Insights
Italy Office Fit Out Cost Guide
Cushman & Wakefield's Office Fit Out Cost Guide provides a detailed analysis of construction costs related to fitting out office space for occupants in major global markets. Whether it's a basic, collaborative or advanced hybrid fit-out, the regional reports offer structured support for capital planning and relocation budgeting, including comprehensive sections on costs, which cover professional fees, supplies and furnishings, mechanical and electrical systems, construction works and ancillary expenses, as well as restoration costs for 144 cities worldwide.
The survey also analyses commercial activity levels, workload trends, labour cost trends and pricing dynamics, incorporating opinions gathered from industry operators over the last six to twelve months, while providing projections and forecast scenarios for the coming year.
Cushman & Wakefield's Office Fit Out Cost Guide provides a detailed analysis of construction costs related to fitting out office space for occupants in major global markets. Whether it's a basic, collaborative or advanced hybrid fit-out, the regional reports offer structured support for capital planning and relocation budgeting, including comprehensive sections on costs, which cover professional fees, supplies and furnishings, mechanical and electrical systems, construction works and ancillary expenses, as well as restoration costs for 144 cities worldwide.
The survey also analyses commercial activity levels, workload trends, labour cost trends and pricing dynamics, incorporating opinions gathered from industry operators over the last six to twelve months, while providing projections and forecast scenarios for the coming year.
Key Highlights
Italy remains one of the most attractive markets for office space fit-outs, thanks to a good balance between competitive costs and growing demand for high-quality properties, in a European economic context that is recovering but still influenced by high interest rates and inflationary pressures.
In Milan, average fit-out costs stand at around €1,200/m² according to the 2024 survey, with Rome in line with the same values, recording a modest increase of +3.5% compared to the previous year. Compared to other European markets, Italy ranks in the middle range: higher than Spain, where Madrid records €1,083/m², but well below the main northern markets such as Berlin (€2,333/m²) or London (€2,671/m²).
This value includes furnishings, technological systems, construction works, finishes, professional consulting and AV/IT systems, representing a significant investment in the life cycle of an office space. The 'high' range can reach up to €1,550/m², especially when including high-quality finishes, high-tech meeting spaces and sustainable materials, while 'low' values of €800/m² are also recorded.
Added to this are restoration costs (approximately €130/sq m), to be considered at the end of the lease, which are still low compared to those in the most expensive European capitals.
Fit out costs
(EURO PER SQUARE METRE)
| City | Low | Medium | High |
|---|---|---|---|
| Madrid | 739 | 1,083 | 1,409 |
| Milan | 800 | 1,200 | 1,550 |
| Rome | 800 | 1,200 | 1,550 |
| London | 1,618 | 2,671 | 3,966 |
| Berlin | 1,847 | 2,333 | 2,814 |
Contractor Sentiment Survey
Despite macroeconomic uncertainties, in 2024 the Italian market showed signs of stability, supported by stronger business confidence thanks to lower interest rates in the second half of the year. Demand is concentrated on Grade A buildings, which now account for a significant share of leases in major cities but face limited availability. Corporate real estate investments are focused on high-quality, well-served buildings with advanced services, while occupiers are looking for flexible, sustainable and wellness-oriented spaces where productivity and attractiveness to talent are becoming important drivers of choice.
This evolution of the Italian market indicates a structural change in occupiers' priorities: they are not just looking for space, but for a working environment that attracts talent, supports productivity and reflects corporate values. In this context, fit-outs become a strategic lever for differentiation and competitiveness. With costs still manageable compared to the main European markets and a growing focus on the quality of space, Italy is positioning itself as a mature, resilient market ready to seize new opportunities in the current recovery cycle.
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