Insights
Portugal Office Fit Out Cost Guide
Following a year of complex geopolitical dynamics and uneven economic performance, the EMEA Fit Out Cost Guide analyzes average fit out and reinstatement costs across 53 markets in Europe, the Middle East and Africa.
Despite headwinds, overall pricing in the region has remained relatively stable YOY, with wage growth, rather than materials, emerging as the primary cost driver. Contractor sentiment has strengthened, supported by easing supply chain disruptions and greater confidence in upcoming activity.
Key highlights of the EMEA 2026 analysis include:
- “All-in” fit out costs rose 3.8% in 2025 with only modest growth expected in 2026, while project backlogs remain manageable at roughly five to six months.
- Grade A demand continues to strengthen the region’s flight to quality, even as construction pipelines shrink to a five-year low and competition for premium space intensifies.
- Pricing pressures vary across markets, with Southern Europe and CEE seeing the strongest increases, contrasted by more moderate expectations in Germany and parts of Western Europe.
- Lisbon continues to register significant increases, with the average cost of Fit Out reaching €1150/m2, higher than in Madrid, for example. Moreover, the cost of high-quality equipment is practically the same as in Barcelona, as can be seen in the table below.
Fit Out Cost Guide
| Country | City | Low | Medium | High |
|---|---|---|---|---|
| France | Paris | € 1,000 euro/sqm | € 1,500 euro/sqm | € 2,500 euro/sqm |
| Italy | Milan | € 850 euro/sqm | € 1,250 euro/sqm | € 1,600 euro/sqm |
| Italy | Rome | € 850 euro/sqm | € 1,250 euro/sqm | € 1,600 euro/sqm |
| Portugal | Lisbon | € 848 euro/sqm | € 1,150 euro/sqm | € 1,548 euro/sqm |
| Spain | Barcelona | € 807 euro/sqm | € 1,186 euro/sqm | € 1,551 euro/sqm |
| Spain | Madrid | € 764 euro/sqm | € 1,124 euro/sqm | € 1,468 euro/sqm |
Reinstatement cost
| Country | City | Low | Medium | High |
|---|---|---|---|---|
| France | Paris | € 80 euro/sqm | € 140 euro/sqm | € 190 euro/sqm |
| Italy | Milan | € 85 euro/sqm | € 135 euro/sqm | € 210 euro/sqm |
| Italy | Rome | € 85 euro/sqm | € 135 euro/sqm | € 210 euro/sqm |
| Portugal | Lisbon | € 114 euro/sqm | € 171 euro/sqm | € 223 euro/sqm |
| Spain | Barcelona | € 113 euro/sqm | € 146 euro/sqm | € 179 euro/sqm |
| Spain | Madrid | € 107 euro/sqm | € 140 euro/sqm | € 171 euro/sqm |
CONTRACTOR SENTIMENT SURVEY
Our contractor sentiment survey gathered information from contractors on sales activity and input costs over the past year, as well as their forecasts for the next six months.
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OUR SERVICES
Cushman & Wakefield offers a range of services to help you create your ideal office space. We are a trusted for occupiers and investors managing their capital expenditure and project delivery across the Europe. By providing consistent, trusted client service, we have created an excellent reputation locally, across Portugal and globally. Our experienced team can guide you through the entire fit out process from concept to completion.
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