LATAM 2018/19
EDITION
CONTENTS
5
WELCOME
7
INTRODUCTION
8
CBRE LATAM IN NUMBERS
11
MARKET OVERVIEW
14
ASSUMPTIONS
16
LAYOUTS
FIT OUT COST GUIDE
18
SPECIFICATIONS
22
28 COMPARATIVE FIT OUT COST PER COUNTRY
COST BENCHMARKING PER CITY
30
LOCATIONS AND CONTACTS
44 COMMON DATA ANALYSIS
LATAM FIT-OUT COST GUIDE
1
FIT OUT COST GUIDE
WELCOME
I’m pleased to present our latest LatAm FitOut Cost Guide, which covers 5 countries with their cities, produced by CBRE’s Project Management regional team.
SERGIO PANERO Senior Managing Director Project Management Latin America Region
Latin America is an attractive region for growth, so our clients are constantly looking for better ways to expand their operations, and more specifically building offices to guarantee their strong presence. As the best partners in Project Management services, CBRE is uniquely qualified to support our clients to make the best decisions for their projects in each market. A common question we receive is: "How much will my new office cost?" No matter the budget or expectations, it's imperative answer this question, as it is the first step in any project; our clients need to know comparable costs and metrics to do it. Therefore, this CBRE Cost Guide for Corporate Interiors was created to provide key data as a background in the planning state of every new project. In addition, we want to present this as a reflection of CBRE Project Managent’s capabilities and showcase our role inside our client’s projects as a partner focused on their benefits.
Along with other some regional partners, CBRE has produced a typical design for 1.000 square meters fit-out suitable for Latin America markets. Using our local Project Management teams to benchmark different scenarios in each market, gathering project cost information for identical spaces in each location. While not all projects have the same characteristics, this guide delivers an accurate cost metric for Basic, Medium and High Standard specifications, allowing our clients to make approximate comparisons between very diverse options. This year, we presented the data per city, because we understand that due the extension of the region and other features, the market may oscillate by many different ranges. CBRE Latin America team is proud to make this tool available for our clients. We will periodically update this publication to keep our clients abreast of changing market conditions. As always, we appreciate the critical input you may have in making this tool more valuable.
LATAM MANAGEMENT FIT-OUT COST GUIDE 33 CBRE PROJECT
FIT OUT COST GUIDE
4
LATAM FIT-OUT COST GUIDE
FIT OUT COST GUIDE
INTRODUCTION
Due to the CBRE Cost Guide's main objective of offering the most accurate landscape of the current market in our region, we've included some improvements during the data gathering and analyzing process for this edition. This data gathering process involved a benchmark of our previous projects located by city, one of the new assets for this year, versus the data provided by some of our partners. These specifications have been priced by our local Project Management teams across the region and are categorized broadly into three scenarios - basic, medium and high-, each one associated with the corresponding budget that helps to estimate the level of investment an organization would require in future similar projects. JUAN ESTEBAN ZABALA ALZATE Project Management Operations Director Latin America Region
To understand the previously mentioned options, we have issued the design and specifications to offices throughout LATAM including the following: • Fit-out cost (professional fees, construction and Furniture Fittings & Equipment) • An indication of Project delivery time • Expected inflation over the next 12 months • Local Taxes • Most common practices in the region • Latest trends We hope this tool will help our clients take advantage when planning future projects and understand the value that CBRE is able to provide.
LATAM FIT-OUT COST GUIDE
5
CBRE LATAM IN NUMBERS FIT OUT COST GUIDE
PROVIDING SERVICES IN LATIN AMERICA SINCE 1979
PROOF POINTS
CBRE offices in
9 countries
13 Countries with legal entity
3,475 Employees
MEXICO 1,220+ Employees 92 Brokers 190 Project Managers 7 Consulting Professional 680+ FM Professionals
250+ Advisory & Transactions professionals
90 Clients, 2017
64.2 MSF+ Managed in transactions, 2017
PANAMA 60+ Employees 28 Brokers 10 Project Managers 25 FM Professionals
13.6 MSF+
255+
Under management in Project Management, 2017
Project Management professionals
420+ Facility Management sites under management, 2017
PERU 40+ Employees 4 Project Managers
CHILE
6
1,950+
57.3 MSF+
50+
Facility Management professionals
Under management for Facility Management, 2017
Consulting professionals
LATAM FIT-OUT COST GUIDE
355+ Employees 15 Brokers 5 Consulting Professionals 8 Project Managers 185+ Property Management Professionals 55+ FM Professionals
FIT OUT COST GUIDE
LATIN AMERICA OVERVIEW
SAMPLE CLIENTS
COSTA RICA 40+ Employees 1 Project Manager
COLOMBIA 85+ Employees 5 Brokers 7 Project Managers 5 Consulting Professional 45+ FM Professionals
VENEZUELA 40+ Employees 19 FM Professionals 4 Project Managers
BRAZIL 1,030+ Employees 140+ Advisory & Transactions Professionals 50+ Project Management Professionals 15+ Consulting Professionals 800+ FM Professionals
ARGENTINA 200+ Employees 5 Brokers 9 Project Managers 1 Consulting Professional 165+ FM Professionals
LATAM FIT-OUT COST GUIDE
7
FIT OUT COST GUIDE
BENCHMARK ASSUMPTIONS To homologate criteria in the different markets within the region, and considering construction implications the following general assumptions emerged:
The building is A class in Shell Space conditions and is located in the central business district. This analysis was made with data gathered up to July of 2018 and reflects both the inflation rates and the exchange rates corresponding to each country at that moment in time.
