A Cushman & Wakefield Publication
Fit Out Cost Guide 2026 OFFICE
EMEA
CUSHMAN & WAKEFIELD OFFICE HAMBURG - GERMANY
Introduction THE EUROPEAN ECONOMY CONTINUES TO ENDURE AN ARRAY OF CHALLENGES. Ongoing conflicts in Europe remain a source of volatility, while the imposition of tariffs on goods exported to the U.S., set at almost unprecedented levels, was a new source of uncertainty that eroded market confidence. Notwithstanding, the regional economy performed comparatively strongly through the year despite these headwinds. Inflation is under control in the Euro area and continues to trend down elsewhere. Wage growth, however, remains elevated in key European countries, which is driving increased labour costs. The outlook has become more clouded with the recent changes to tariffs and escalation of conflict in the Middle East. Prior to these events, growth was forecast to slow in 2026, and then accelerate into 2027 supported by further, selective interest rate cuts and a robust labour market.
SHOULD THE REGIONAL ECONOMY FOLLOW THIS BASELINE SCENARIO, IT SUGGESTS NET ABSORPTION OF A LITTLE OVER 2 MILLION SQUARE METRES (MSM) IN 2026 AND 2.5 MSM IN 2027. The outlook for construction costs remains skewed toward mild increases over the near term. Our guide recorded an average of a 3.8% increase in “all-in” fit out costs in 2025. Although wage growth is forecast to ease further, labour is still expected to be the key component of overall cost increases. More positively, project timelines have stabilised and contractors are optimistic on the outlook. Companies should therefore be encouraged to scrutinise their capital expenditure budget requirements and then act decisively, especially on high priority sites, to secure current pricing and labour availability.
In this guide, we have maintained our coverage to include 53 key cities across Europe, Middle East and Africa; and continue to provide insights into construction through our European Contractor Sentiment Survey. Average costs across a range of fit out standards are set out to help occupiers through the early stages of defining their office relocation budgets. Our guide also provides an ‘all-in’ section to include furniture, audio visual, professional fees and contingency on the total costs associated with a potential internal fit out project.
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, labour 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.
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FIGURE 1: REAL GDP GROWTH (% AVERAGE ANNUAL) FOR SELECT MARKETS IN 2025 AND 2026
Macro-Economic Review and Market Outlook Economy
4.5%
2026 2025 2015 - 19 AVERAGE
3.5%
2.5%
ECONOMIES ACROSS EUROPE, THE MIDDLE EAST AND AFRICA HAVE ENDURED A BARRAGE OF HEADWINDS OVER THE COURSE OF 2025 BUT CONTINUE TO SHOW THEIR RESILIENCE. Active conflicts and the threat of new ones, rising geopolitical risks and wide ranging U.S. tariffs on imports generated notable challenges. Consequently, trade has been “choppy” and supply chains have been challenged regularly. Despite this, growth has remained robust with the Euro area estimated to have grown by 1.5% in 2025 on an average annual basis, marking the region’s strongest calendar year since 2022. Such growth has been supported by low unemployment and comparatively strong consumption. Entering 2026, many of these challenges remain and recent changes to the tariff environment, together with escalating conflict in the Middle East, add new headwinds. Prior to these events, economic growth was forecast to slow, but trajectories will vary between markets. Germany is expected to see ongoing improvements, buoyed by fiscal stimulus and increased government spending, while recent out-performance in Spain is forecast to continue, though normalise over the next 24 months. Consumers remain central to the story. Household spending will gain support from low inflation, interest rate cuts in the U.K. and wage increases. High household savings pose both upside and downside risks, depending on whether consumers opt to spend or hold back. At the same time, trade is likely to remain a complicating factor, with knock-on effects for supply chains and, potentially, material price.
1.5%
0.5%
POLAND
PORTUGAL NETHERLANDS SWEDEN BELGIUM
ITALY
GERMANY
SPAIN UNITED KINGDOM EURO ZONE LUXEMBOURG FRANCE
Source: Moody’s Analytics; Cushman & Wakefield
Interestingly, despite heightened global economic policy uncertainty, businesses became notably more confident toward the end of 2025, which has been largely maintained into the current year. The recovery in sentiment in Europe has been broad-based and points to a cyclical upturn. Business investment remains key to ongoing improvements with defence and AI firmly in the spotlight. Of course, there are any number of risks to this outlook. However, the region has successfully absorbed a barrage of shocks so far, and if 2025 was a year of resilience, 2026 may be the year in which that resilience is rewarded.
DE LAGE LANDEN (DLL) - ITALY
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Office Market
At the start of the year, approximately 10 msm of space is under construction, the lowest level in five years and down approximately 30% from the recent peak. Although demand is forecast to recover, it remains below longer run averages and so will only provide mild downward pressure on vacancy and upward pressure on rental growth. The bifurcation in demand for high-quality buildings in high-quality locations will remain. Corporate occupiers are encouraged to undertake detailed analysis of local market conditions to fully understand sub-market variations in their preferred locations.
