Latin America Office Fit Out Cost Guide 2024
What is an office fit out? | Office fit out versus office refresh: what’s the difference? | What are the benefits of an office fit out? | What are the factors impacting office fit out costs? | Commercial office fit out costs per square foot | Maximizing your budget: understanding typical office fit out costs | Our services | Why choose us? | Contact us
LATAM Guide / Highlights 2024
Cushman & Wakefield’s Americas Office Fit Out Cost Guide provides office renovation costs for occupiers across key cities around the world. Whether yours is a basic, collaborative, advanced hybrid or sustainable office fit out requirement, the guide compiled by our global Project & Development Services (PDS) team can help clients define capital planning and relocation budgets.
This year’s guide covers the following for key countries and cities including Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Mexico, Guatemala, Panama, Peru and Uruguay:
- Four key considerations for a best-in-class office fit out: technology, workplace design for neurodiversity, attracting employees to the office, and navigating a challenging labor market.
- A comprehensive fit out cost section that covers architectural trades; millwork; doors, frames, and hardware; drywall, acoustic ceilings and carpentry; general finishes; mechanical, plumbing fire protection; electrical and more.
- Average costs to retrofit and reinstate office spaces in key markets.
What is an office fit out?
An office fit out is the process of designing and constructing an office space to meet an occupier’s specific needs. This can include everything from furniture and equipment to mechanical and electrical systems. An effective office refit can improve productivity and employee morale, and help create a positive brand image. Whether you are relocating to a new office or looking to refresh your existing space, our guide can help you understand the costs involved in creating your ideal workplace
Office fit out vs office refresh: what’s the difference?
An office refresh project is often less intensive than a fit out or renovation. It may include changing the layout of a very confined area, installing new flooring, or painting walls. Often a refresh can occur while the office is occupied with a proper logistics plan for the comfort of the occupants.
What are the benefits of an office fit out?
A well-designed office fit out can have a significant impact on your business. It can help you attract and retain top talent, improve efficiency, and create a positive work environment. Investing in an office fit out is an investment in the future of your business.
What are the factors impacting office fit out costs?
Several factors can influence office renovation costs, including:
Size/Type of Office Space
The size and type of space you are fitting out, such as an open plan or traditional office, can greatly impact the cost. Business needs of the space are a big consideration; for example, client-facing spaces versus back-office space. Requirements for collaboration across large geographies have effects on planning and cost as well.
Level of Customization
- Quality of finishes: The quality of finishes, such as flooring and wall coverings, can significantly impact office renovation costs.
- Complexity of design: The more complex the design—such as intricate lighting or customized furniture—the higher the cost.
- Sustainability requirements: Green building standards or sustainability requirements may increase the cost but offer long-term savings in energy usage and maintenance costs for sustainable office fit outs.
- Mechanical and electrical services: The need for additional mechanical and electrical services, such as air conditioning or data cabling, can increase the overall costs.
Location of the Office
The cost of materials and labor, as well as regulations, can vary greatly by location. That's why Cushman & Wakefield’s Americas Office Fit Out Cost Guide lists costs per square foot, plus a cost breakdown. Note that these costs are for the exact same project and specifications, and the variation of price is indicative of the labor and implementation circumstances across geographies.
Fees, Timelines and Contingencies
- Project management and professional fees: Professional fees, such as architect and project management fees, can be a significant portion of the total office renovation costs.
- Timeline and delivery requirements: Tight timelines or delivery requirements can add costs for expedited or overtime labor.
- Contingencies: Contingency costs are an essential part of any budget, to account for unforeseen expenses or changes during the project.
Commercial office fit out costs per square foot
Estimated office fit out costs per square foot provided in our guide are indicative of averages for a specific project, based on certain assumptions. Exact costs for your projects may differ from those presented. We recommend engaging a Project & Development Services professional to advise on precise costs based on your unique commercial interior design.
Our Office Fit Out Cost Guide provides a comprehensive fit out cost section covering architectural trades; millwork; doors, frames, and hardware; drywall, acoustic ceilings and carpentry; general finishes; mechanical, plumbing fire protection; electrical and more.
2024 Average Fit Out Cost U.S. ($/SF) / 2024 Average Cost Breakdown
| Generation 1 | Arch. Millwork | Contingency | Doors, Frames, Hdwr | Drywall, Acoustic Carpentry | Electrical | General Conditions | General Finishes | Mechanical | Mis. Architectural Trades |
|
Argentina |
$67 | 4% | 9% | 8% | 9% | 15% | 30% | 5% | 10% |
| Brazil | $100 | 4% | 7% | 6% | 9% | 13% | 32% | 5% | 18% |
| Chile | $84 | 4% | 6% | 8% | 9% | 17% | 28% | 6% | 11% |
| Colombia | $71 | 5% | 2% | 13% | 13% | 15% | 10% | 16% | 15% |
| Costa Rica | $88 | 4% | 9% | 6% | 6% | 23% | 22% | 7% | 19% |
| Dominican Republic | $103 | 4% | 9% | 6% | 6% | 23% | 22% | 7% | 19% |
| El Salvador | $106 | 4% | 9% | 6% | 6% | 23% | 22% | 7% | 19% |
| Guatemala | $106 | 4% | 9% | 6% | 6% | 23% | 22% | 7% | 19% |
| Mexico | $105 | 3% | 8% | 12% | 12% | 16% | 19% | 9% | 17% |
| Panama | $157 | 4% | 4% | 7% | 7% | 12% | 28% | 7% | 17% |
| Peru | $86 | 0% | 9% | 1% | 1% | 11% | 20% | 50% | 4% |
| Uruguay | $97 | 2% | 10% | 8% | 7% | 14% | 31% | 5% | 11% |
| LATAM | $98 | 4% | 8% | 7% | 8% | 17% | 23% | 10% | 16% |
Maximizing your budget: understanding typical office fit out costs
Are you planning an office fit out but don't know where to start with budgeting? It's crucial to have a clear understanding of typical office fit out costs before embarking on any project. From furniture and construction work to professional fees and audio-visual installations, the expenses can add up quickly.
Our comprehensive guide will help you navigate the process and ensure you are making informed decisions. Discover the key factors to consider when calculating your budget and how to optimize your investment. Don't let unexpected costs derail your project. Start planning today and achieve your dream office within your budget.
Our Services
Cushman & Wakefield offers a range of services to help you create your ideal office space. We are a trusted partner for occupiers and investors managing their capital expenditure and project delivery across the Americas. By providing consistent, trusted client service, we have created an excellent reputation locally, across LATAM and globally. Our experienced team can guide you through the entire fit out process from concept to completion.
Project & Development Services
Global Occupier Services
Total Workplace Consulting
Why Choose Us?
Whether you want more value from your space and a better design, or your asset needs repair, a refresh or reimagining, Project & Development Services (PDS) is here for you. We know we’ve done our job when the design and construction of the space you occupy works like clockwork, or you’re thrilled by the on-time, on-budget results.
Our team has knowledge in all verticals and specializations, managing projects, programs, and development. We watch out for risk, and our processes and buying power keep costs down for you. We have a broad perspective of the real estate life cycle and align with where you are in your journey, so the result reflects your culture and goals.
Regional Team Contact
Our team is here to support you through the fit out process. Contact a regional team lead to learn more about our services and how we can help you create your ideal workspace.
To learn more about our services or to request a consultation, please get in touch with us today.