The pricing benchmarks included in this guide reflect market conditions as of December 2025 and represent average fit out costs across the covered markets. While every effort has been made to ensure accuracy, ongoing geopolitical developments, including conflict in the Middle East, may influence supply chains, material availability, labor markets and energy costs , which could impact future pricing. As such, these figures should be considered indicative benchmarks rather than fixed project costs , and we recommend seeking project- specific advice for current market pricing.
Construction Labor: Constraints Persist
YOY Employment Growth
10-Year Compound Annual Growth Rate
10%
3%
2.4% 2.3%
1.9% 1.6%
2%
5%
3.1%
0.7%
1.4%
1%
0.3% 0.2%
0.0%
0%
0%
-0.2%
-1%
-0.5%
-2.4%
-5%
-1.6%
-2%
Construction Employment YOY Total Employment YOY
Construction Employment 10-year Total Employment 10-year
Source: Moody’s Analytics, Cushman & Wakefield Research; Quarterly data series; Note: Construction employment for Argentina is based on Q2 2025 figures
Source: Moody’s Analytics, Cushman & Wakefield Research; Quarterly data series; Note: Construction employment for Argentina is based on Q2 2025 figures
• Construction employment growth across North America was minimal in 2025, with Canada, the United States and Mexico recording modest annual changes, topping out at 0.3%. Persistent skilled labor shortages, coupled with subdued construction activity, have continued to constrain hiring. In Argentina, employment posted strong YOY gains; however, overall levels remain well below those recorded in 2022–2023. Colombia also saw strong growth, supported by a robust pipeline of infrastructure projects. By contrast, construction employment contracted in Brazil, with the lingering effects of prior monetary tightening weighing on activity.
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Cushman & Wakefield
Office Fit Out Cost Guide 2026
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