CORPORATE OFFICE OCCUPIERS ACROSS EUROPE REMAIN ACTIVE, WITH APPROXIMATELY 10.5 MSM OF SPACE LEASED IN 2025, JUST 3% BELOW THE 2024 TOTAL. Beneath this headline number, the demand for high- quality buildings continues. Leasing of grade A space increased 8% year-over-year (YOY), while activity in secondary space declined by 14% YOY. Consequently, grade A vacancy sits at a tight 3.5%. Importantly, in aggregate, companies are requiring more space, with net absorption continuing to track in positive territory. Key markets, including London, Dusseldorf, Barcelona and Milan, all recorded positive net absorption over the past year. Looking to the year ahead, tenant demand is expected to improve from current levels. Net absorption is forecast to increase to 2 msm in 2026. On the other side of the ledger, new supply pipelines are shrinking as the impacts of recent construction cost increases continue to be felt.
KEY HIGHLIGHTS
GDP GROWTH IS FORECAST TO SLOW IN 2026 as the impacts of diminished trade take effect in certain sectors.
FIGURE 2: EUROPEAN OFFICE NET ABSORPTION, NET NEW SUPPLY (MILLION SQUARE METRES) AND VACANCY RATE
REGIONAL OFFICE DEMAND TO IMPROVE IN 2026 to approximately 2 million sqm of net absorption.
NET ABSORPTION NET NEW SUPPLY VACANCY RATE (rhs)
4.5
10%
8%
3.5
6%
2.5
NEW SUPPLY HAS DECLINED BY 30% FROM RECENT PEAKS, which is expected to start placing downward pressure on vacancy.
4%
1.5
2%
0.5
PROCAPITAL - BELUX
2015 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21
‘22 ‘23 ‘24 ‘25 ‘26 ‘27 ‘28 2029
Source: Cushman & Wakefield
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ДМИТРИЙ ДНЕПРОВСКИЙ - ADOBESTOCK
RESULTS FROM CUSHMAN & WAKEFIELD’S EUROPEAN CONTRACTOR SENTIMENT SURVEY, WHICH OBTAINED THE VIEWS OF ALMOST 140 GENERAL CONTRACTORS FROM AROUND
THE REGION, IN DECEMBER 2025 THROUGH TO JANUARY
2026, INDICATE THAT WHILE THE INDUSTRY CONTINUES TO MANAGE COST PRESSURES, IT IS GROWING INCREASINGLY OPTIMISTIC ABOUT THE OUTLOOK.
It is clear from the results that contractors still need to carefully
manage cost pressures. At the headline level, opinion is comparatively evenly split whether contractors will keep their prices stable (39%) or slightly increase (57%) over the near term, suggesting the current upward pressure of around 4% per annum is likely to remain. It is apparent that margin pressures are at the core of this dilemma: contractors must either raise prices or hold prices steady and accept tighter margins.
Contractor Sentiment
NLV - THE NETHERLANDS
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78% respondents are
The upward pressure appears to be coming from several directions. A greater proportion of respondents (66%) expected vendors to increase their prices. The situation then becomes clearer when examining views on future costs of raw materials and labour. In both instances, 78% of respondents are expecting cost increases, with the majority of the remainder erring to a neutral stance. Beneath this, 10% of respondents expect significant increases in material costs and 6% expect significant increases in labour costs. Tariffs, though, are not the cause of the latter as 65% report no impact and only
These are the same markets that have posted stronger recent economic growth in recent periods. By contrast, Germany—and to a lesser extent France and Italy— have experienced more subdued growth, and respondents there report lower price pressures; in Germany, only 14% expect vendor price increases. There is a similar divergence in expectations for raw material prices— 100% of respondents in Spain and Slovakia expect prices to increase— although the gap between markets is narrower than for vendor pricing. The effects of widespread wage growth (3.6% YOY in the Euro area, 4.0% in the EU and 4.6% in the UK) are more evident. In eight out of 13 markets, at least 80% of respondents expect labour costs to increase. France is the only market where a majority (60%) expect labour costs to hold steady. Respondents were asked to provide views on project backlogs and timelines. For the most part, these appear under control. At the regional level, 51% of respondents estimate backlogs at five months or less with a further 21% estimating six months.
At one end of the spectrum, project timelines appear most under control in the UK, with 92% reporting a backlog of five months or less. In contrast, over 40% of respondents in France, Spain and Sweden cite backlogs in excess of ten months, compared to a regional average of 17%. However, this does not seem to be flowing into any further increases in lead times, as three-quarters of respondents expect these to hold steady over the near term. Respondents in Germany are less convinced with 43% expecting an increase, which could be associated with a general ramping up of economic growth after a sustained period of sluggish activity. Against this backdrop, contractors are mostly positive on the outlook for the sector with 60% expecting conditions to improve slightly (45%) or significantly (15%). Germany, Portugal and Sweden are standouts here at over 80%. Together these suggest that companies should scrutinise their capital expenditure budget requirements to ensure they meet market rates and then act decisively, especially on high priority sites, to secure current pricing and labour availability.
expecting cost increases, with the majority of the remainder erring to a neutral stance 8/13 markets, at least 80% of respondents expect labour costs to increase 51% of respondents estimate backlogs at five months or less with a further 21% estimating six months
a third report a slight increase. Part of the reason for these cost
pressures can be found in the economic condition of each market as there are, at times, quite diverging views at the sub-regional level. In broad terms, cost pressures are being felt most acutely in Spain and CEE markets including Poland, Slovakia and Czechia; over 75% of respondents in each market expect vendor price increases compared to the regional average of 68%, with Spain leading at 94%.