Premises are in good condition and have all necessary infrastructure (suitable baseline requirements of HVAC and power supply, etc)
Design is generic, local regulations, specific space planning and cultural differences both country and industry related, have not been considered
This guide does not consider shape variations of the building which may impact fit factors
NEW
FF&E is new, no reuse considered
Ordinary timetable for construction works has been contemplated
If the scope of your requirements varies significantly from the design information included in this report, please do not hesitate to contact the Project Management team locally
8
LATAM FIT-OUT COST GUIDE
FIT OUT COST GUIDE
LAYOUT This guide includes general arrangements of a traditional office floor plan of 1.000 sq m usable area. This layout is compatible with three specifications levels of basic, medium and high as outlined in the following pages.
TRADITIONAL SPACE DESIGNATION
AREA NET (SQM)
WORKSTATIONS
Open plan desks
299
47
Desks in shared Room
85
12
Private offices
133
7
Meeting rooms
146
7
Informal meeting spaces
18
2
Tea point
14
Support space
51
Reception
42
Circulation space
212
Net Area (Usable) sqm
1,000
75
AGILE SPACE DESIGNATION
AREA NET (SQM)
WORKSTATIONS
Open plan desks / benches
365
70
Study pods (open plan)
70
14
Meeting rooms
110
8
Quiet rooms
24
4
Informal meeting spaces
44
4
Coffee lounge
60
5
Recreation room
10
Support space
35
Reception / lunge
70
Circulation space
212
Net Area (Usable) sqm
1,000
105
LATAM FIT-OUT COST GUIDE
9
BASIC SPECIFICATION FIT OUT COST GUIDE
LOW SPECIFICATION GUIDE
LOBBY/RECEPTION • Vinyl tiling floors at lobby, reception area. Client facing corridor with Carpet tiles • Wall graphics to accent walls in the reception/lobby area • Painted walls on public facing corridors • Off-the-shelf reception desk using wood and glass finishes • Integrated lighting throughout public areas
CLIENT AREAS • Single Laminated glazing fronts on aluminum frames with full height veneer doors • Acoustical paneling with fully integrated AV presentation equipment • High end broadloom carpet, fabric shades and window black outs • Dimmable lighting controls for integrated lighting • Mineral tile ceilings with acoustical tile inserts
OPEN AREAS • Multi-switching lighting controls throughout open areas • Carpet tiles to the floor and standard ceiling grid • Interior offices with standard aluminum glazing system and painted wood doors • Mineral tile ceilings at interior corridors, with recessed lighting and linear diffusers • Off-the-shelf millwork at cafeteria with plastic laminate surface countertops and tile backsplash
10
LATAM FIT-OUT COST GUIDE
Open Plan Office
FIT OUT COST GUIDE
Coffee Point
Meeting Room
Reception
Collaborative Working
LATAM FIT-OUT COST GUIDE
11
MEDIUM SPECIFICATION FIT OUT COST GUIDE
MEDIUM SPECIFICATION GUIDE
LOBBY/RECEPTION • Ceramic tile floors reception area and carpet to client facing corridor • Full height wall graphics on vinyl to accent walls in the reception/lobby area • Painted wall on public facing corridors • Custom reception desk using wood and glass finishes • Integrated lighting throughout public areas
CLIENT AREAS • Single Laminated glazing fronts on aluminum frames with full height veneer doors • Moveable walls in hardwood veneer • Medium end broadloom carpet, fabric shades and window black outs • Dimmable lighting controls for integrated lighting • Drywall ceilings with acoustical tile inserts
