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What Are Most, and Least Expensive Cities to Build Out?
JLL launched the U.S. Fit Out Guide to find out exactly what it costs to build out space across 51 U.S. markets. The Silicon Valley was the most expensive city, mainly because of high materials and labor costs, and was followed by San Francisco, New York City and Detroit. The least expensive was Washington, D.C., thanks to substantially large concession packages.
The 2017 national averages included:
- $196.49 cost per-square-foot to build out an office
- $43.61 in landlord provided tenant improvement allowances per-square-foot
- $152.88 out of pocket costs per-square-foot
Top 10 Most Expensive Cities
- Silicon Valley: $199.22
- Sacramento: $198.24
- Long Island: $196.18
- San Francisco: $192.13
- New York: $179.13
- New Jersey: $177.82
- North San Francisco Bay: $177.63
- Detroit: $175.13
- Chicago: $174.70
- Louis: $169.19
Top 10 Least Expensive Cities
- Washington: $103.88
- Houston: $117.47
- West Palm Beach: $117.56
- Hampton Roads: $126.65
- Atlanta: $128.83
- Los Angeles: $130.68
- Seattle: $133.12
- Raleigh Durham: $134.07
- Baltimore: $134.53
- Fort Worth: $134.66
The firm leveraged nearly 2,500 of its own projects, and 2,100 of JLL Research lease transactions to come up with the costs.
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