TRINITY LIFE SCIENCES - UK
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GC SURVEY RAN THROUGH DECEMBER 2025 AND JANUARY 2026
Average All-in Costs at a Glance in Euro Per Square Metre
SOUTHEASTERN SOFIA
AFRICA GABORONE
860
586
ZAGREB
CAIRO
750
1,769
ATHENS
RABAT
1,150
800
DUBLIN
GLASGOW
BUCHAREST
CAPE TOWN
1,077
1,700
PARIS MANCHESTER
BELGRADE
JOHANNESBURG
800
1,615
BRUSSELS
LJUBLJANA
900
HAMBURG AMSTERDAM
ISTANBUL
1,630
MIDDLE EAST MANAMA
HELSINKI
1,950
OSLO
STOCKHOLM
COPENHAGEN
TEL-AVIV
1,840
VILNIUS
NORTHERN COPENHAGEN
BERLIN
AMMAN
750
PRAGUE
WARSAW
2,500
KUWAIT
1,950
BIRMINGHAM
ASTANA
BRATISLAVA
TALLINN
1,325
BUDAPEST
DOHA
1,950
BUCHAREST
LONDON
HELSINKI
1,600
RIYADH
2,050
FRANKFURT
RIGA
1,200
SOFIA
ABU DHABI
1,662
TSIBILISI
BISHKEK
BAKU
VILNIUS
1,200
ROME
DUBAI
1,662
ISTANBUL
MADRID
YEREVAN
LISBON
OSLO
1,770
ATHENS
MILAN
TEL AVIV
STOCKHOLM
1,660
EASTERN YEREVAN
BELGRADE
AMMAN
RABAT
BARCELONA
MUNICH
880
CAIRO
BAKU
960
DUBAI
SOUTHERN
RIYADH
TBILISI
880
ABU DHABI
PARIS
1,500
ASTANA
880
MILAN
1,250
BISHKEK
880
ROME
1,250
LISBON
1,150
CENTRAL BRUSSELS
BARCELONA
1,186
1,661
MADRID
1,124
PRAGUE
1,266
BERLIN
2,333
FRANKFURT
2,408
UK&I DUBLIN
HAMBURG
2,512
MUNICH
2,300
2,432
BIRMINGHAM
BUDAPEST
2,195
1,250
GABORONE
GLASGOW
AMSTERDAM
2,109
1,250
LONDON
WARSAW
2,668
1,313
JOHANNESBURG
MANCHESTER
BRATISLAVA
2,309
1,300
CAPE TOWN
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KINSTELLAR - SLOVAKIA
Average Fit Out Costs in 53 Cities Across EMEA
COUNTRY
CITY
EURO PER SQUARE METRE
COUNTRY
CITY
EURO PER SQUARE METRE
LOW
MEDIUM
HIGH
LOW
MEDIUM
HIGH
GREECE
ATHENS
850
1,150
1,450
ARMENIA
YEREVAN
650
880
1,320
HUNGARY
BUDAPEST
800
1,250
1,800
AZERBAIJAN
BAKU
720
960
1,440
IRELAND
DUBLIN
1,460
2,300
3,100
BAHRAIN
MANAMA
1,250
1,950
2,650
ISRAEL
TEL-AVIV
1,635
1,840
2,320
BELGIUM
BRUSSELS
1,038
1,661
2,535
MILAN
850
1,250
1,600
BOTSWANA
GABORONE
427
586
811
ITALY
ROME
850
1,250
1,600
BULGARIA
SOFIA
510
860
1,350
JORDAN
AMMAN
400
750
1,000
CROATIA
ZAGREB
450
750
1,110
KAZAKHSTAN
ASTANA
700
880
1,150
CZECH REPUBLIC
PRAGUE
805
1,266
1,999
KUWAIT
KUWAIT
1,250
1,950
2,650
DENMARK
COPENHAGEN
1,500
2,500
3,300
KYRGYZSTAN
BISHKEK
700
880
1,150
ESTONIA
TALLINN
860
1,325
2,018
LATVIA
RIGA
833
1,200
1,550
EGYPT
CAIRO
1,699
1,769
2,225
LITHUANIA
VILNIUS
833
1,200
1,550
FRANCE
PARIS
1,000
1,500
2,500
MOROCCO
RABAT
650
800
1,020
FINLAND
HELSINKI
1,039
1,600
2,200
NETHERLANDS
AMSTERDAM
850
1,250
1,900
GEORGIA
TBILISI
650
880
1,320
NORWAY
OSLO
1,320
1,770
2,730
BERLIN
1,480
2,333
2,910
POLAND
WARSAW
806
1,313
2,003
FRANKFURT
1,530
2,408
3,010
GERMANY
PORTUGAL
LISBON
848
1,150
1,548
HAMBURG
1,590
2,512
3,140
QATAR
DOHA
1,250
1,950
2,650
MUNICH
1,520
2,432
3,040
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RABOBANK - LONDON
COUNTRY
CITY
EURO PER SQUARE METRE
LOW
MEDIUM
HIGH
ROMANIA
BUCHAREST
805
1,077
1,571
SAUDI ARABIA
RIYADH
1,378
2,050
2,950
SERBIA
BELGRADE
500
800
1,400
SLOVAKIA
BRATISLAVA
850
1,300
1,900
SLOVENIA
LJUBLJANA
600
900
1,500
CAPE TOWN
1,430
1,700
2,150
SOUTH AFRICA
JOHANNESBURG
1,350
1,615
2,040
BARCELONA
807
1,186
1,551
SPAIN
MADRID
764
1,124
1,468
SWEDEN
STOCKHOLM
1,295
1,660
2,710
TURKEY
ISTANBUL
1,210
1,630
2,470
BIRMINGHAM
1,330
2,195
3,262
GLASGOW
1,277
2,109
3,131
UK
AVERAGE FIT OUT COST (EUR/SM)
AVERAGE REINSTATEMENT COST (EUR/SM)
LONDON
1,612
2,668
3,954
LOW MEDIUM HIGH
LOW MEDIUM
HIGH
MANCHESTER
1,402
2,309
3,428
2026
1,026
1,509
2,127
82
134
183
ABU DHABI
1,081
1,662
2,794
UNITED ARAB EMIRATES
% CHANGE Y-O-Y
0.5% 3.8% 4.0%
5.7%
5.1%
3.7%
DUBAI
1,081
1,662
2,794
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How do we classify fit outs? LOW (BASIC)
MEDIUM (COLLABORATIVE)
Data points to equal desk positions
Limited meeting facilities, less than 10% of space
Low specification finishes and carpet throughout
Medium specification carpet & hard
Meeting facilities around 10 - 20% of space, with part single glazed partitions
Shared heating & cooling across cellularised space
flooring to reception
Vinyl flooring to cafeterias
Minimal sustainability certifications
Good sustainability certifications
Multiple data points to each desk position
• Limited meeting facilities, less than 10% of space • Paint to all walls • Low specification finishes and carpet throughout • Vinyl flooring to cafeterias • Minimal alterations to air conditioning and ventilation
• Data points to equal desk positions • Support functions limited to basic pantry area, generic meeting rooms and limited drop-in collabourative spaces • Minimal sustainability certifications, energy efficiency remains the main priority
