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Industrial Warehouse Industrial

Industrial Construction Cost Guide

5/29/2024

An essential tool to guide capital expense decisions for industrial real estate

Cushman & Wakefield’s Americas Industrial Construction Cost Guide External Link provides industrial sector construction costs for 45 key cities in the U.S., Canada and Latin America. The guide, compiled by our Project & Development Services (PDS) team, offers insight into the factors driving the industrial real estate market which can affect capital planning and budgeting. 

Key FiNDINGS OF THE 2024 COST GUIDE
  • Construction cost increases have decelerated from recent highs, but still face upward pricing pressure.
  • A constrained labor market will continue to make filling open positions difficult.
  • Onshoring and nearshoring has accelerated the development of industrial properties in southern U.S. states and Mexico.
  • The industrial construction pipeline in the U.S. has begun to slow down.

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Most Expensive Industrial Construction Cost Markets in the Americas:

Small Projects  Medium Projects Large Projects
/Seattle 
/Calgary 
/Vancouver 
/Toronto 
/Cleveland 
/Miami 		 /Denver 
/Las Vegas 
/Portland 
/Phoenix 
/Salt Lake City 
/Seattle  		 /Denver 
/Portland 
/Las Vegas 
/Oakland, CA 
/Phoenix 
/Salt Lake City  

 

Most Affordable Industrial Construction Cost Markets in the Americas:  

Small Projects  Medium Projects Large Projects
/Guadalajara 
/Mexico City 
/Monterrey 
/Costa Rica 
/Dallas 
/Houston 		 /Memphis 
/Baltimore 
/Pittsburgh 
/Louisville 
/Penn Corridor 
/Chicago   		 /Memphis 
/Chicago 
/Louisville 
/Baltimore 
/Milwaukee 
/Indianapolis   
CONSTRUCTION COST COMPARISONS
  • Pricing for small projects averaged $142 psf, a 17% increase over 2023 costs.  
  • Medium-sized projects averaged $85 psf, 2.1% higher than 2023.
  • Pricing for large-sized projects receded slightly, falling 4.2% from 2023 levels to $75 psf.
    • Download Cost Guide

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