OPEN AREAS • Multi-switching lighting controls throughout open areas • Carpet tiles to the floor and standard ceiling grid with high acoustical rating tiles • Interior offices with narrow line aluminum glazing system and framed glass doors • Ceiling tiles at interior corridors, with recessed lighting and linear diffusers • Custom millwork at cafeteria with resin surface countertops and back painted glass backsplash
12
LATAM FIT-OUT COST GUIDE
Open Plan Office
FIT OUT COST GUIDE
Coffee Point
Meeting Room
Reception
Collaborative Working
LATAM FIT-OUT COST GUIDE
13
HIGH SPECIFICATION FIT OUT COST GUIDE
HIGH SPECIFICATION GUIDE
LOBBY/RECEPTION • Imported stone floors on reception area and high end carpet to client facing corridor • Full height wall graphics on vinyl to accent walls to reception • Custom acoustic or featured paneling to public facing corridor • Custom reception desk using stone, metal and wood finishes with integrated • Specialized integrated lighting throughout public areas lighting
CLIENT AREAS • Double glazed meeting room fronts with full height veneer doors • Moveable walls in hardwood veneer • Wool broadloom carpet, full height fabric shades and window black outs • Scene setting lighting controls with an integration to the AV systems
OPEN AREAS • Dimmable lighting throughout open areas • High end carpet tiles to the floor • Interior offices with narrow line aluminum and double glazing systems and full height glass doors • Metal plank ceilings at interior corridors, with recessed lighting and linear diffusers • Custom millwork at cafeteria with resin countertops and natural stone backsplash
14
LATAM FIT-OUT COST GUIDE
Open Plan Office
FIT OUT COST GUIDE
Coffee Point
Meeting Room
Reception
Collaborative Working
LATAM FIT-OUT COST GUIDE
15
FIT OUT COST GUIDE
COMPARATIVE FIT OUT COST BY COUNTRY
16
LATAM FIT-OUT COST GUIDE
FIT OUT COST GUIDE
ARGENTINA Buenos Aires & Cordoba
TRADITIONAL FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
CORDOBA
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
85
100
100
140
>
140
HARD COST
490
585
585
1,140
>
1,140
FURNITURE
160
250
250
285
>
285
TOTAL FIT OUT COST
735
935
935
1,565
>
1,565
BASIC
MEDIUM
HIGH
SOFT COST
12%
11%
9%
HARD COST
66%
62%
73%
FURNITURE
22%
27%
18%
TOTAL FIT OUT COST
100%
100%
100%
AGILE FIT-OUT COST GUIDE
BUENOS AIRES
COST BREAKDOWN
FEATURES
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
90
105
105
150
>
150
HARD COST
455
542
542
1,065
>
1,065
FURNITURE
225
313
313
460
>
460
TOTAL FIT OUT COST
770
960
960
1,675
>
1,675
BASIC
MEDIUM
HIGH
SOFT COST
12%
11%
9%
HARD COST
59%
56%
64%
FURNITURE
29%
33%
27%
TOTAL FIT OUT COST
100%
100%
100%
LATAM FIT-OUT COST GUIDE
17
FIT OUT COST GUIDE
BRAZIL São Paulo, Rio de Janeiro, Curitiba & Belo Horizonte
TRADITIONAL FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
BELO HORIZONTE
LATAM FIT-OUT COST GUIDE
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
55
85
85
170
>
170
HARD COST
575
625
625
1,430
>
1,430
FURNITURE
160
255
255
290
>
290
TOTAL FIT OUT COST
790
965
965
1,890
>
1,890
BASIC
MEDIUM
HIGH
SOFT COST
7%
9%
9%
HARD COST
73%
65%
76%
FURNITURE
20%
26%
15%
TOTAL FIT OUT COST
100%
100%
100%
FEATURES
COST BREAKDOWN
CURITIBA
18
MEDIUM
AGILE FIT-OUT COST GUIDE
SÃO PAULO
RIO DE JANEIRO
BASIC
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
55
85
85
180
>
180