• Meeting facilities around 10–20% of space, with part single-glazed partitions • Alterations to less than 25% of ceiling • Plasterboard ceiling to meeting rooms • Feature wall finishes in reception • Medium specification carpet and finishes • Low/medium quality acoustic attenuation & management
• Shared heating & cooling across cellularised space • Hard flooring to reception • Multiple data points to each desk position • Support functions include an expanded break-out area, a variety of meeting rooms and dispersed collabourative spaces • Good sustainability certifications, designs focus on energy, greenhouse gas, water, waste optimisation
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KINSTELLAR - SLOVAKIA
How do we classify fit outs?
HIGH (ADVANCED)
Feature finishes to meeting rooms/offices
Meeting facilities to over 25% of space with double-glazed partitions
Dedicated heating & cooling across cellularised space
High specification carpet
Broad spectrum sustainability certifications
• Meeting facilities to over 25% of space with double-glazed partitions • Alterations to over 25% of ceiling • Features & plasterboard ceiling to reception and offices • Feature finishes to meeting rooms/offices • High specification carpet • Dedicated heating & cooling across cellularised space • Medium/high quality acoustic attenuation & management • Heavily tech-enabled spaces with frictionless audio-visual connectivity
• Support functions include multi-functional breakout area, a variety of meeting rooms, dispersed collabourative spaces augmented with specialist lifestyle elements such as a library, focus and relaxation zones • Client facing areas with hospitality look and feel • Broad spectrum of sustainability activities and top level certifications; health and wellness, employee productivity, reductions in embodied carbon add to standards expected in basic or medium standards
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RABOBANK - LONDON
Integrating ESG into Office Fit Outs
Successful integration of sustainability happens when strategy meets delivery. By aligning design, operations, and investment decisions, organisations can unlock value across their real-estate portfolios to deliver and create spaces that are resilient, efficient, and human centric.
THE MOST EFFECTIVE WORKPLACES ARE NO LONGER DEFINED BY DESIGN ALONE, BUT BY HOW THEY PERFORM OVER TIME. Increasingly, occupiers are factoring ESG into how they select buildings, design workplaces, and manage long-term costs. What was once a compliance or reputational issue is now directly influencing occupier sustainability goals, such as net zero, and driving capital expenditure decisions. This impacts how occupiers locate, invest and operate space.
JAMES WOODHEAD Head of ESG & Sustainability, EMEA james.woodhead@cushwake.com
STEP 01
STEP 02
STEP 03
STEP 04
SITE SELECTION Choosing the right building can significantly influence sustainability outcomes before a fit out even begins. • Prioritise high-performing buildings and collabourative landlords • Assess climate risk and long- term asset resilience • Consider access to renewable energy and associated costs • Align site selection with your organisation’s ESG targets
PRE DESIGN Early decisions set the foundation for performance and cost efficiency. • Define enterprise and site- specific ESG goals • Identify priorities (e.g. energy, carbon, wellbeing) • Determine where to invest vs. where to optimise costs • Establish clear workplace and sustainability standards to guide design
DESIGN & DELIVERY Balancing cost and performance is critical during delivery. • Evaluate long-term operational impacts vs upfront savings • Leverage smart design, materials, and technology for efficiency • Avoid removing features that deliver lifecycle value • Focus investment on high- impact sustainability outcomes
OPERATIONS Sustainable outcomes depend on how the space is used and managed. • Ensure operational practices support design intent • Monitor and communicate whole-of-life costs • Align workplace performance with 2030 ESG targets • Continuously optimise energy, waste, and user experience
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ALLIANZ TECHNOLOGY - SPAIN
European Fit Out Costs by Market
Using the guide
ESTIMATED COSTS PROVIDED HEREIN ARE INDICATIVE OF MARKET AVERAGES BASED ON CERTAIN ASSUMPTIONS. Since exact costs for specific projects may differ to those presented here, we recommend engaging a Project & Development Services professional to advise on precise costs based on your unique construction requirements.
