Introduction

Turner & Townsend have produced a Global fit-out report that provides clients with insight on how costs are established and what they are based on.

Our dataset allows clients the flexibility to take core functional cost areas and build up their own capital expenditure budget.

The report examines 42 cities globally, identifying the CAT A and CAT B construction costs for a high, medium and low specification. Further to this, 15 spotlight cities have been examined in a greater functional and elemental split.

Key initial notes

The costs contained within this report are:

Construction costs only, inclusive of AV, structured cabling and security.
Based on a CAT A and CAT B fit-out with the existing building at shell and core.
Reflective of a single test fit and specification level split between high, medium and low.
As at Q4 2023 (base date).
In United States Dollars, the exchange rates are obtainable here.
Exclusive of client-direct items, such as furniture, IT networking, consultancy fees and move costs. Further exclusions are obtainable here.

Please refer below for further information pertaining to the methodology of this report.

Methodology

A test fit of approximately 4,700m2 was utilised to estimate the high, medium and low construction costs for a CAT A and B fit-out. The test fit, which is obtainable here, was measured and priced by the regional cost management teams.

Each specification level, which is obtainable here, was standardised across the globe to ensure consistent pricing. For further reference to the definition of shell and core, CAT A, and CAT B, please refer here.

During the design and measurement process, the test fit was broken down into 12 functional categories, namely:

Business / welcome lounge
Coffee / tea point
Collaboration
Contemplation / faith rooms / mother's rooms
Comms / IT build and store / copy print
Executive suite

7. Furniture and store / luggage 8. Meeting rooms 9. Open plan 10. Quiet rooms 11. Training facilities 12. WCs

A functional cost model was produced by the cost management teams, which formed the basis of a pricing document. This was broken down into eight elements, namely:

1. Walls and doors

2. Wall finishes

3. Floor finishes

4. Ceiling finishes

5. Fittings, furnishings and equipment

6. Services

7. IT and AV

8. Preliminaries, overheads and profit

This document alongside the test fit and design assumptions was shared with the 42 respective cities, allowing them to price this project. It must be noted that not all cities commonly adhere to the specifications contained within the cost model, however, a similar product representing the same level of quality was priced to allow for a consistent output and global comparability.

Upon receipt of the fully priced cost model, each city was compared to Turner & Townsend global benchmarking to confirm alignment within an acceptable tolerance. All costs were then converted into United States Dollars.

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FX conversions

City	Local Currency to USD
Nairobi	144.00
Johannesburg	19.01
Hong Kong	7.82
Shanghai	7.21
Bangalore	82.87
New Delhi	82.87
Mumbai	82.87
Tokyo	143.71
Kuala Lumpur	4.57
Jakarta	15,307.00
Singapore	1.35
Hanoi/Ho Chi Minh	23,975.00
Manila	56.82
Seoul	1,315.86
Melbourne	1.53
Sydney	1.53
Auckland	1.65
Paris	0.91
Munich	0.91
Dublin	0.91
Amsterdam	0.91

City	Local Currency to USD
Zurich	0.88
Riyadh	3.75
Dubai	3.67
Toronto	1.35
Vancouver	1.35
Chicago	1.00
Los Angeles	1.00
New York City	1.00
Houston	1.00
Tampa	1.00
San Francisco	1.00
São Paulo	4.91
Mexico City	17.11
Bogota	4,096.43
Buenos Aires	349.99
Montevideo	38.01
Santiago	863.03
Birmingham	0.79
London	0.79
Manchester	0.79
Edinburgh	0.79

Exclusions

Furniture, fittings and equipment (FF&E); loose furniture works such as desks, chairs, lockers, breakout furniture, white goods and equipment not built within the joinery (millwork)
Internal planting
MEP works related to generator sets, major trading offices or data centres
IT networking, such as racks
Specialist security requirements, such as speed gates
Software and/or apps for IT, AV and security.

Consultancy fees, such as project and cost management, and design related services
Move and move management costs
Landlord lobbies or receptions
Vertical transportation
Structural modifications
Reinstatement costs
All taxes.

