North America Industrial Construction Cost Guide 2023

INDUSTRIAL
INDUSTRIAL
CONSTRUCTION
CONSTRUCTION
COST
COST
GUIDE
GUIDE
2023
2023
NORTH AMERICA

INTRODUCTION
INTRODUCTION
Construction activity in the
industrial sector has raced to
keep up with robust demand
of the last two years in North
American markets. While industrial
construction pipelines continue
at historically high levels, the
sector is facing several headwinds.
Pandemic-related supply chain
constraints, which helped drive
commodities costs up, continue to
have a lingering impact on overall
costs and material lead times.
A significantly higher interest
rate environment in the United
States provides additional upward
pressure to costs. The fed rate
is currently 4.25%-4.5% up from
nearly zero in March 2022. As the
sector faces a potential cooling
down in 2023, we are closely
monitoring the costs and material
lead times which could allow
projects more flexibility in their
delivery timelines.
The Guide includes comprehensive construction
costs including all relevant trade codes, general
conditions, fees and contingency. The Guide
specifically excludes FF&E, IT, audio/visual,
and security cost for the office component and
soft costs or purchase of land for the overall
industrial project.
43
MARKETS IN
NORTH AMERICA
2 NORTH AMERICA INDUSTRIAL CONSTRUCTION COST GUIDE 2023

KEY
KEY
TAKEAWAY
TAKEAWAY
ECONOMIC OVERVIEW
Strong demand for industrial properties, fueled in great part by the rise
in e-commerce, has led to historic levels of construction in the sector.
Competition for materials in a commodity constrained market, coupled
with inflationary pressures, has driven construction costs higher across
all real estate sectors.
Commodities Pricing Update: Pandemic related supply chain
constraints, which led to elevated commodities pricing, have begun
to ease. Bottlenecks of container ships at ports are no longer the
norm. According to FreightWaves, North American container ship
traffic on November 23rd was down 60% from recent highs. Only 59
container ships were waiting for a berth. However, this was still above
pre-pandemic levels, which were typically in single digits. The easing of
traffic at ports may signal forthcoming easing of materials availability.
That said, due to continued pent up demand, costs have not fallen to
pre-pandemic levels.
Concrete pricing has increased 14% from Q3 2021 and is currently at its
peak pricing and YoY growth. Though pricing is unlikely to fall, the rate
of growth will slow to more moderate levels in the next couple years.

COMMODITY PRICE INCREASES MODERATING
Cost Index for Lumber, Steel and Copper
C U S H M A N & W A K E F I E L D
• Steel prices remain elevated
at a 20% increase year-over-
year (YoY). Prices are
forecast to drop slightly
and level out over the next
couple of years.
• After reaching peak levels
in 2021 Q2, lumber pricing
has moderated, registering
a 6% increase YoY. Pricing
is forecast to level out but
remain above pre-pandemic
levels for the next few years.
• Copper prices have faced
significant volatility, but
after hitting a peak at the
beginning of this year, 2022
Q1, they have fallen 16% on a
YoY basis. A modest drop in
prices is forecast for 2023.
Source: U.S. Bureau of Labor Statistics (BLS); Moody’s Analytics Forecasted
0
100
200
300
400
500
600
700
800
Cost
Index
Forecast Lumber Steel (Pipe and Tube) Copper
-16%
decrease
YOY
6%
increase
YOY
20%
increase
YOY
CUSHMAN & WAKEFIELD 3

