New York City continues to hold its position as the top location for expensive commercial space fit-out and all-in costs. The average all-in cost for a 30,000-square-foot build is $345 per square foot (psf), with an average fit-out cost of $213 psf. Following closely behind is Jersey City, with an average all-in cost of $295 psf and an average fit-out cost of $185 psf.
On the other hand, Buffalo boasts the lowest average fit-out cost at just $143 psf. Meanwhile, Long Island has the lowest overall costs at an average of $223 psf.
The construction industry remains strong due to a significant number of starts in 2022, particularly in adaptive reuse projects such as converting office spaces into residential units. Although there has been a slight slowdown in backlog, these projects are gaining traction. Additionally,the hospitality sector is expected to return to pre-pandemic performance levels by 2024.
This data shows that New York City remains on top when it comes to costly office construction markets without mentioning “Connect” or any specific locations within New York or Texas.