HARD COST
520
570
570
1,360
>
1,360
FURNITURE
230
320
320
475
>
475
TOTAL FIT OUT COST
805
975
975
2,015
>
2,015
BASIC
MEDIUM
HIGH
SOFT COST
7%
9%
9%
HARD COST
65%
58%
67%
FURNITURE
28%
33%
24%
TOTAL FIT OUT COST
100%
100%
100%
FIT OUT COST GUIDE
CHILE Santiago TRADITIONAL FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
SANTIAGO
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
70
85
85
105
>
105
HARD COST
740
840
840
1,087
>
1,087
FURNITURE
120
185
185
215
>
215
TOTAL FIT OUT COST
930
1,110
1,110
1,407
>
1,407
BASIC
MEDIUM
HIGH
SOFT COST
8%
8%
8%
HARD COST
74%
70%
76%
FURNITURE
18%
22%
16%
TOTAL FIT OUT COST
100%
100%
100%
AGILE FIT-OUT COST GUIDE
COST BREAKDOWN
FEATURES
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
75
90
90
105
>
105
HARD COST
720
820
820
887
>
887
FURNITURE
180
235
235
345
>
345
TOTAL FIT OUT COST
975
1,145
1,145
1,337
>
1,337
BASIC
MEDIUM
HIGH
SOFT COST
8%
8%
8%
HARD COST
66%
65%
65%
FURNITURE
26%
27%
27%
TOTAL FIT OUT COST
100%
100%
100%
LATAM FIT-OUT COST GUIDE
19
FIT OUT COST GUIDE
COLOMBIA Bogota & Medellin TRADITIONAL FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
MEDELLIN
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
115
150
150
195
>
195
HARD COST
390
495
495
810
>
810
FURNITURE
125
190
190
225
>
225
TOTAL FIT OUT COST
630
835
835
1,230
>
1,230
BASIC
MEDIUM
HIGH
SOFT COST
18%
18%
16%
HARD COST
62%
59%
66%
FURNITURE
20%
23%
18%
TOTAL FIT OUT COST
100%
100%
100%
AGILE FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
BOGOTA
20
LATAM FIT-OUT COST GUIDE
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
120
150
150
210
>
210
HARD COST
375
470
470
770
>
770
FURNITURE
175
225
225
335
>
335
TOTAL FIT OUT COST
670
845
845
1,315
>
1,315
BASIC
MEDIUM
HIGH
SOFT COST
18%
18%
16%
HARD COST
56%
55%
59%
FURNITURE
26%
27%
25%
TOTAL FIT OUT COST
100%
100%
100%
FIT OUT COST GUIDE
MEXICO Mexico City, Guadalajara, Monterrey & Queretaro
TRADITIONAL FIT-OUT COST GUIDE FEATURES
COST BREAKDOWN
MONTERREY
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
75
125
125
180
>
180
HARD COST
450
545
545
835
>
835
FURNITURE
210
225
225
270
>
270
TOTAL FIT OUT COST
735
895
895
1,285
>
1,285
BASIC
MEDIUM
HIGH
SOFT COST
10%
14%
14%
HARD COST
61%
61%
65%
FURNITURE
29%
25%
21%
TOTAL FIT OUT COST
100%
100%
100%
AGILE FIT-OUT COST GUIDE
GUADALAJARA
FEATURES
QUERETARO
COST BREAKDOWN
MEXICO CITY
BASIC
MEDIUM
HIGH
USD PER SQM
USD PER SQM
USD PER SQM
SOFT COST
75
120
120
185
>
185
HARD COST
435
505
505
785
>
785
FURNITURE
225
250
250
360
>
360
TOTAL FIT OUT COST
735
875
875
1,330
>
1,330
BASIC
MEDIUM
HIGH
SOFT COST
10%
14%
14%
HARD COST
59%
58%
59%
FURNITURE
31%
28%
27%
TOTAL FIT OUT COST
100%
100%
100%
LATAM FIT-OUT COST GUIDE
21
FIT OUT COST GUIDE
COST BENCHMARKING TABLE COUNTRY
BASIC
MEDIUM
HIGH
RECOMMENDED
USD PER SQM
USD PER SQM
USD PER SQM
TIME FRAME
CITY
ARGENTINA
BUENOS AIRES
735
935
935
1565
>
1565
30 Weeks
BRAZIL
SAO PAULO
790
965
965
1890
>
1890
30 Weeks
CHILE
SANTIAGO
655
835
835
1335
>
1335
30 Weeks
COLOMBIA
BOGOTA
630
835
835
1230
>
1230
27 Weeks
MEXICO
MEXICO CITY
735
895
895
1285
>
1285
33 Weeks
COST BREAKDOWN Capital Costs or CAPEX is classified into 3 major categories namely, Soft Cost (A&E, GC, PM Fees), Hard Cost and Furniture. Depending on the local market, these categories vary differently. However, the graphs below provide a better understanding on how the costs are spent percentually in each location.