2
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/deloitte-2019 millennialsurvey.pdf
CONTRACTORS AND SUPPLIERS ANTICIPATE RISING PRICES
Cushman & Wakefield Construction Contractor
Sentiment Survey, December 2022
Building Costs Moderate: Easing in materials pricing has
led to slower increases of building costs. The annual change
in the ENR building cost index was still elevated at 11.4% in
2022 Q3, though down from 15.4% the previous quarter.
Building costs are forecast to ease next year and level out
in the longer term. However, an influx of capital from the
federal Infrastructure Investment and Jobs Act, the CHIPS
Act and the Inflation Reduction Act will fuel continued
construction growth in the near term, potentially delaying a
return to pre-pandemic pricing.
• A component of the ENR building cost index is skilled
labor, which includes union wages plus fringe benefits
for carpenters, bricklayers and iron workers. Skilled
labor costs grew 3.5% YoY, their largest annual increase
in 10 years, illustrating labor constraints and inflationary
impact on wages.
• Another important consideration in the coming quarters
will be construction financing. In the current climate, it
has become increasingly difficult to finance new projects.
While this won’t necessarily impact projects already
underway, it could have a dampening impact on the
longer-term pipeline.
6% 6%
16%
13%
25%
19%
63%
41%
63%
63%
16%
44%
6%
13%
0%
20%
40%
60%
80%
100%
General
Contractors
GC's Subs &
Suppliers
General
Contractors
GC's Subs &
Suppliers
Decreased Slightly No Change
Increased Slightly Increased Significantly
Past 6 Months Next 6 Months
Source: Cushman & Wakefield Research
KEY
KEY
TAKEAWAY
TAKEAWAY
Despite slower rate of cost
escalation, according to
the Cushman & Wakefield
contractor sentiment survey1
,
GCs generally expect costs
to continue to increase in the
next six months. 65% of GCs
expect their costs to increase
slightly (63%) to significantly
(6%), while 76% expect their
supplier prices to increase
(13%). This sentiment is more
optimistic than a year ago
when 96% of GCs expected
their supplier prices to
increase slightly (64%) to
significantly (32%).
1 During the fall of 2022, Cushman & Wakefield surveyed
over 50 general contractors across North America focusing
on industrial projects. The survey gauged their sentiment on
topics related to costs, labor and material lead times, among
others.

KEY
KEY
TAKEAWAY
TAKEAWAY
• Labor constraints will
continue to impact
construction employment in
the near-term. An increase
in retirements due to an
aging workforce, coupled
with a lack of young workers
from the overall talent pool
is impacting wages and
costs as well as project
timelines. The introduction
of skills-based programs for
young workers in addition
to competitive wages may
help fill the talent gap in
the coming years. A recent
survey by The Associated
General Contractors of
America (AGC) found that
70% of respondent firms
plan to increase headcount
in 2023, however, over 80%
are having difficulty filling
open positions. Additionally,
the AGC survey indicates
that companies will increase
pay (72% of respondent
firms), provide incentives
and bonuses and increase
their corresponding payment
of benefit packages to retain
and attract talent.
Employment and Construction: Non-residential new
construction starts accelerated in 2022. After slowing from
February to April 2021, starts accelerated and peaked in
September 2022 at a 32.7% increase on a YoY basis. While
increased materials costs did not slow starts in 2022, the
addition of accelerated interest rate increases on financing
could slow the growth as costs are compounded.
• U.S. construction employment grew 3.8% YoY basis in
2022 Q3. Wages in the construction sector have risen at a
faster pace in order to attract talent in a labor constrained
market. On a YoY basis, wages grew 11.4% in 2022 Q3.
• Canadian construction employment grew nearly 6.0%
YoY as of 2022 Q2, while wages grew 3.5% YoY. Wage
growth have been more moderated in Canada. However,
inflationary pressures may impact near-term wage
growth.
NEW CONSTRUCTION STARTS ACCELERATED THROUGH 2022
Value of New Construction Starts: Non-Residential Buildings, 12-Month Trailing Average
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
Millions
USD,
SAAR
Source: Dodge Data & Analytics: New Construction Starts Report
Non-residential
building starts
declined 19.9% from
February 2020 to
April 2021.However,
industrial starts did not
decline over this period.
As of September 2022,
non-residential starts
rose 32.7% year-over-
year.

KEY
KEY
TAKEAWAY
TAKEAWAY
Construction contractors
expect increased challenges
in project execution timelines
and material lead times. The
vast majority (85%) expect
slight (66%) to significant
(19%) increases in material
lead times. This is marginally
more optimistic than
sentiment from a year ago
when 88% of GCs expected
material lead times to increase
(52%). While the industry may
see material lead times easing,
significant issues remain with
electrical gear and regionally
with core materials, such as
cement and sand.
LEAD AND EXECUTIONS TIMES ARE EXPECTED
TO CONTINUE TO INCREASE
Cushman & Wakefield Construction Contractor
Sentiment Survey, December 2022
Construction Timelines: Cushman & Wakefield’s
construction contractor sentiment survey indicates
that material lead times and project execution timelines
continued to increase in the last six months. Of
contractors responding, 44% believe that lead times
had remained constant (38%) or decreased slightly
(6%); the remaining 56% of respondents believe lead
times increased slightly (38%) or significantly (19%)
over the previous six months. Project execution delays
have been more challenged. Only 9% didn’t experience
increases while 86% saw slight (69%) to significant (19)
increases. A recent report from Associated Builders
and Contractors points to project backlog increases
in commercial construction2
. As of November 2022,
the backlog increased to 9.1 months, the highest level
since 2019 Q2, indicating that timelines will remain
constrained. Large commercial projects have been a
major contributor to backlog increases.
6% 3% 6%
38%
9%
9%
3%
38%
69% 66%
72%
19% 19% 19% 22%
0%
20%
40%
60%
80%
100%
Material
Lead Times
Project
Execution
Time
Material
Lead Times
Project
Execution
Time
Decreased Slightly No Change
Increased Slightly Increased Significantly
Past 6 Months Next 6 Months
2 Commercial, Institutional and Health Care Construction Drive ABC’s Backlog Indicator
to Highest Level Since Q2 2019”; Associated Builders and Contractors; https://www.abc.
org/News-Media/News-Releases/entryid/19722/commercial-institutional-and-health-
care-construction-drive-abcs-backlog-indicator-to-highest-level-since-q2-2019; accessed
December 16, 2022.

