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retail retail

2024 U.S. Retail Fit Out Cost Guide

Get guidance on current retail construction costs across major U.S. regions and markets.

Cushman & Wakefield’s 2024 U.S. Retail Fit Out Cost Guide provides guidance on current construction costs across major U.S. regions and markets.

We surveyed 14 general contractors in as many Central Business Districts (CBDs) to provide cost estimates for an in-line store fit out. The guide also examines current construction trends that impact costs and retail market fundamentals.

Highlights include:

  • Construction costs continue to level out, but uncertainty remains.
  • Pandemic-fueled commodity price increases have abated, but strong demand continues to apply pricing pressure.
  • Labor constraints are applying upward pressure on costs.
  • Project timelines continue to be impacted by extended equipment lead times and labor constraints.
  • Robust retail growth has resulted in positive absorption since 2021 and decreasing vacancy rates in most U.S. markets.
  • Inventory is increasingly constrained, as the construction pipeline remains subdued.
  • Retail developers have been hindered by rising costs, making it difficult to meet the increasing demand for retail space.
  • In-line store fit out costs average $147 per square foot (psf) nationally.
  • Fit outs are costliest in Northern California, averaging $216 psf, and most cost-effective in the Midwest, averaging $106 psf.

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Brian Ungles St. Louis Project & Development Services
Brian Ungles

President, Project & Development Services
St. Louis, United States

+1 (314) 392-2625

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Sandy Romero New York Research
Sandy Romero

Research Manager, Global Research
New York, United States

+1 (212) 713-6970

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Ethan Tribble
Ethan Tribble

Research Analyst, Global Research
Houston, United States

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David Smith

Head of Americas Insights, Global Research
Atlanta, United States

+1 (404) 853-5310

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