.16 53.21 61.23 49.76 48.44 55.71 64.84 74.21 54.58 51.73 53.83 52.91 49.03 49.14 56.41 60.86 56.09 56.60 49.14 49.44 50.43 50.54 51.00 50.49 51.75 46.99 49.52 49.87 49.52 48.79 51.03 54.74 49.41

5.99 $ 10.20 $ 5.83 $ 9.93 $ 6.70 $ 11.42 $ 7.80 $ 13.30 $ 8.93 $ 15.22 $ 6.57 $ 11.19 $ 6.22 $ 10.61 $ 6.48 $ 11.04 $ 6.37 $ 10.85 $ 5.90 $ 10.05 $ 5.91 $ 10.08 $ 6.79 $ 11.57 $ 7.32 $ 12.48 $ 6.75 $ 11.50 $ 6.81 $ 11.61 $ 5.91 $ 10.08 $ DATA$/ IT / SEC COSTS ($/RSF) 5.95 10.14 $ SPECIFICATION LEVEL 6.07 SPECIFICATION $ 10.34 $ LEVEL MED 10.36 $ 6.08 $ MEDIUM 7.93 13.51 6.14 $$ 10.46 $$ 7.98 13.61 6.08 $$ 10.35 $$ 6.10 10.39 6.23 $$ 10.61 $$ 5.65 $$ 9.64 $$ 5.94 10.13 5.96 $ 10.15 5.83 $ 9.93 $$ 6.00 $$ 10.23 $$ 6.17 10.51 5.96 $$ 10.15 5.85 9.97 $$ 5.87 $$ 10.01 $$ 6.78 11.56 6.14 $$ 10.46 $$ 7.40 12.61 6.59 $$ 11.23 $$ 8.04 13.70 5.95 $$ 10.13 $$ 7.01 11.95 6.06 $$ 10.33 $$ 7.26 12.37 5.91 $$ 10.08 $$ 8.70 14.83 6.32 $$ 10.76 $$ 7.79 13.28 6.13 $$ 10.45 $$ 6.11 10.42 7.61 $$ 12.97 $$ 6.41 10.92 6.52 $$ 11.12 $$ 7.06 12.03 6.69 $$ 11.40 $$ 6.68 11.37 6.58 $$ 11.21 $$ 6.73 11.46 6.76 $$ 11.52 $$ 6.00 10.23 6.49 $$ 11.05 $$ 5.88 10.02 6.04 $$ 10.30 $$ 5.99 10.20 7.27 $$ 12.39 $$ 6.04 10.29 7.27 $$ 12.39 $$ 5.98 10.19 6.97 $$ 11.87 $$ 6.50 11.07 6.44 $$ 10.97 $$ 6.02 10.26 5.82 $$ 9.92 $$ 7.79 13.28 6.33 $$ 10.79 $$ 6.43 10.95 7.09 $$ 12.08 $$ 6.05 10.30 7.15 $$ 12.18 $$ 7.94 13.53 6.61 $$ 11.26 $$ 7.51 12.80 6.63 $$ 11.29 $$ 6.08 10.36 6.65 $$ 11.32 $$ 6.34 10.80 6.61 $ 11.26 $ 6.02 $ 10.26 $ 6.32 $ 10.77 $ 6.15 $ 10.48 $ 6.18 $ 10.52 $ 6.34 $ 10.79 $ 6.10 $ 10.40 $ 5.77 $ 9.83 $ 8.16 $ 13.90 $ 6.83 $ 11.63 $ 6.52 $ 11.11 $ 6.51 $ 11.10 $ 6.29 $ 10.71 $ 6.74 $ 11.48 $ 7.09 $ 12.08 $ 6.76 $ 11.51 $ 6.80 $ 11.58 $ 5.91 $ 10.07 $ 6.11 $ 10.41 $ 6.25 $ 10.65 $ 6.06 $ 10.32 $ 6.31 $ 10.75 $ 6.16 $ 10.49 $ 6.40 $ 10.91 $ 7.37 $ 12.56 $ 5.99 $ 10.20 $ 5.83 $ 9.93 $ 6.70 $ 11.42 $ 7.80 $ 13.30 $ 8.93 $ 15.22 $ 6.57 $ 11.19 $ 6.22 $ 10.61 $ 6.48 $ 11.04 $ 6.37 $ 10.85 $ 5.90 $ 10.05 $ 5.91 $ 10.08 $ 6.79 $ 11.57 $ 7.32 $ 12.48 $ 6.75 $ 11.50 $ 6.81 $ 11.61 $ 5.91 $ 10.08 $ 5.95 $ 10.14 $ 6.07 $ 10.34 $ 6.08 $ 10.36 $ 6.14 $ 10.46 $ 6.08 $ 10.35 $ 6.23 $ 10.61 $ 5.65 $ 9.64 $ 5.96 $ 10.15 $ 6.00 $ 10.23 $ 5.96 $ 10.15 $ 5.87 $ 10.01 $ 6.14 $ 10.46 $ 6.59 $ 11.23 $ 5.95 $ 10.13 $