18%
20%
26%
63%
73%
73%
65%
11%
9%
7%
9%
22%
27%
67%
12%
ARGENTINA
20%
23%
18%
22%
16%
76%
74%
70%
76%
9%
8%
8%
8%
BRAZIL
18%
62%
59%
66%
18%
18%
16%
COLOMBIA 22
15%
LATAM FIT-OUT COST GUIDE
CHILE
29%
25%
21%
61%
61%
65%
10%
14%
14%
MÉXICO
FURNITURE
HARD COST
SOFT COST
FIT OUT COST GUIDE
GLOBAL FIT-OUT COST INDEX
ZAC ZDRAVEV Executive Director CBRE Project Management Global Leadership & Platform
The global economy began 2018 in its best shape since the Global Financial Crisis ended in 2009. All the major economic regions are growing at or above trend, and economic policy – both fiscal and monetary remains expansionary. Growing confidence has had the effect of continued growth in the office leasing sector, which has seen a rise in demand for different space usage across all regions such as the corporate real estate sector experimenting with the inclusion of co-working space as an example, as well as searching for alternatives to the traditional acquisition, design, construction and operation of office space. The co-working office landscape has yet to be tested over a full economic/real estate cycle, however, the increase in demand combined with occupiers focus on deploying technology and Wellness has seen the introduction of new corporate strategies including increased flexibility and speed-to-market for real estate projects. This burgeoning sector and other market disruptors such as decentralisation create a dynamic construction landscape. 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 FitOut 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. This industry leading benchmark data paired with CBRE’s global presence and market knowledge allow us to partner with our clients to provide our expertise and offer the best solutions to achieve our clients’ objectives. The Global Index is a guide only. For budget estimates on specific projects, please contact the CBRE Project Management Division lead from the relevant market who can provide you with relevant and accurate information.
LATAM FIT-OUT COST GUIDE
23
FIT OUT COST GUIDE
GLOBAL FIT-OUT COST INDEX
co
1.9
1
2.00
Pa
1.8
0.9 0
1.75
ico C ity
ris
9
1.50
Mex
1.00
1.25
1.72
1.00
o
Toky
1.14
0.75
1.68
Dallas
1.93
San
o
7
Fra ncis
1.95
0.86
0.8
Mu mb ai
Frank furt
tiag San
Bogotรก
New York
This Cost radar aims to highlight the relativity of key markets around the world, placing the difference of office fit-out costs in 23 key markets across four global regions.
0.50
Seattle
0.25
1.67
0
1.20 1.28
1.62
Buenos Aires
1.6
1 1.3
nta
Atla
Chica
go
0
pore
Singa
Johannesburg
1.3
0
Dublin
ghai
lo
Shan
n
ng
1.40
1.54 g Ko Hon
1.38
Madrid
1.32
do Lon
Pau
ney
1.6
2
Sรฃo
Syd
Disclaimer: This graph shows the capital expense multiplier for the design and construction of the same office project globally using Mexico City as the unit index. This cost index should be used as a guide only, for actual project budget estimates please contact the CBRE Project Management Division Lead in your city.
24
LATAM FIT-OUT COST GUIDE
FIT OUT COST GUIDE
READY RECKONER / COST DATA TABLE The pricing schedule for each of the layouts in the low, medium and high specifications have been completed using our LATAM cost database and these have been verified with local project managers.
DESIGN, PM FEES AND CONSTRUCTION COUNTRY
BASIC
MEDIUM
HIGH
DESIGN
CONSTRUCTION
USD PER SQM
USD PER SQM
USD PER
DELIVERY TIME
DELIVERY TIME
SQM ARGENTINA
735
935
1,565 +
11 Weeks
12 Weeks
BRAZIL
790
965
1,890 +
16 Weeks
14 Weeks
CHILE
655
835
1,335 +
12 Weeks
14 Weeks
COLOMBIA
630
835
1,230 +
10 Weeks
17 Weeks
MEXICO
735
895
1,285 +
15 Weeks
18 Weeks
FURNITURE COUNTRY
BASIC SPECIFICATION
MEDIUM HIGH SPECIFICATION SPECIFICATION
DELIVERY TIME
USD PER SQM
USD PER SQM
USD PER SQM
FURNITURE
ARGENTINA
160
250 +
285 +
10-14 Weeks
BRAZIL
160
255 +
290 +