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RABOBANK - LONDON
United Kingdom & Ireland
“ALL-IN” FIT OUT COSTS
FIT OUT COST (EUR PER SQUARE METRE)
100%
COUNTRY
CITY
LOW
MEDIUM
HIGH
11%
11%
11%
11%
11%
IRELAND
DUBLIN
1,460
2,300
3,100
13%
13%
13%
13%
13%
80%
BIRMINGHAM
1,330
2,195
3,262
GLASGOW
1,277
2,109
3,131
UK
LONDON
1,612
2,668
3,954
60%
MANCHESTER
1,402
2,309
3,428
58%
58%
58%
58%
58%
40%
REINSTATEMENT COST (EUR PER SQUARE METRE)
20%
COUNTRY
CITY
LOW
MEDIUM
HIGH
IRELAND
DUBLIN
150
250
350
18%
18%
18%
18%
18%
BIRMINGHAM
88
163
242
BIRMINGHAM
LONDON
GLASGOW
91
166
234
UK
DUBLIN
GLASGOW
MANCHESTER
LONDON
125
213
316
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
MANCHESTER
102
178
265
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DE LAGE LANDEN (DLL) - ITALY
Southern Europe
“ALL-IN” FIT OUT COSTS
FIT OUT COST (EUR PER SQUARE METRE)
100%
7%
7%
7%
COUNTRY
CITY
LOW
MEDIUM
HIGH
10%
10% 10%
4%
4%
4%
FRANCE
PARIS
1,000
1,500
2,500
12% 12%
MILAN
850
1,250
1,600
20%
80%
ITALY
ROME
850
1,250
1,600
PORTUGAL
LISBON
848
1,150
1,548
BARCELONA
807
1,186
1,551
60%
SPAIN
MADRID
764
1,124
1,468
73% 73% 73%
58% 58%
50%
40%
REINSTATEMENT COST (EUR PER SQUARE METRE)
20%
COUNTRY
CITY
LOW
MEDIUM
HIGH
FRANCE
PARIS
80
140
190
20% 20% 20%
16% 16% 16%
MILAN
85
135
210
ITALY
ROME
85
135
210
MADRID
MILAN
LISBON
PORTUGAL
LISBON
114
171
223
PARIS
ROME
BARCELONA
BARCELONA
113
146
179
SPAIN
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
MADRID
107
140
171
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NILFISK - HUNGARY
Central Europe
FIT OUT COST (EUR PER SQUARE METRE)
REINSTATEMENT COST (EUR PER SQUARE METRE)
COUNTRY
CITY
LOW
MEDIUM
HIGH
COUNTRY
CITY
LOW
MEDIUM
HIGH
BELGIUM
BELGIUM
BRUSSELS
1,038
1,661
2,535
BRUSSELS
75
187
241
CZECH REPUBLIC
CZECH REPUBLIC
PRAGUE
805
1,266
1,999
PRAGUE
62
106
155
BERLIN
1,480
2,333
2,910
BERLIN
83
208
293
FRANKFURT
1,530
2,408
3,010
FRANKFURT
83
208
293
GERMANY
GERMANY
HAMBURG
1,590
2,512
3,140
HAMBURG
83
208
293
MUNICH
1,520
2,432
3,040
MUNICH
83
208
293
HUNGARY
HUNGARY
BUDAPEST
800
1,250
1,800
BUDAPEST
50
100
160
NETHERLANDS
NETHERLANDS
AMSTERDAM
850
1,250
1,900
AMSTERDAM
90
150
225
POLAND
POLAND
WARSAW
806
1,313
2,003
WARSAW
79
137
200
SLOVAKIA
SLOVAKIA
BRATISLAVA
850
1,300
1,900
BRATISLAVA
80
130
180
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PPG - POLAND
“ALL-IN” FIT OUT COSTS
100%
10% 10% 15% 15% 15% 15% 8% 12% 10% 10%
12%
12%
15%
20%
15%
20%
80%
20% 20% 20% 20%
60%
60%
53% 63% 50%
50%
60%
45% 45% 45% 45%
40%
20%
20% 20% 20% 20% 20% 20% 20%
20%
15%
15%
FRANKFURT
AMSTERDAM
BRATISLAVA
PRAGUE
MUNICH
BRUSSELS
BERLIN
HAMBURG
BUDAPEST
WARSAW
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
VANDELANOTTE - BELUX
Northern Europe
FIT OUT COST (EUR PER SQUARE METRE)
“ALL-IN” FIT OUT COSTS
COUNTRY
CITY
LOW
MEDIUM
HIGH
100%
10%
10%
10% 10% 10% 10% 10%
DENMARK
COPENHAGEN
1,500
2,500
3,300
ESTONIA
TALLINN
860
1,325
2,018
10% 10% 10% 10%
10%
15%
15%
80%
FINLAND
HELSINKI
1,039
1,600
2,200
LATVIA
RIGA
833
1,200
1,550
LITHUANIA
VILNIUS
833
1,200
1,550
60%
NORWAY
OSLO
1,320
1,770
2,730
SWEDEN
STOCKHOLM
1,295
1,660
2,710
57%
60% 61% 60% 60%
62%
55%
REINSTATEMENT COST (EUR PER SQUARE METRE)
40%
COUNTRY
CITY
LOW
MEDIUM
HIGH
DENMARK
COPENHAGEN
87
125
210
20%
ESTONIA
TALLINN
85
145
192
18% 20% 19% 20% 20% 20% 18%
FINLAND
HELSINKI
65
115
150
LATVIA
RIGA
85
143