10.49 10.21 11.74 13.66 15.64 11.50 10.90 11.34 11.15 10.33 10.36 11.89 12.82 11.82 11.93 10.36 10.42 10.63 HI 10.65 HIGH 13.88 10.75 13.98 10.64 10.67 10.91 9.90 10.41 10.43 10.20 10.51 10.80 10.43 10.25 10.28 11.88 10.75 12.96 11.54 14.08 10.41 12.28 10.61 12.72 10.36 15.24 11.06 13.65 10.74 10.71 13.33 11.22 11.42 12.36 11.71 11.69 11.52 11.78 11.84 10.51 11.36 10.29 10.58 10.49 12.73 10.57 12.73 10.47 12.20 11.38 11.27 10.54 10.19 13.65 11.09 11.25 12.41 10.59 12.52 13.90 11.58 13.15 11.60 10.65 11.64 11.10 11.57 10.54 11.07 10.77 10.81 11.09 10.68 10.11 14.28 11.96 11.42 11.41 11.01 11.80 12.41 11.83 11.90 10.34 10.70 10.94 10.60 11.05 10.78 11.21 12.90 10.49 10.21 11.74 13.66 15.64 11.50 10.90 11.34 11.15 10.33 10.36 11.89 12.82 11.82 11.93 10.36 10.42 10.63 10.65 10.75 10.64 10.91 9.90 10.43 10.51 10.43 10.28 10.75 11.54 10.41

DATA/IT/SECURITY COSTS ($/RSF) LO LOW

LO LOW

2.48 2.41 2.77 3.23 3.69 2.72 2.57 2.68 2.63 2.44 2.45 2.81 3.03 2.79 2.82 2.45 2.46 2.51 2.52 3.28 2.54 3.30 2.51 2.52 2.58 2.34 2.46 2.47 2.41 2.48 2.55 2.47 2.42 2.43 2.81 2.54 3.06 2.73 3.33 2.46 2.90 2.51 3.00 2.45 3.60 2.61 3.22 2.54 2.53 3.15 2.65 2.70 2.92 2.77 2.76 2.72 2.78 2.80 2.48 2.68 2.43 2.50 2.48 3.01 2.50 3.01 2.47 2.88 2.69 2.66 2.49 2.41 3.22 2.62 2.66 2.93 2.50 2.96 3.28 2.73 3.11 2.74 2.52 2.75 2.62 2.73 2.49 2.62 2.54 2.55 2.62 2.52 2.39 3.37 2.82 2.70 2.69 2.60 2.79 2.93 2.79 2.81 2.44 2.53 2.58 2.51 2.61 2.55 2.65 3.05 2.48 2.41 2.77 3.23 3.69 2.72 2.57 2.68 2.63 2.44 2.45 2.81 3.03 2.79 2.82 2.45 2.46 2.51 2.52 2.54 2.51 2.58 2.34 2.47 2.48 2.47 2.43 2.54 2.73 2.46