9-12 Weeks
CHILE
120
185 +
215 +
10-12 Weeks
COLOMBIA
125
190 +
225 +
4-12 Weeks
MEXICO
210
225 +
270 +
6-12 Weeks
TAXES TAX ON CONSTRUCTION
TAX ON FURNITURE
USD PER SQM
USD PER SQM
21%
26%
BRAZIL
15%-20%
15%-20%
CHILE
19%
19%
COLOMBIA
16%
16%
MEXICO
16%
16%
COUNTRY
ARGENTINA
LATAM FIT-OUT COST GUIDE
25
FIT OUT COST GUIDE
COMMON DATA ANALYSIS 1000 SQ.M. PROJECT – TIMELINE IN WEEKS 0
10
20
30
ARGENTINA 12 WEEKS 14 WEEKS 26 WEEKS
VENEZUELA 10 WEEKS 14 WEEKS 24 WEEKS
CHILE 12 WEEKS 14 WEEKS 26 WEEKS
ECUADOR 12 WEEKS 11 WEEKS 23 WEEKS
BRAZIL 16 WEEKS 14 WEEKS 30 WEEKS
COSTA RICA 10 WEEKS 14 WEEKS 24 WEEKS
CAYMAN ISLANDS 10 WEEKS 12 WEEKS 22 WEEKS
GUATEMALA 3 WEEKS 12 WEEKS 15 WEEKS
COLOMBIA 11 WEEKS 13 WEEKS 24 WEEKS
26
LATAM FIT-OUT COST GUIDE
40
DESIGN
50
60
70
80
CONSTRUCTION
90
TOTAL
100
FIT OUT COST GUIDE
0
10
20
30
40
50
60
70
80
90
100
PANAMA 10 WEEKS 14 WEEKS 24 WEEKS
PERÚ 5 WEEKS 13 WEEKS 18 WEEKS
TURKS & CAICOS ISLANDS 12 WEEKS 18 WEEKS 30 WEEKS
BAHAMAS 11 WEEKS 15 WEEKS 28 WEEKS
BARBADOS 11 WEEKS 15 WEEKS 26 WEEKS
TRINIDAD & TOBAGO 11 WEEKS 15 WEEKS 26 WEEKS
MEXICO CITY 11 WEEKS 15 WEEKS 26 WEEKS
QUERÉTARO 11 WEEKS 15 WEEKS 26 WEEKS
GUADALAJARA 11 WEEKS 15 WEEKS 26 WEEKS
MONTERREY 11 WEEKS 15 WEEKS 26 WEEKS
LATAM FIT-OUT COST GUIDE
27
FIT OUT COST GUIDE
FURNITURE Approximate lead time for furniture deliver.
THE APPROXIMATE DELIVERY TIME IS: CHAIRS Country
WORKSTATIONS
CARPET
Imported
National
Imported
National
Imported
National
Sum of the regular Tax
Argentina
120+
60
180
60
60
0
16%
Bahamas
90
30
90
0*
75
0*
7%
90
45
120
30
70
30
12%
120
45
120
45
120
45
19%
Cayman Islands
60
0*
90
45
90
0*
19%
Chile
45
30
60
0*
45
0*
22%
Colombia
60
0*
90
45
90
60
19%
Costa Rica
60
0*
60
45
60
30
16%
Ecuador
45
30
75
30
60
30
45%
Guadalajara
60
0
45
30
60
N/A
18%
Guatemala
60
0*
90
45
90
30
12%
Mexico City
60
0
45
30
45
N/A
35%
Monterrey
60
0
45
30
120
N/A
25%
Panama
60
0*
90
45
100
45
20%
Peru
75
0*
75
45
60
30
13%
Queretaro
60
0
45
30
45
N/A
30%
Trinidad & Tobago
90
45
90
120
45
0*
35%
Turks & Caicos Islands
90
30
120
60
60
30
16%
Venezuela
30
120
30
45
60
45
16%
Barbados Brazil
*Subject to stock availability, otherwise 60 days
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OCCUPANCY LOCATION
FLOOR OCCUPANCY RATE (square meters per person)
Argentina
8
Bahamas
10
Barbados
15
Brazil
7
Cayman Islands
7
Chile
10
Colombia
8
Costa Rica
6
Ecuador
10
Guadalajara
9
Guatemala
9
Mexico City
11
Monterrey
11
Panama
10
Peru
8.5
Queretaro
11
Trinidad & Tobago
15
Turks & Caicos Islands
10
Venezuela
16
The most common practice to determine
floor occupancy is to have it be dictated by the Municipality in accordance with slab area, floor height and staircase width
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CONDITIONS SPACE BEFORE INTERVENTION CONDITIONS
ELECTRICITY CONDITIONS
Core & Shell
220-240
Argentina
Peru
Brazil
Argentina
Barbados
Brazil
Cayman Islands Chile
Generally delivered to floors at 110–120 volts
Colombia
Guadalajara
Costa Rica
Queretaro
Ecuador
Bahamas
Guadalajara
Barbados
Mexico City
Cayman Islands
Monterrey
Colombia
Peru
Ecuador
Queretaro
Trinidad & Tobago
Trinidad & Tobago
Turks & Caicos Islands
Warm Shell
Venezuela
Bahamas
BASE BUILDING ELECTRICITY DELIVERY RATE
50 Watts per square meter
POWER GENERATOR SERVES
Argentina
Both are applicable. 3A Buildings normally offers power generator for common and internal areas.
Bahamas
Brazil
Cayman Islands
Common and internal areas in the office.
Chile Colombia Costa Rica Ecuador Guadalajara Guatemala Monterrey Queretaro Turks & Caicos Islands 80 per SQM Mexico City Varies. There is no
Barbados Cayman Islands Colombia Guatemala Trinidad & Tobago Common areas only, including elevator/lifts/escalators. Argentina Chile Costa Rica Ecuador
Guatemala
Generally delivered to floors at 110–240 volts.
