News / From the associates

Cushman & Wakefield’s “Office Fit-Out Cost Guide” analyzes the average costs of office fit-outs in 53 cities across Europe, the Middle East, and Africa, providing useful data for corporate budget planning.

In 2024, despite slowing inflation and interest rate cuts, fit-out costs rose by 4%, with a further increase expected in 2025 due to rising labor and material costs. Despite this, the European office market has shown resilience, with a 5% increase in demand and 10.3 million square meters leased in 2024, concentrated primarily in high-quality buildings. Increased supply pushed the vacancy rate to 9.2%, with a further rise expected in 2025 before a possible decline in 2026. Rents rose by 5.4% in 2024, but the growth rate is expected to slow to 2.1% in 2025.

55% of contractors expect prices to rise over the next six months, while 67% and 62% anticipate increases in labor and material costs, respectively. In Italy, Milan and Rome have the highest fit-out costs in Southern Europe, averaging €1,200 per square meter, while refurbishment costs are among the lowest, at €130 per square meter.