INDUSTRIAL MARKET UPDATE
Growth in Industrial Demand: The industrial sector has been among
the winners in the wake of the pandemic. Skyrocketing e-commerce
demand—along with focus on improved supply chains and increased
interest in manufacturing onshore—has driven North American industrial
demand over the past three years. In the U.S. alone, over 1.3 billion
square feet (bsf) was absorbed between 2020 and the end of 2022.
That is 56% higher than the next best three-year period (2017-2019)
and is 100 msf larger than all of the industrial space in the Americas’
largest market, Chicago. Looking forward, e-commerce demand may
be easing but retail, manufacturing, battery manufacturing and storage,
semiconductor manufacturing and specialty use demand is replacing it.
KEY
KEY
TAKEAWAY
TAKEAWAY
Record demand has driven
sub-4% vacancy rates across
the region. As of Q4 2022, the
national Canadian vacancy
rate was 1.4%, the U.S. 3.3%,
and both Mexico City and
Monterrey, Mexico were below
3%. As vacancy has grown
tighter industrial asking
rents have increased. In Q4
2022, U.S. asking rents were
up 18.6% YoY and up 38%
since the beginning of the
pandemic. Canadian asking
rents have increased even
more substantially: up 45%
YoY and 81% since Q4 2019.
Latin American rents are down
from pre-pandemic highs but
have increased by 12% YoY.
STRONGEST 3-YEAR PERIODS OF NET ABSORPTION (MSF)
0
100
200
300
400
500
600
#4
721 MSF
#5
684 MSF
#3
838 MSF
#2
854 MSF
#1
1,336 MSF

KEY
KEY
TAKEAWAY
TAKEAWAY
Project costs and timelines
continue to be impacted by
record levels of industrial
construction. Even as the
pandemic’s negative impact
on supply chains lessens,
materials and labor challenges
remain, making it difficult
for developers, landlords
and occupiers to complete
industrial projects on time
and on budget. Given recent
occupier demand, a significant
slowdown in the construction
pipeline is not likely anytime
soon.
INDUSTRIAL DELIVERIES DURING THE
PANDEMIC, BY QUARTER
Record Level of Construction: New supply has not been
able to keep up with industrial demand, but certainly not
for lack of trying. Since the beginning of the pandemic,
over 2.1 bsf of industrial space has been delivered across
the globe. The Americas has accounted for 62% of that
new construction—1.2 bsf in the U.S., 68.4 msf in Canada
and 34 msf in Latin America. Additionally, a record level
of industrial space under construction remains. The
731 msf of space under construction in the Americas
represents 4.0% of current industrial inventory in the
region.
*Q4 2022 data not available for other regions at time of publication.
0
50
100
150
200
250
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
MSF
APAC LATAM Greater China Canada EMEA United States