Panama
Chile
Barbados
Turks & Caicos Islands
Costa Rica
Brazil
Guatemala
Panama
Mexico City
Peru
Queretaro
Trinidad & Tobago
Depends on building
Venezuela
Bahamas
Monterrey Panama
standard defined
Guadalajara Mexico City Monterrey Panama Peru
Turks & Caicos Islands
Only the 10% of the building in Caracas have power generator.
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FIT OUT COST GUIDE
HVAC SYSTEMS HVAC Class C buildings
HVAC Class B buildings
HVAC Class A buildings
3
4 4 15
4 8 12 7
Not available Available
Available
Available
HVAC - Class B buildings
Central HVAC chiller system
Not available
HVAC - Class A buildings
Available
Available
Available
Bahamas
Argentina
Argentina
Cayman Islands
Bahamas
Bahamas
Turks & Caicos Islands
Barbados
Brazil
Venezuela
Brazil
Cayman Islands
Not available
Cayman Islands
Chile
Argentina
Chile
Colombia
Barbados
Colombia
Guatemala
Brazil
Costa Rica
Turks & Caicos Islands
Chile
Guatemala
Venezuela
Colombia
Peru
Central HVAC chiller system
Costa Rica
Trinidad & Tobago
Barbados
Ecuador
Turks & Caicos Islands
Costa Rica
Guadalajara
Venezuela
Ecuador
Guatemala
HVAC - Class B buildings
Panama
Mexico City
Guadalajara
Peru
Monterrey
Mexico City
Trinidad & Tobago
Panama
Monterrey
HVAC - Class A buildings
Peru
Queretaro
Guadalajara
Queretaro
Not available
Mexico City
Trinidad & Tobago
Ecuador
Monterrey
Panama
Queretaro
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HVAC is provided
4 7
8 24/7 basis From Mon-Fri, commercial hours. Extra hours to be scheduled and paid by Tenant HVAC is provided
24/7 basis Bahamas Barbados Cayman Islands Costa Rica Guatemala Trinidad & Tobago Turks & Caicos Islands From Mon-Fri, commercial hours. Extra hours to be scheduled and paid by Tenant Argentina Brazil Chile Colombia Ecuador Panama Peru Venezuela HVAC is provided Guadalajara Mexico City Monterrey Queretaro LATAM FIT-OUT COST GUIDE
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FIT OUT COST GUIDE
LEASE LEASE ADJUSTMENT RATE Chile uses UF as a currency which changes daily responding to inflation.
LEASE PERIOD LENGHT
LEASE ADJUSTMENT RATE
3 years
Annually
Argentina
Argentina
Bahamas
Barbados
Barbados
Brazil
Argentina
Costa Rica
Cayman Islands
Bahamas
Guadalajara
Chile
Barbados
Monterrey
Colombia
Brazil
Queretaro
Costa Rica
Colombia
Trinidad & Tobago
Ecuador
Costa Rica
Turks & Caicos Islands
Guadalajara
Ecuador
Venezuela
Guatemala
Guadalajara
5 years
Mexico City
Guatemala
Brazil
Monterrey
Mexico City
Cayman Islands
Panama
Monterrey
Chile
Peru
Panama
Colombia
Queretaro
Peru
Ecuador
Trinidad & Tobago
Queretaro
Guatemala
at renewal
Trinidad & Tobago
Mexico City
Bahamas
Turks & Caicos Islands
Panama
Turks & Caicos Islands
Venezuela
Peru
Monthly
Landlord decides
Cayman Islands
Venezuela
Chile Is agreed between both parties and set on lease contract
Cayman Islands
Lease adjustment rate
Location
Lease period
Location
Annually
16
3 years
10
at renewal
2
5 years
9
Monthly
1
The types of contract depend on the area rented, the agreements reached after commercial negotiations with the landlord, and the local market's current situation.
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Available
Available
HVAC - Class B buildings
HVAC - Class B buildings
FIT OUT COST GUIDE
RESTORATIONS Tenant must completely restore the space back to original conditions, including installation removals Argentina Bahamas Brazil Cayman Islands Colombia Costa Rica Ecuador Peru Turks & Caicos Islands Tenant must restore the space back to original conditions, no installation removals Chile Guatemala Panama The space will be return in good state of conservation, any refurbishing will be property of the landlord at the end of the contract. Venezuela Can be responsibility of either the landlord or tenant, but ultimately it's the landlord's prerogative to decide whether to keep some of the improvements made before. Barbados Trinidad & Tobago No obligations identified in lease contract. Guadalajara Mexico City Monterrey Queretaro
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CHARGES CONDOMINIUM CHARGES
TENANT IMPROVEMENT ALLOWANCE
CCTV on all public areas, lighting in all public areas, cleaning for all public areas, elevators/lifts maintenance, power generator manteinance and/or fuel
A common practice.