$ 3.79 $ 3.69 $ 4.24 $ 4.94 $ 5.65 $ 4.16 $ 3.94 $ 4.10 $ 4.03 $ 3.73 $ 3.74 $ 4.30 $ 4.63 $ 4.27 $ 4.31 $ 3.74 $ FEES ($/RSF)3.76 SPECIFICATION LEVEL $ 3.84 SPECIFICATION LEVEL MED $ 3.85 MEDIUM $$ 5.02 3.88 $$ 5.05 3.84 $$ 3.86 3.94 3.58 $$ 3.76 $ 3.77 $ 3.69 3.80 $$ 3.90 3.77 $$ 3.70 3.72 $$ 4.29 3.89 $$ 4.68 4.17 $$ 5.09 3.76 $$ 4.44 3.83 $$ 4.60 3.74 $$ 5.51 4.00 $$ 4.93 3.88 $$ 3.87 4.82 $$ 4.06 4.13 $$ 4.47 4.23 $$ 4.22 4.16 $$ 4.26 4.28 $$ 3.80 4.11 $$ 3.72 3.82 $$ 3.79 4.60 $$ 3.82 4.60 $$ 3.78 4.41 $$ 4.11 4.07 $$ 3.81 3.68 $$ 4.93 4.01 $$ 4.07 4.49 $$ 3.83 4.52 $$ 5.02 $ 4.18 $ 4.75 4.19 $$ 3.85 4.21 $$ 4.01 $ 4.18 $ 3.81 $ 4.00 $ 3.89 $ 3.91 $ 4.01 $ 3.86 $ 3.65 $ 5.16 $ 4.32 $ 4.13 $ 4.12 $ 3.98 $ 4.26 $ 4.48 $ 4.28 $ 4.30 $ 3.74 $ 3.87 $ 3.95 $ 3.83 $ 3.99 $ 3.90 $ 4.05 $ 4.66 $ 3.79 $ 3.69 $ 4.24 $ 4.94 $ 5.65 $ 4.16 $ 3.94 $ 4.10 $ 4.03 $ 3.73 $ 3.74 $ 4.30 $ 4.63 $ 4.27 $ 4.31 $ 3.74 $ 3.76 $ 3.84 $ 3.85 $ 3.88 $ 3.84 $ 3.94 $ 3.58 $ 3.77 $ 3.80 $ 3.77 $ 3.72 $ 3.89 $ 4.17 $ 3.76

FEES ($/RSF)

HI HIGH

4.10 3.99 4.59 5.34 6.11 4.49 4.26 4.43 4.36 4.04 4.05 4.64 5.01 4.62 4.66 4.05 4.07 4.15 4.16 5.42 4.20 5.46 4.16 4.17 4.26 3.87 4.07 4.08 3.99 4.11 4.22 4.08 4.00 4.02 4.64 4.20 5.06 4.51 5.50 4.07 4.80 4.15 4.97 4.05 5.95 4.32 5.33 4.19 4.18 5.21 4.38 4.46 4.83 4.58 4.57 4.50 4.60 4.63 4.11 4.44 4.02 4.13 4.10 4.97 4.13 4.97 4.09 4.77 4.44 4.40 4.12 3.98 5.33 4.33 4.40 4.85 4.14 4.89 5.43 4.52 5.14 4.53 4.16 4.55 4.34 4.52 4.12 4.32 4.21 4.23 4.33 4.17 3.95 5.58 4.67 4.46 4.46 4.30 4.61 4.85 4.62 4.65 4.04 4.18 4.27 4.14 4.32 4.21 4.38 5.04 4.10 3.99 4.59 5.34 6.11 4.49 4.26 4.43 4.36 4.04 4.05 4.64 5.01 4.62 4.66 4.05 4.07 4.15 4.16 4.20 4.16 4.26 3.87 4.08 4.11 4.08 4.02 4.20 4.51 4.07