KEY
KEY
TAKEAWAY
TAKEAWAY
The pipeline remains
strong, with over 230 msf
of industrial space currently
under construction in the
five markets with the largest
pipeline. Five U.S. Sunbelt
markets have construction
pipelines above 10% of current
inventory: Phoenix, Savannah,
Las Vegas, Charleston, Austin
and Fredericksburg. Outside
of the U.S., Toronto has the
most construction activity
(21 msf) while Mexico City,
Vancouver and Calgary each
have between 8 and 9 msf
under construction. The two
Mexico markets Cushman &
Wakefield tracks—Mexico City
and Monterrey—and three
Canadian markets— Calgary,
Vancouver and London—have
construction pipelines that
amount to over 3.0% of
current inventory.
Construction Activity in Key Markets:
Construction activity has been broad-
based as demand for additional space
has been strong across the region.
Since the beginning of 2020, eight
different markets have seen more than
50 msf of new construction delivered
and 19 markets have seen more
than 20 msf. This is led by large U.S.
Sunbelt markets—Dallas/Ft. Worth,
Atlanta and Houston—and major
Midwest industrial hubs—Chicago and
Indianapolis. Outside the U.S., recent
deliveries have been largest in Sao
Paulo (27 msf) and Toronto (34 msf).
On a percentage basis, smaller
Sunbelt markets have led the way.
More than a fifth of current inventory
has been delivered in the past three
years in Birmingham, Savannah and
Austin. Already large industrial hub
markets have added approximately
15% of inventory: Pennsylvania
I-81/I-78 Distribution Corridor (18%),
Indianapolis (16%), Phoenix (115%) and
Houston (14%).
SHARE OF INVENTORY: COMPLETIONS SINCE BEGINNING OF
PANDEMIC (Q1 2020-Q4 2022)
ABSOLUTE BASIS: COMPLETIONS SINCE BEGINNING OF
PANDEMIC (Q1 2020-Q4 2022)
0 20 40 60 80
Dallas/Ft. Worth
Houston
Atlanta
Chicago
PA I-81/I-78 Corridor
Phoenix
Inland Empire
Indianapolis
Toronto
Memphis
Columbus
Savannah
Sao Paulo
Kansas City
New Jersey - Central
Mexico City
Philadelphia
Denver
Salt Lake City
Nashville
Las Vegas
Louisville
Charlotte
Central Valley CA
MSF
West
South
Northeast
Midwest
Latin America
Canada
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
70
80
90
Birmingham
Savannah
Austin
Palm
Beach
County
Indianapolis
Boise
Phoenix
Houston
Las
Vegas
Fredericksburg
Salt
Lake
City
Colorado
Springs
Charleston
Philadelphia
Memphis
Columbus
Central
Valley
CA
Tampa
Louisville
Atlanta
Share
of
Current
Inventory
MSF
Total Completions Since 2020 Share of Inventory (rhs)
*Latin America as of Q3 2022

CURRENTLY UNDER CONSTRUCTION
Markets with largest amount of square footage under construction
(as of Q4 2022)
National and Market Vacancy Rates: The majority of North
American industrial markets currently have vacancy rates
below 5.0%, including 73 U.S. markets, 11 Canadian markets
and both markets in Mexico. In most cases, vacancies are
considerably tighter than was experienced during the
2000s expansion. In fact, even if all of the space currently
under construction (731 msf) across the Americas were to
deliver without any of it being leased, region-wide vacancy
would remain below 7.0%, and North American vacancy
(U.S. & Canada) would still be 7.2%.
• The ongoing tight market conditions and competition for
space saw another quarter of rent growth in Q4 2022,
increasing 18.6% YoY. At $8.81 per square foot (psf),
Q4 2022 is the third quarter to eclipse $8.00 psf in U.S.
industrial history. Asking rental rate growth will persist
going forward. However, growth rates are projected to
moderate compared to the double-digit growth rates
observed in recent quarters as the pipeline brings more
space to the market. There will be a flight to the quality
space that comes online.
0%
3%
6%
9%
12%
15%
18%
21%
24%
0
10
20
30
40
50
60
70
80
MSF
Under Construction UC as % of Inventory
*Mexico as of Q3 2022
KEY
KEY
TAKEAWAY
TAKEAWAY
Even with all of the
aforementioned construction
likely outpacing tenant
demand over the next
few years, vacancy rates
are expected to stay near
historical lows. National U.S.
vacancy is forecast to increase
by 100-130 basis points in
2023, still a healthy level for
the U.S. market.

AMERICAS OFFICE FIT-OUT COST GUIDE 2022
VACANCY RATES REMAIN BELOW PREVIOUS LOWS
Select markets, U.S. & Canada
0%
2%
4%
6%
8%
10%
12%
Q4 2022 Prior Cycle Lows (2002-2007)
Source: Cushman & Wakefield

INDUSTRIAL
INDUSTRIAL
COST
COST
COMPARISONS
COMPARISONS
USING THE GUIDE
Estimated costs provided herein
are indicative of market averages
based on certain assumptions.
Exact costs for specific projects
may differ to those presented
here, and so we recommend
engaging a Cushman & Wakefield
Project & Development Services
professional to advise on precise
costings based on your unique
construction requirements.