Specification

Element	Low	Medium	High
Walls and doors	Raised access floor to underside of ceiling drywall. Single glazed partition system. Laminate timber and single glazed doors. Low acoustic rating.	Slab to slab drywall. Double glazed partition system. Veneered timber and double-glazed doors. Medium acoustic rating.	Slab to slab drywall. Double glazed partition system. Veneered timber and double-glazed doors. High acoustic rating.
Wall finishes	Paint, ceramic tiles and PVC-U cladding panels.	Paint, ceramic tiles, acoustic wall panels, glass splash backs and writable magnetic glass.	Paint, polished plaster, porcelain tiles, acoustic wall panels, stone cladding, writable magnetic glass.
Floor finishes	Vinyl, carpet & ceramic tiles, MDF skirtings.	Vinyl, carpet, ceramic and porcelain tiles, timber planks, MDF skirtings.	Vinyl, carpet and porcelain tiles, stone slabs, custom carpet and anodized metal skirting.
Ceiling finishes	Painted MF suspended and metal tile.	Painted MF suspended, metal tile, timber cladded, acoustic panels.	Polished plaster MF suspended, bespoke timber, acoustic panels.
Fittings, furnishings and equipment	Softwood timber joinery, whiteboards, kitchen appliances, signage and graphics.	Hardwood timber joinery, stone worktops, kitchen appliances, signage and graphics.	Stone and hardwood timber joinery, stone worktops, kitchen appliances, signage and graphics.
Services	New services through-out. No individual HVAC controls. Standard open plan office lighting through-out.	New services throughout. Individual HVAC controls to executive offices. Standard open plan office lighting to open office area, feature lighting in meeting rooms and executive offices.	New services through-out. Individual HVAC controls to executive offices, meeting rooms and open plan office. Specialist lighting throughout.
IT and AV	Low end conferencing facilities, with AV screens in large meeting rooms, offices, collaboration areas and training areas.	Mid-range conferencing facilities, with AV screens in all meeting rooms, offices, collaboration areas and training areas.	High end conferencing facilities, with AV screens in all meeting rooms, offices, collaboration areas and training areas.

Definitions

Element	Definitions
Shell and core	A shell and core space only has the base building framework completed. The envelope will be complete, but the inside space will still be an empty shell, with exposed sub-floor and soffit, and all services terminated at the point of entry into the space. However, communal ‘core’ areas such as lifts, shared toilets and the reception, are usually finished to a high standard and are ready for incoming tenants. Base plant will generally include: High and low voltage switchgear, transformers, lift systems, a standby generator, boilers, chillers, cooling towers, water and fuel tanks, sprinkler plant, building control systems, air conditioning chambers and fans, water and fuel pumps, dry risers, fire detection, alarm and hose reel systems.
Category A (CAT A) fit-out	A CAT A space will provide a basic level of finish above that provided in a Shell and Core space. This would be the space that the landlord would usually lease, but the specific layout, design and finishes are left to the tenant to install. In some cases, the landlord will require the space to be returned to a CAT A condition at the end of the tenancy. Usual features of a CAT A fit-out include: raised floors and suspended ceilings basic mechanical and electrical services fire detection services and smoke alarms air-conditioning and ventilation (HVAC) basic internal finishes. CAT A spaces provide a blank canvas for designers to dream up a workspace that suits the tenant, including features such as breakout areas, meeting rooms, collaboration centres and wellbeing spaces, which will be installed in a CAT B fit-out.
Category B (CAT B) fit-out	CAT B fit-outs are the finished space that you can move into and use immediately. They are usually left to the tenant to design and install, and therefore will likely align with the brand of that tenant. CAT B fit-outs are ideally tailored to the individual needs of your business and workforce; it is essential to ensure there is the right mix of space typologies available including collaboration centres, private call and video booths, and focus areas, to enable employees to work in the space they need to get the job done in the best way. Usual features of a CAT B fit-out include: partitions and doors floor finishes specialist lighting and facilities cafes, tea points and kitchen areas branded material and decorations IT and AV.
Fittings, furnishings and equipment	Fixed joinery (millwork), associated built-in kitchen equipment and signage. Examples include tea/coffee points, bespoke timber feature walls, wayfinding signage.
Services	Space heating and air conditioning, ventilation, electrical services, fire suppression and protection, and water and sanitary installations.
Preliminaries, overhead and profit	Main/general contractor management costs, including their company overheads and profit margin for the project.

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