Costa Rica
Bahamas
CCTV on all public areas, lighting in all public areas, cleaning for all public areas, elevators/lifts maintenance, power generator use, power generator manteinance and/or fuel, facade cleaning of windows and glazing from outside of the building, security
Cayman Islands
Panama CCTV on all public areas, lighting in all public areas, cleaning for all public areas, water (fornecimento), elevators/lifts maintenance, power generator use, power generator manteinance and/or fuel, facade cleaning of windows and glazing from outside of the building, security Argentina Bahamas Barbados Brazil Chile Colombia Ecuador Peru Trinidad & Tobago Turks & Caicos Islands Venezuela CCTV on all public areas, lighting in all public areas, cleaning for all public areas, water (fornecimento), elevators/lifts maintenance, power generator use, power generator manteinance and/or fuel, facade cleaning of windows and glazing from outside of the building, security, landscaping, irrigation
Chile Turks & Caicos Islands Is a common practice. However need approval of the landlord. Venezuela Is lately becoming popular depending on the property and the landlord Colombia Not a normal practice. Tenant must perform and pay for all tenant improvement works. Argentina Brazil Costa Rica Ecuador Guadalajara Guatemala Mexico City Monterrey Panama
Cayman Islands
Peru
CCTV on all public areas, lighting in all public areas, cleaning for all public areas, water (fornecimento), elevators/lifts maintenance, power generator use, power generator manteinance and/or fuel, facade cleaning of windows and glazing from outside of the building, Security, only for public areas and parking levels.
Queretaro
Guadalajara Guatemala Mexico City Monterrey Queretaro
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Varies Barbados Trinidad & Tobago
FIT OUT COST GUIDE
IVA (OR VAT) TAX Is not refundable. Clients usually budget their construction projects at gross price
LOCATION
Brazil
WHAT IS AN USUAL MUNICIPALITY PERMIT APPROVAL TIME FRAME IN YOUR LOCATION, IF THE PROJECT IS LOCATED INSIDE A HISTORICAL AREA?
LOCATION
REGULAR TAX % APPLICABLE ON CONSTRUCTION SERVICES
Argentina
21%VAT (refundable) + 5.5% IIBB (nonrefundable)
Costa Rica
Argentina
Up to 120 days
Ecuador
Bahamas
Up to 120 days
Bahamas
0%
Guadalajara
Barbados
More than 120 days
Barbados
VAT 17.5%
Considering interior fit-out exclusively,
Brazil
15%-20%
Guatemala Mexico City
Brazil
historical area is not a restriction.
Cayman Islands
Tax not applicable
Monterrey
Cayman Islands
More than 120 days
Chile
19%
Panama
Chile
More than 120 days
Colombia
1 -1.5%
Queretaro
Colombia
More than 120 days
Costa Rica
13%
Venezuela
Costa Rica
Up to 120 days
Ecuador
12%
Is refundable, so my clients usually budget their construction projects at Net price
Ecuador
More than 120 days
Guadalajara
16%
Guadalajara
More than 120 days
Guatemala
12%
Guatemala
More than 120 days
Mexico City
16%
Mexico City
N/A
Monterrey
16%
Monterrey
N/A
Panama
7%
Panama
More than 6 months, almost a year, depending the kind of proyect.
Peru
18%
Queretaro
16%
Peru
Up to 120 days
Trinidad & Tobago
VAT 12.5%
Queretaro
N/A
Turks & Caicos Islands
0%
Trinidad & Tobago
Up to 120 days
Venezuela
25%
Turks & Caicos Islands
Up to 120 days
Venezuela
Up to 120 days
Argentina Barbados Chile Colombia Peru Trinidad & Tobago Not applicable Bahamas Cayman Islands Turks & Caicos Islands Barbados Trinidad & Tobago
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LOCATION & CONTENTS ARGENTINA
Antonio Saborío | Project Management Director antonio.Saborio@cbre.com Off. +54 11 4590 5700
BRAZIL
Henrique Cicchetto | Project Management Director henrique.cicchetto@cbre.com.br Off. +55 11 5185-4688
CHILE
Keith Carrizo | Project Management Director keith.carrizo@cbre.com Off. +562 2562 2616 | Santiago
COLOMBIA
Felipe DeFrancisco Wiesner | Project Management Director felipe.defrancisco@cbre.com Off. +57 1 5185263 | Bogotá
COSTA RICA
Jeannette Jiménez | Project Manager jeannette.jimenez@cbre.com
MEXICO
Sergio Panero| Sr. Managing Director Project Management Latin America Region sergio.panero@cbre.com Off. +52 (55) 5284 3290 | CDMX
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www.cbre.com
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