MOST EXPENSIVE
MOST EXPENSIVE
AND
AND
COST-EFFECTIVE
COST-EFFECTIVE
MARKETS
MARKETS
North American costs for industrial properties averaged
$84 psf for medium size projects (476,400 sf) and $78 psf
for large size projects (901,000 sf).
> The priciest markets are located in Western U.S. and Canada. Of the top six most
expensive markets, four are located on the West Coast and two are located in
Canada. The most expensive market is Portland, where costs for medium size
projects average $105 psf and large size projects average $98 psf.
Portland
Medium - $105 psf
Large - $98 psf
Calgary
Medium - $101 psf
Large - $98 psf
San Diego
Medium - $101 psf
Large - $92 psf
Seattle
Medium - $100 psf
Large - $92 psf
Oakland
Medium - $100 psf
Large - $93 psf
Montreal
Medium - $97 psf
Large - $93 psf
> The most cost-effective
markets include a mix of
markets in Mexico and the
midwestern and southern U.S.
• Houston
• Memphis
• Mexico City
• Guadalajara
• Nashville
• Louisville

BREAKDOWN
BREAKDOWN
OF EXPENSES
OF EXPENSES
BY CATEGORY
BY CATEGORY
The second highest cost
category is building
enclosure (exterior wall,
exterior panels, windows,
roofing, exteriors doors,
etc.) at 24% of total for both
medium and large projects.
Site work accounts for 17% of
total costs across all markets
and project size.
Across all markets and project
sizes, the structural (slab on
grade and structural framing
system) is the largest category
of fit-out costs, accounting for
25% of the total.
25%
25% 24%
24% 17%
17%
7%
7% 6%
6% 5%
5%
Costs are broken out into six major categories:
Site Work; Base Building Structural & Enclosure;
Base Building Architectural; Base Building MEP;
GC’s and GR’s & Fee; and Contingency

PDS AMERICAS
PDS AMERICAS
COST GUIDE –
COST GUIDE –
PRICING CRITERIA
PRICING CRITERIA
METHODOLOGY
• The industrial build-to-suit project data is based on
modern-day distribution centers for two different
sizes (476,400 RSF and 901,000 RSF). Office and
other ancillary spaces customary in a distribution
facility are included. The intended construction of
the building is either precast insulated panels or
tilt-up concrete panels with steel frame. The roof is
a Thermoplastic Polyolefin (TPO) roof pitched to
overflow scuppers for drainage. Floors are 8” thick
slab with reinforced 4,000 psi concrete. Each building
size has appropriate quantities of dock doors, levelers
and drive-in ramps and overhead door. The office
area is constructed with basic finishes excluding
Furniture, Fixtures or Equipment (FF&E) and low
voltage cabling, security or audio/visual equipment
and systems. The office area is fully conditioned
space with the warehouse unconditioned. Warehouse
includes LED high-bay lighting.
• Allowances for site concrete, paving, landscaping,
storm retention and site utilities are included. The
pricing does not include soft costs or purchase of land.
• Given the fluidity of the construction market, a ten
percent (10%) contingency allowance has been
included in the cost.
• Costs in this guide were compiled from responses
to a survey of general contractors (GCs) focused on
industrial properties. 50 GCs representing 43 North
American markets responded to the survey.
DISTRIBUTION CENTER COSTS
Medium and Large Projects by Market
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
Portland
Calgary
San
Diego
Seattle
Oakland
Montreal
Central
Valley,
CA
Vancouver
Denver
Phoenix
Salt
Lake
Los
Angeles
Greensboro
Greenville
Miami
Charlotte
Orange
Co.
Dallas
Inland
Empire
Chicago
Cleveland
Toronto
Pittsburgh
Minneapolis
Atlanta
New
Jersey
Philadelphia
Indianapolis
Columbus
Milwaukee
Penn
Corridor
Monterrey
St.
Louis
Cincinnati
Detroit
Kansas
City
Baltimore
Louisville
Nashville
Guadalajara
Mexico
City
Memphis
Houston
Medium (476,400 RSF) Large (901,000 RSF)
Source: Cushman & Wakefield Project & Development Services

COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
$0 $50 $100
Portland
San Diego
Seattle
Oakland
Central Valley, CA
Denver
Phoenix
Salt Lake
Los Angeles
Greensboro
Greenville
Miami
Charlotte
Orange Co.
Dallas
Inland Empire
Chicago
Cleveland
Pittsburgh
Minneapolis
Atlanta
New Jersey
Philadelphia
Indianapolis
Columbus
Milwaukee
Penn Corridor
St. Louis
Cincinnati
Detroit
Kansas City
Baltimore
Louisville
Nashville
Memphis
Houston
SEGMENT COST BY MARKET (MEDIUM PROJECTS)
Site Work
Base Bldg Structural &
Enclosure
Base Building Architectural
Base Bldg MEP
GC’s and GR’s & Fee
Contingency
United States
MEDIUM PROJECTS (476,400 RSF)

SEGMENT COST COMPOSITION BY MARKET (MEDIUM PROJECTS)
0% 20% 40% 60% 80% 100%
Portland
San Diego
Seattle
Oakland
Central Valley, CA
Denver
Phoenix
Salt Lake
Los Angeles
Greensboro
Greenville
Miami
Charlotte
Orange Co.
Dallas
Inland Empire
Chicago
Cleveland
Pittsburgh
Minneapolis
Atlanta
New Jersey
Philadephia
Indianapolis
Columbus
Milwaukee
Penn Corridor
St. Louis
Cincinnati
Detroit
Kansas City
Baltimore
Louisville
Nashville
Memphis
Houston
Site Work
Enclosure
Base Bldg MEP
Contingency

$0 $50 $100
Portland
Oakland
Seattle
San Diego
Denver
Phoenix
Salt Lake
Central Valley, CA
Dallas
Los Angeles
Greensboro
Greenville
Orange Co.
Charlotte
Miami
Inland Empire
Cleveland
Indianapolis
Chicago
Atlanta
Columbus
Minneapolis
Cincinnati
Milwaukee
Pittsburgh
Louisville
St. Louis
Detroit
Kansas City
Nashville
New Jersey
Philadelphia
Baltimore
Penn Corridor
Memphis
Houston
SEGMENT COST BY MARKET (LARGE PROJECTS)
Site Work
Enclosure
Base Bldg MEP
Contingency
COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
United States
LARGE PROJECTS (901,000 RSF)

SEGMENT COST COMPOSITION BY MARKET (LARGE PROJECTS)
0% 20% 40% 60% 80% 100%
Portland
Oakland
Seattle
San Diego
Denver
Phoenix
Salt Lake
Central Valley, CA
Dallas
Los Angeles
Greensboro
Greenville
Orange Co.
Charlotte
Miami
Inland Empire
Cleveland
Indianapolis
Chicago
Atlanta
Columbus
Minneapolis
Cincinnati
Milwaukee
Pittsburgh
Louisville
St. Louis
Detroit
Kansas City
Nashville
New Jersey
Philadelphia
Baltimore
Penn Corridor
Memphis
Houston
Site Work
Enclosure
Base Bldg MEP
Contingency

$0 $20 $40 $60 $80 $100 $120
Calgary
Montreal
Vancouver
Toronto
0% 20% 40% 60% 80% 100%
Calgary
Montreal
Vancouver
Toronto
SEGMENT COST COMPOSITION BY MARKET
SEGMENT COST BY MARKET
Site Work
Enclosure
Base Bldg MEP
Contingency
COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
Canada (USD)

$0 $20 $40 $60 $80 $100 $120
Calgary
Montreal
Vancouver
Toronto
0% 20% 40% 60% 80% 100%
Calgary
Montreal
Vancouver
Toronto
Site Work
Enclosure
Base Bldg MEP
Contingency
COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
Canada (USD)

$0 $20 $40 $60 $80 $100
Monterrey
Guadalajara
Mexico City
0% 20% 40% 60% 80% 100%
Monterrey
Guadalajara
Mexico City
Site Work
Enclosure
Base Bldg MEP
Contingency
COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
Mexico (USD)

$0 $20 $40 $60 $80
Monterrey
Guadalajara
Mexico City
0% 20% 40% 60% 80% 100%
Monterrey
Guadalajara
Mexico City
Site Work
Enclosure
Base Bldg MEP
Contingency
COSTS BY SEGMENT
COSTS BY SEGMENT
AND MARKET
AND MARKET
Mexico (USD)

