New York City experienced the largest increase in office fit-outs cost last year, with costs soaring by 14% to $213 per square foot according to a recent Office Fit Out Cost Guide published by Cushman & Wakefield. Electrical expenses accounted for the largest portion of fit out costs at 21%, followed by mechanical costs at 18%. Despite rising prices and challenges such as material delays and labor expenses, many businesses are upgrading their office spaces in order to attract employees in a hybrid work environment. However, economic uncertainty and rising interest rates may impact planned construction projects which could affect new constructions, renovations, and conversions/redevelopments.
“Chandler Outpatient Center Sold for $30 Million”
The Chandler Medical Pavilion, a state-of-the-art outpatient medical building spanning 65,931 square feet, has been acquired by Montecito Medical Real
Steve Griffin
January 9, 2025