180
OSLO
TALLINN
RIGA
LITHUANIA
VILNIUS
85
143
180
VILNIUS
COPENHAGEN
HELSINKI
STOCKHOLM
NORWAY
OSLO
70
125
160
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
SWEDEN
STOCKHOLM
68
121
157
34
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
ALLIANZ TECHNOLOGY - SPAIN
Southeastern Europe
FIT OUT COST (EUR PER SQUARE METRE)
“ALL-IN” FIT OUT COSTS
COUNTRY
CITY
LOW
MEDIUM
HIGH
100%
7% 8% 10%
11% 8% 8% 10%
BULGARIA
SOFIA
510
860
1,350
10%
CROATIA
ZAGREB
450
750
1,110
17% 13% 12% 17% 17%
18%
80%
GREECE
ATHENS
850
1,150
1,450
ROMANIA
BUCHAREST
805
1,077
1,571
SERBIA
BELGRADE
500
800
1,400
60%
SLOVENIA
LJUBLJANA
600
900
1,500
60%
52%
TURKEY
ISTANBUL
1,210
1,630
2,470
55% 55%
60% 62%
58%
REINSTATEMENT COST (EUR PER SQUARE METRE)
40%
COUNTRY
CITY
LOW
MEDIUM
HIGH
BULGARIA
SOFIA
70
100
135
20%
CROATIA
ZAGREB
75
110
150
23%
25%
20% 20%
GREECE
ATHENS
70
110
160
15% 15%
14%
ROMANIA
BUCHAREST
34
97
107
LJUBLJANA
ZAGREB
BUCHAREST
SERBIA
BELGRADE
80
100
120
BELGRADE
SOFIA
ATHENS
ISTANBUL
SLOVENIA
LJUBLJANA
80
100
120
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
TURKEY
ISTANBUL
81
173
265
36
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
KLEPIERRE - SPAIN
Eastern Europe
FIT OUT COST (EUR PER SQUARE METRE)
“ALL-IN” FIT OUT COSTS
100%
CITY
LOW
MEDIUM
HIGH
COUNTRY
7%
8%
8%
10%
10%
ARMENIA
YEREVAN
650
880
1,320
10%
10%
10%
AZERBAIJAN
BAKU
720
960
1,440
15%
15%
80%
GEORGIA
TSIBILISI
650
880
1,320
KAZAKHSTAN
ASTANA
700
880
1,150
60%
KYRGYZSTAN
BISHKEK
700
880
1,150
60%
50%
50%
60%
61%
40%
REINSTATEMENT COST (EUR PER SQUARE METRE)
COUNTRY
CITY
LOW
MEDIUM
HIGH
20%
ARMENIA
YEREVAN
80
90
110
25%
25%
22%
22%
22%
AZERBAIJAN
BAKU
85
108
120
GEORGIA
TSIBILISI
80
90
110
BAKU
ASTANA
TBILISI
BISHKEK
YEREVAN
KAZAKHSTAN
ASTANA
85
108
120
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
KYRGYZSTAN
BISHKEK
85
108
120
38
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
CUSHMAN & WAKEFIELD OFFICE BERLIN - GERMANY
Africa
FIT OUT COST (EUR PER SQUARE METRE)
“ALL-IN” FIT OUT COSTS
100%
CITY
LOW
MEDIUM
HIGH
COUNTRY
7%
7%
7%
7%
7%
BOTSWANA
GABORONE
427
586
811
18%
18%
18%
18%
18%
EGYPT
CAIRO
1,699
1,769
2,225
80%
MOROCCO
RABAT
650
800
1,020
CAPE TOWN
1,430
1,700
2,150
SOUTH AFRICA
60%
JOHANNESBURG
1,350
1,615
2,040
49%
49%
49%
49%
48%
40%
REINSTATEMENT COST (EUR PER SQUARE METRE)
COUNTRY
CITY
LOW
MEDIUM
HIGH
20%
BOTSWANA
GABORONE
64
109
137
26%
26%
25%
26%
26%
EGYPT
CAIRO
100
158
209
MOROCCO
RABAT
111
132
195
CAIRO
CAPE TOWN
RABAT
JOHANNESBURG
GABORONE
CAPE TOWN
80
118
195
SOUTH AFRICA
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
JOHANNESBURG
76
110
179
40
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
PROCAPITAL - BELUX
Middle East
FIT OUT COST (EUR PER SQUARE METRE)
“ALL-IN” FIT OUT COSTS
100%
COUNTRY
CITY
LOW
MEDIUM
HIGH
10% 11% 10% 10% 10% 10% 10% 10%
BAHRAIN
MANAMA
1,250
1,950
2,650
ISRAEL
TEL-AVIV
1,635
1,840
2,320
14% 12%
14% 14% 14% 14% 14%
20%
JORDAN
AMMAN
400
750
1,000
80%
KUWAIT
KUWAIT
1,250
1,950
2,650
QATAR
DOHA
1,250
1,950
2,650
INSERT PICTURE HERE
SAUDI ARABIA
RIYADH
1,378
2,050
2,950
60%
ABU DHABI
1,081
1,662
2,794
UNITED ARAB EMIRATES
56% 65%
56% 56% 60% 60% 60%
50%
DUBAI
1,081
1,662
2,794
REINSTATEMENT COST (EUR PER SQUARE METRE)
40%
COUNTRY
CITY
LOW
MEDIUM
HIGH
BAHRAIN
MANAMA
75
100
125
20%
ISRAEL
TEL-AVIV
65
115
160
JORDAN
AMMAN
50
75
100
20%
20% 20% 20%
16% 16% 16%
12%