COSTS BY MARKET
COSTS BY MARKET
LARGE PROJECTS (901,000 RSF): ALL MARKETS
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
Northeast US Eastern US Midwest US Southeast US Southwest US Western US Canada Mexico
MEDIUM PROJECTS (476,400 RSF): ALL MARKETS
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
Northeast US Eastern US Midwest US Southeast US Southwest US Western US Canada Mexico

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
3. All costs in USD; conversions made using 2022 rates
LOCAL MARKET DATA
LOCAL MARKET DATA
ATLANTA
Medium Large
Site Work $12.18 $11.55
Base Bldg Structural & Enclosure $42.30 $38.57
Base Bldg Architectural $5.12 $6.76
Base Bldg MEP $5.71 $5.27
GC's and GR's & Fee $6.90 $5.71
Contingency $6.83 $6.42
Total Cost $79.03 $74.27
CENTRAL VALLEY, CA
Medium Large
Site Work $12.59 $10.69
GC's and GR's & Fee $8.53 $7.07
Total Cost $93.88 $87.10
CHICAGO
Medium Large
Site Work $12.97 $12.40
GC's and GR's & Fee $5.53 $4.48
Total Cost $82.77 $76.42
BALTIMORE
Medium Large
Site Work $16.91 $13.81
GC's and GR's & Fee $2.88 $1.88
Total Cost $75.99 $68.72
CHARLOTTE
Medium Large
Site Work $16.77 $15.02
GC's and GR's & Fee $7.59 $6.79
Total Cost $86.63 $80.31
CINCINNATI
Medium Large
Site Work $15.98 $13.03
GC's and GR's & Fee $4.88 $3.61
Total Cost $76.81 $72.55

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
CLEVELAND
Medium Large
Site Work $16.94 $13.81
GC's and GR's & Fee $5.17 $3.83
Total Cost $81.41 $76.91
DALLAS
Medium Large
Site Work $14.48 $15.53
GC's and GR's & Fee $4.12 $3.54
Total Cost $85.79 $84.80
DETROIT
Medium Large
Site Work $11.93 $11.41
GC's and GR's & Fee $5.09 $4.12
Total Cost $76.15 $70.31
COLUMBUS
Medium Large
Site Work $16.30 $13.29
GC's and GR's & Fee $4.97 $3.68
Total Cost $78.34 $74.01
DENVER
Medium Large
Site Work $17.09 $19.85
GC's and GR's & Fee $2.81 $2.62
Total Cost $91.61 $89.40
GREENSBORO
Medium Large
Site Work $17.06 $15.21
GC's and GR's & Fee $7.64 $6.73
Total Cost $87.78 $80.64

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
GREENVILLE
Medium Large
Site Work $16.54 $14.79
GC's and GR's & Fee $7.67 $6.77
Total Cost $87.39 $80.57
INDIANAPOLIS
Medium Large
Site Work $17.47 $15.44
GC's and GR's & Fee $2.97 $2.11
Total Cost $78.52 $76.83
KANSAS CITY
Medium Large
Site Work $11.93 $11.41
GC's and GR's & Fee $5.09 $4.12
Total Cost $76.15 $70.31
HOUSTON
Medium Large
Site Work $13.26 $9.29
GC's and GR's & Fee $3.68 $2.35
Total Cost $57.82 $48.34
INLAND EMPIRE
Medium Large
Site Work $11.04 $9.25
GC's and GR's & Fee $7.20 $5.99
Total Cost $85.25 $79.62
LOS ANGELES
Medium Large
Site Work $11.72 $9.84
GC's and GR's & Fee $7.42 $6.20
Total Cost $89.22 $83.01

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
LOUISVILLE
Medium Large
Site Work $15.66 $12.76
GC's and GR's & Fee $4.78 $3.54
Total Cost $75.27 $71.10
MIAMI
Medium Large
Site Work $13.62 $13.02
GC's and GR's & Fee $5.81 $4.70
Total Cost $86.91 $80.24
MINNEAPOLIS
Medium Large
Site Work $12.39 $11.84
GC's and GR's & Fee $5.28 $4.28
Total Cost $79.04 $72.98
MEMPHIS
Medium Large
Site Work $11.12 $10.54
GC's and GR's & Fee $6.30 $5.21
Total Cost $72.15 $67.81
MILWAUKEE
Medium Large
Site Work $12.26 $11.72
GC's and GR's & Fee $5.23 $4.23
Total Cost $78.22 $72.22
NASHVILLE
Medium Large
Site Work $11.46 $10.87
GC's and GR's & Fee $6.49 $5.37
Total Cost $74.38 $69.91