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1.38 1.35 1.55 1.80 2.06 1.52 1.44 1.50 1.47 1.36 1.37 1.57 1.69 1.56 1.57 1.37 1.37 1.40 1.40 1.83 1.42 1.84 1.40 1.41 1.44 1.31 1.37 1.38 1.35 1.39 1.42 1.38 1.35 1.36 1.57 1.42 1.71 1.52 1.86 1.37 1.62 1.40 1.68 1.37 2.01 1.46 1.80 1.42 1.41 1.76 1.48 1.51 1.63 1.54 1.52 1.55 1.56 1.39 1.50 1.36 1.40 1.38 1.68 1.39 1.68 1.38 1.61 1.50 1.49 1.39 1.34 1.80 1.46 1.48 1.64 1.40 1.65 1.83 1.53 1.73 1.53 1.40 1.53 1.46 1.53 1.39 1.46 1.42 1.43 1.46 1.41 1.33 1.88 1.58 1.51 1.50 1.45 1.56 1.64 1.56 1.57 1.36 1.41 1.44 1.40 1.46 1.42 1.48 1.70 1.38 1.35 1.55 1.80 2.06 1.52 1.44 1.50 1.47 1.36 1.37 1.57 1.69 1.56 1.57 1.37 1.37 1.40 1.40 1.42 1.40 1.44 1.31 1.38 1.39 1.38 1.36 1.42 1.52 1.37

$ 2.05 $ 2.00 $ 2.30 $ 2.67 $ 3.06 $ 2.25 $ 2.13 $ 2.22 $ 2.18 $ 2.02 $ 2.03 $ 2.33 $ 2.51 $ 2.31 $ 2.33 $ 2.03 MOVE COSTS ($/RSF) $ 2.04 SPECIFICATION LEVEL $ 2.08 SPECIFICATION LEVEL MED $ 2.08 MEDIUM $ 2.72 2.10 $ 2.74 2.08 $ 2.09 2.13 1.94 $ 2.04 $ 2.04 2.00 2.06 $ 2.11 2.04 $ 2.00 2.01 $ 2.32 2.10 $ 2.54 2.26 $ 2.75 2.04 $ 2.40 2.08 $ 2.49 2.03 $ 2.98 2.16 $ 2.67 2.10 $ 2.09 2.61 $ 2.20 2.23 $ 2.42 $ 2.29 2.25 $ 2.30 2.32 $ 2.06 2.22 $ 2.01 2.07 $ 2.05 2.49 $ 2.07 2.49 $ 2.05 2.39 $ 2.23 2.21 $ 2.06 1.99 $ 2.67 2.17 $ 2.20 2.43 $ 2.07 2.45 $ 2.72 $ 2.26 2.57 2.27 $ 2.08 2.28 $ 2.17 $ 2.26 $ 2.06 $ 2.17 $ 2.11 $ 2.12 $ 2.17 $ 2.09 $ 1.98 $ 2.79 $ 2.34 $ 2.23 $ 2.23 $ 2.15 $ 2.31 $ 2.43 $ 2.31 $ 2.33 $ 2.02 $ 2.09 $ 2.14 $ 2.07 $ 2.16 $ 2.11 $ 2.19 $ 2.52 $ 2.05 $ 2.00 $ 2.30 $ 2.67 $ 3.06 $ 2.25 $ 2.13 $ 2.22 $ 2.18 $ 2.02 $ 2.03 $ 2.33 $ 2.51 $ 2.31 $ 2.33 $ 2.03 $ 2.04 $ 2.08 $ 2.08 $ 2.10 $ 2.08 $ 2.13 $ 1.94 $ 2.04 $ 2.06 $ 2.04 $ 2.01 $ 2.10 $ 2.26 $ 2.04

MOVE COSTS ($/RSF)

LO LOW

HI HIGH

2.25 2.19 2.52 2.93 3.35 2.47 2.34 2.43 2.39 2.21 2.22 2.55 2.75 2.53 2.56 2.22 2.23 2.28 2.28 2.97 2.30 3.00 2.28 2.29 2.34 2.12 2.23 2.24 2.19 2.25 2.31 2.24 2.20 2.20 2.55 2.30 2.78 2.47 3.02 2.23 2.63 2.27 2.73 2.22 3.27 2.37 2.92 2.30 2.29 2.86 2.41 2.45 2.65 2.51 2.47 2.52 2.54 2.25 2.43 2.21 2.27 2.25 2.73 2.27 2.73 2.24 2.61 2.44 2.42 2.26 2.18 2.92 2.38 2.41 2.66 2.27 2.68 2.98 2.48 2.82 2.49 2.28 2.49 2.38 2.48 2.26 2.37 2.31 2.32 2.38 2.29 2.17 3.06 2.56 2.45 2.44 2.36 2.53 2.66 2.54 2.55 2.22 2.29 2.34 2.27 2.37 2.31 2.40 2.77 2.25 2.19 2.52 2.93 3.35 2.47 2.34 2.43 2.39 2.21 2.22 2.55 2.75 2.53 2.56 2.22 2.23 2.28 2.28 2.30 2.28 2.34 2.12 2.24 2.25 2.24 2.20 2.30 2.47 2.23