KUWAIT
KUWAIT
75
100
125
QATAR
DOHA
75
100
125
TEL-AVIV
KUWAIT
RIYADH
DUBAI
SAUDI ARABIA
RIYADH
75
100
125
AMMAN
DOHA
ABU DHABI
MANAMA
ABU DHABI
75
100
125
UNITED ARAB EMIRATES
FURNITURE
FIT OUT
AV/IT
PROFESSIONAL SERVICE
DUBAI
75
100
125
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
BRISTOL MYERS SQUIBB - 2023 - GERMANY
Average Costs at a Glance in EURO/SM
COUNTRY
CITY
FIT OUT
REINSTATEMENT
COUNTRY
CITY
FIT OUT
REINSTATEMENT
ARMENIA
HUNGARY
YEREVAN
880
90
BUDAPEST
1,250
100
AZERBAIJAN
IRELAND
BAKU
960
108
DUBLIN
2,300
250
BAHRAIN
ISRAEL
MANAMA
1,950
100
TEL-AVIV
1,840
115
MILAN
1,250
135
BELGIUM
BRUSSELS
1,661
187
ITALY
ROME
1,250
135
BOTSWANA
GABORONE
586
109
JORDAN
AMMAN
750
75
BULGARIA
SOFIA
860
100
KAZAKHSTAN
ASTANA
880
108
CROATIA
ZAGREB
750
110
INSERT PICTURE HERE 1,950
KUWAIT
KUWAIT
100
CZECH REPUBLIC
PRAGUE
1,266
106
KYRGYZSTAN
BISHKEK
880
108
DENMARK
COPENHAGEN
2,500
125
LATVIA
RIGA
1,200
143
EGYPT
CAIRO
1,769
158
LITHUANIA
VILNIUS
1,200
143
ESTONIA
TALLINN
1,325
145
MOROCCO
RABAT
800
132
FINLAND
HELSINKI
1,600
115
NETHERLANDS
AMSTERDAM
1,250
150
FRANCE
PARIS
1,500
140
NORWAY
OSLO
1,770
125
GEORGIA
TBILISI
880
90
POLAND
WARSAW
1,313
137
BERLIN
2,333
208
PORTUGAL
LISBON
1,150
171
FRANKFURT
2,408
208
GERMANY
HAMBURG
2,512
208
QATAR
DOHA
1,950
100
MUNICH
2,432
208
ROMANIA
BUCHAREST
1,077
97
GREECE
ATHENS
1,150
110
SAUDI ARABIA
RIYADH
2,050
100
44
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
NESTLE - HUNGARY
COUNTRY
CITY
FIT OUT
REINSTATEMENT
SERBIA
BELGRADE
800
100
SLOVAKIA
BRATISLAVA
1,300
130
SLOVENIA
LJUBLJANA
900
100
CAPE TOWN
1,700
118
SOUTH AFRICA
JOHANNESBURG
1,615
110
BARCELONA
1,186
146
SPAIN
MADRID
1,124
140
INSERT PICTURE HERE
SWEDEN
STOCKHOLM
1,660
121
TURKEY
ISTANBUL
1,630
173
BIRMINGHAM
2,195
163
GLASGOW
2,109
166
UK
LONDON
2,668
213
MANCHESTER
2,309
178
ABU DHABI
1,662
100
UNITED ARAB EMIRATES
DUBAI
1,662
100
46
47
Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
TRINITY LIFE SCIENCES - UK
Average Costs at a Glance in USD/SF
COUNTRY
CITY
FIT OUT
REINSTATEMENT
COUNTRY
CITY
FIT OUT
REINSTATEMENT
ARMENIA
HUNGARY
BUDAPEST
136
11
YEREVAN
96
10
AZERBAIJAN
IRELAND
DUBLIN
251
27
BAKU
105
12
BAHRAIN
ISRAEL
TEL-AVIV
201
13
MANAMA
213
11
BELGIUM
MILAN
136
15
BRUSSELS
181
20
ITALY
BOTSWANA
ROME
136
15
GABORONE
64
12
BULGARIA
JORDAN
AMMAN
82
8
SOFIA
94
11
CROATIA
KAZAKHSTAN
ASTANA
96
12
ZAGREB
82
12
CZECH REPUBLIC
KUWAIT
KUWAIT
213
11
PRAGUE
138
12
INSERT PICTURE HERE
DENMARK
KYRGYZSTAN
BISHKEK
96
12
COPENHAGEN
273
14
ESTONIA
LATVIA
RIGA
131
16
TALLINN
145
16
EGYPT
LITHUANIA
VILNIUS
131
16
CAIRO
193
17
FINLAND
MOROCCO
RABAT
87
14
HELSINKI
175
13
FRANCE
NETHERLANDS
AMSTERDAM
136
16
PARIS
164
15
GEORGIA
NORWAY
OSLO
193
14
TBILISI
96
10
POLAND
WARSAW
143
15
BERLIN
255
23
PORTUGAL
LISBON
126
19
FRANKFURT
263
23
GERMANY
QATAR
DOHA
213
11
HAMBURG
274
23
ROMANIA
BUCHAREST
118
11
MUNICH
265
23
GREECE
SAUDI ARABIA
RIYADH
224
11
ATHENS
126
12
48
49
Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
KLEPIERRE - SPAIN
COUNTRY
CITY
FIT OUT
REINSTATEMENT
SERBIA
BELGRADE
87
11
SLOVAKIA
BRATISLAVA
142
14
SLOVENIA
LJUBLJANA
98
11
CAPE TOWN
186
13
SOUTH AFRICA
JOHANNESBURG
176
12
BARCELONA
129
16
SPAIN
MADRID
123
15
SWEDEN
STOCKHOLM
181
13
TURKEY
ISTANBUL
178
19
BIRMINGHAM
240
18
Looking to go beyond market averages and understand costs based on your unique construction requirements?
