Commodity Prices: Key Inputs Regain Pricing Momentum
Cost Index for Lumber, Steel, Copper and Cement
150 250 350 450 550 650 750 850
Forecast
Lumber
Copper
Steel (Pipe and Tube)
Cement
Inflation Rate (By Country)
Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted; Monthly data series
12%
6%
Percent Change in Index Pricing for Select Commodities
0%
-30% -20% -10% 0% 10% 20% 30% 40%
2025 2024
Source: Moody’s Analytics, Cushman & Wakefield Research; Quarterly data series; Note: U.S. Q4 averages exclude October due to missing data; *Argentina off-chart: 2025 – 31%, 2024 - 154%
Lumber
Copper
Steel (Pipe and Tube)
Concrete
3-Year Change
YOY Change
1-Year Forecast
10-Year Treasury (By Country)
Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted; Change based on monthly data
20%
• While broader commodity prices eased after 2022, many have seen increases over the past year, particularly copper and concrete. Copper price growth has been driven largely by structurally rising demand tied to electrification trends, including electric vehicles, data centers and power grid upgrades. By contrast, concrete prices primarily reflect cost-push pressures from 2022 and early 2023 when sharp increases in fuel and electricity costs raised the industry’s cost base. Although energy prices have since moderated, downstream electricity rates and other operating costs remain elevated, contributing to higher input costs. • Higher effective tariff rates on imported materials are expected to keep domestic prices elevated because imported competition is constrained and producers can maintain higher factory-gate pricing.
15%
10%
5%
0%
Brazil Colombia Argentina Mexico Costa Rica
Peru Chile United States
Canada
2025 Q4
2024 Q4
2026 Q4 (Forecast)
Source: Moody’s Analytics, Cushman & Wakefield Research; Quarterly data series
8
9
Cushman & Wakefield
Office Fit Out Cost Guide 2026
Powered by FlippingBook