USA, NM, Albuquerque USA, NM, Santa Fe USA, NV, Las Vegas USA, NY, Brooklyn USA, NY, New York USA, NY, Syracuse USA, OH, Cincinnati USA, OH, Cleveland USA, OH, Columbus USA, OK, Oklahoma City USA, OK, Tulsa USA, OR, Portland USA, PA, Philadelphia USA, PA, Pittsburgh USA, RI, Providence USA, SC, Columbia MARKET USA, SD, Sioux Falls USA, TN, Chattanooga USA, TN, Memphis USA, AK, TN, Anchorage Nashville USA, AK, Fairbanks TX, Austin USA, AL, Birmingham TX, Dallas TX, El Paso USA, AL, Mobile USA, AR, TX, Fort LittleWorth Rock TX, Houston USA, AZ, Phoenix TX, San Antonio USA, AZ, Tucson UT, Provo USA, CA, Fresno UT, Salt Lake City USA, CA, Los Angeles VA, Alexandria USA, CA, Oakland VA, Norfolk USA, CA, Sacramento VA, Richmond USA, CA, San Diego VA, Virginia Beach USA, CA, San Francisco VT, Burlington USA, CA, San Jose VT, Montpelier USA, CO, Colorado Springs WA, Seattle USA, CO, Denver WA,Hartford Spokane USA, CT, WA, Washington Tacoma USA, DC, WA,Wilmington Vancouver USA, DE, WI, Fort Milwaukee USA, FL, Lauderdale WV,Jacksonville Charleston USA, FL, WY,Miami Cheyenne USA, FL, CDN,FL, AB,Orlando Calgary USA, CDN,FL, AB,Tampa Edmonton USA, CDN,GA, BC, Atlanta Vancouver USA, CDN,GA, MB,Augusta Winnipeg USA, CDN,HI, NB,Honolulu Moncton USA, CDN,IA, NS, Halifax USA, Des Moines CDN,ID, ON, Ottawa USA, Boise CDN,IL, ON, Toronto USA, Chicago CDN,IL, QC, Montreal USA, Joliet CDN,IN, QC, Quebec USA, Fort WayneCity CDN,IN, SK,Indianapolis Saskatoon USA, USA, KS, Kansas City USA, KS, Wichita USA, KY, Frankfort USA, KY, Lexington USA, KY, Louisville USA, LA, Baton Rouge USA, LA, New Orleans USA, LA, Shreveport USA, MA, Boston USA, MA, Springfield USA, MD, Annapolis USA, MD, Baltimore USA, ME, Portland USA, MI, Detroit USA, MN, Minneapolis USA, MO, Kansas City USA, MO, St Louis USA, MS, Jackson USA, MT, Billings USA, NC, Charlotte USA, NC, Raleigh USA, ND, Bismarck USA, NE, Omaha USA, NH, Manchester USA, NJ, Newark USA, NM, Albuquerque USA, NM, Santa Fe USA, NV, Las Vegas USA, NY, Brooklyn USA, NY, New York USA, NY, Syracuse USA, OH, Cincinnati USA, OH, Cleveland USA, OH, Columbus USA, OK, Oklahoma City USA, OK, Tulsa USA, OR, Portland USA, PA, Philadelphia USA, PA, Pittsburgh USA, RI, Providence USA, SC, Columbia USA, SD, Sioux Falls USA, TN, Chattanooga USA, TN, Memphis USA, TN, Nashville USA, TX, Austin USA, TX, Dallas USA, TX, El Paso USA, TX, Fort Worth USA, TX, Houston USA, TX, San Antonio USA, UT, Provo USA, UT, Salt Lake City USA, VA, Alexandria USA, VA, Norfolk

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KEY CONTACTS CBRE CONTACTS Chris Smith, MRICS Practice Leader CBRE Cost Consultancy +1 480 375 1225 christopher.smith2@cbre.com