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
NEW JERSEY
Medium Large
Site Work $17.49 $13.97
GC's and GR's & Fee $2.97 $1.90
Total Cost $78.57 $69.49
ORANGE COUNTY
Medium Large
Site Work $11.38 $9.55
GC's and GR's & Fee $7.27 $6.06
Total Cost $86.54 $80.57
PHILADELPHIA
Medium Large
Site Work $17.49 $13.97
GC's and GR's & Fee $2.97 $1.90
Total Cost $78.57 $69.49
OAKLAND
Medium Large
Site Work $13.45 $11.42
GC's and GR's & Fee $8.95 $7.42
Total Cost $100.08 $92.64
PENN CORRIDOR
Medium Large
Site Work $17.22 $13.67
GC's and GR's & Fee $2.93 $1.86
Total Cost $77.36 $67.99
PHOENIX
Medium Large
Site Work $17.09 $19.85
GC's and GR's & Fee $2.81 $2.62
Total Cost $91.61 $89.40

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
PITTSBURGH
Medium Large
Site Work $17.76 $14.50
GC's and GR's & Fee $3.02 $1.98
Total Cost $79.79 $72.15
SALT LAKE CITY
Medium Large
Site Work $17.09 $19.85
GC's and GR's & Fee $2.81 $2.62
Total Cost $91.61 $89.40
SEATTLE
Medium Large
Site Work $13.20 $11.17
GC's and GR's & Fee $8.97 $7.42
Total Cost $100.36 $92.39
PORTLAND
Medium Large
Site Work $17.49 $15.14
GC's and GR's & Fee $9.01 $7.57
Total Cost $104.51 $98.04
SAN DIEGO
Medium Large
Site Work $12.94 $10.92
GC's and GR's & Fee $8.99 $7.42
Total Cost $100.65 $92.14
ST. LOUIS
Medium Large
Site Work $12.06 $11.53
GC's and GR's & Fee $5.15 $4.17
Total Cost $76.98 $71.07

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
CALGARY
Medium Large
Site Work $16.79 $18.88
GC's and GR's & Fee $6.18 $5.39
Total Cost $100.88 $97.84
TORONTO
Medium Large
Site Work $15.72 $14.54
GC's and GR's & Fee $3.72 $2.94
Total Cost $80.41 $72.74
MONTREAL
Medium Large
Site Work $14.24 $13.35
GC's and GR's & Fee $16.45 $15.10
Total Cost $96.69 $92.67
VANCOUVER
Medium Large
Site Work $14.21 $12.92
GC's and GR's & Fee $13.54 $13.13
Total Cost $92.58 $90.99

NOTES:
1. Medium (476,400 RSF)
2. Large (901,000 RSF)
LOCAL MARKET DATA
LOCAL MARKET DATA
GUADALAJARA
Medium Large
Site Work $7.48 $7.48
GC's and GR's & Fee $14.15 $14.15
Total Cost $74.06 $73.69
MONTERREY
Medium Large
Site Work $7.78 $13.55
GC's and GR's & Fee $14.71 $3.75
Total Cost $77.02 $75.46
MEXICO CITY
Medium Large
Site Work $7.48 $7.48
GC's and GR's & Fee $14.15 $14.15
Total Cost $74.06 $73.69

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers
exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest
real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries.
In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project
management, leasing, capital markets, valuation and other services.
To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
AUTHORS
CONTACTS
CONTACTS
REGIONAL PDS LEADS
Tom Gibson
Head of PDS, Asia Pacific
tom.gibson@cushwake.com
ASIA PACIFIC
Andrew Carmichael
Client Services, Asia Pacific
andrew.carmichael@cushwake.com
Nic Wilkinson
nic.wilkinson@cushwake.com
EMEA
BRIAN JAFFE
Western Region, Mexico + Latin America Lead
brian.jaffe@cushwake.com
RICHARD JANTZ
Tri-State Region Lead
richard.jantz@cushwake.com
TOM FIORETTI
Central Region + Canada Lead
tom.fioretti@cushwake.com
ADRIAN CONFORTI
Northeast Region Lead
adrian.conforti@cushwake.com
BRIAN UNGLES
Americas Leader
brian.ungles@cushwake.com
DAVID SMITH
Head of Occupier Insights
Global Research
david.smith4@cushwake.com
SANDY ROMERO
Research Manager
Global Research
sandy.romero@cushwake.com

North America Industrial Construction Cost Guide 2023

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