GLASGOW
230
18
UK
LONDON
291
23
MANCHESTER
252
19
ABU DHABI
181
11
UNITED ARAB EMIRATES
DUBAI
181
11
REACH OUT NOW
TO ENGAGE ONE OF OUR EXPERTS.
50
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
TAKEDA - SPAIN
Servicing Projects Across the Real Estate Life Cycle PROJECT AND DEVELOPMENT SERVICES (PDS) PROVIDES STRATEGIC EXPERTISE AND IS A TRUSTED PARTNER FOR OCCUPIERS AND INVESTORS TO MANAGE THEIR CAPITAL EXPENDITURE AND PROJECT DELIVERY IN EMEA. By seeing things differently, we anticipate market changes and are first to capitalise, ensuring clients and the business can be what’s next in their respective sectors. Leveraging our global networks and local experience, we prudently optimise capital expenditure and deliver integrated design, project and construction management services for our clients. We listen closely to our clients, fully understanding their projects’ goals and business needs while driving business results well beyond project delivery “on time and on budget”. Our interdisciplinary teams use data- driven, predictive analytics to provide strategic and forward-looking advice to guide our clients through the entire real estate decision-making process, unearthing innovative facility solutions critical for productivity and maximising return on investment.
TECHNICAL ADVISORY & DUE DILIGENCE REPORTING DEVELOPMENT & COMMERCIAL ADVISORY WORKPLACE STRATEGY DESIGN SUSTAINABILITY ADVISORY
DESIGN & BUILD PROJECT MANAGEMENT COST MANAGEMENT CONSTRUCTION MANAGEMENT
MANAGEMENT
WHO WE SERVE • Multinational Corporations
• Regional Companies • National Mid-Caps
• Local Enterprises • Owner-Occupiers • Public Sector & Institutions
MULTI-SERVICE CLIENTS GLOBAL OCCUPIER SERVICES
TECHNICAL ACCOUNT MANAGEMENT KEY ACCOUNTS PROGRAMME
52
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Cushman & Wakefield
EMEA Office Fit Out Cost Guide 2026
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles , the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com
Contact RESEARCH
Dr. Dominic Brown Head of International Research dominic.brown@cushwake.com
PROJECT & DEVELOPMENT SERVICES (PDS)
Tom Gibson President, PDS, Sustainability and Data Centre Group, APAC & EMEA tom.gibson@cushwake.com EMEA
Nic Wilkinson Vice President, Project &
Camilla Bastoni Client Services, Project &
Development Services, EMEA nic.wilkinson@cushwake.com
Development Services, EMEA camilla.bastoni@cushwake.com
Daciana Hagea daciana.hagea@cushwake.com BELGIUM & LUXEMBOURG Martin Wellnitz martin.wellnitz@eur.cushwake.com GERMANY Lamberto Agostini lamberto.agostini@cushwake.com ITALY
Glyn Evans glyn.evans@cushwake.com CZECH REPUBLIC Márton Mocsári Marton.Mocsari@cushwake.com HUNGARY Frank Okker frank.okker@cushwake.com NETHERLANDS Eliška Košová eliska.kosova@cushwake.com SLOVAKIA Amy Cooper amy.cooper@cushwake.com UNITED KINGDOM
Stephane de Bouard stephane.debouard@cushwake.com FRANCE
Louise Dwyer louise.dwyer@cushwake.com IRELAND Andrew Frizell andrew.frizell@cushwake.com POLAND Carlos Pueyo carlos.pueyo@cushwake.com SPAIN
Vitor Cajus vitor.cajus@cushwake.com PORTUGAL
Marlene Wiberg marlene.wiberg@cushwake.com SWEDEN
Andy Jansen President, Americas andy.jansen@cushwake.com AMERICAS
Andrew Carmichael Senior Director, Asia Pacific andrew.carmichael@cushwake.com ASIA PACIFIC
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