ASIA PACIFIC OFFICE FIT-OUT - COST GUIDE 2020 2021
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ASIA PACIFIC OFFICE FIT-OUT COST GUIDE 2020 - 2021
CUSHMAN & WAKEFIELD
INTRODUCTION NUMBERS AT A GLANCE
During this time of increased
uncertainty, there has never been
closer scrutiny on costs across
all levels of corporate structures. HIGHEST
Cushman & Wakefield’s Asia Pacific TOKYO SYDNEY
Office Fit-out Cost Guide is an
essential tool to assist in corporate
US$201/SQ FT REMAINS
real estate decision-making MOST EXPENSIVE MARKET
regarding both fitting out and LOWEST
IN AUNZ REGION
reinstating office space. CHENNAI
This year, we have added three US$60/SQ FT US$160 /SQ FT
cities to our guide, increasing
our coverage to 31 key cities
across Asia Pacific. Whether it’s
a low, medium, or high quality SINGAPORE OFFICES HAVE
specification fit-out requirement, HIGHEST FIT-OUT COSTS
this guide serves to assist
BEIJING AND IN SOUTHEAST ASIA
occupiers in defining their capital
planning and relocation budgets. SHANGHAI US$112/SQ FT
ARE JOINTLY
The guide includes a MANILA OFFICES ARE
comprehensive fit-out cost section MOST EXPENSIVE MARKETS
MOST EXPENSIVE
covering furniture, mechanical & ON MAINLAND CHINA TO REINSTATE IN
electrical (M&E) works, builder SOUTHEAST ASIA
works, audio visual/information
technology (AV/IT), and other
US$115/SQ FT US$39/SQ FT
miscellaneous costs.
TOP 3 REINSTATEMENT
COSTS
MARKETS
FOR OFFICE FIT-OUT
COSTS IN APAC ARE ARE ON
AVERAGE
JAPANESE
14%
TOKYO
OSAKA NAGOYA
Cushman & Wakefield, Sydney office
OF FIT-OUT COSTS
1 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 2
CUSHMAN & WAKEFIELD
2020 OVERVIEW AND 2021 OUTLOOK
While it is a much-used expression, 2020 really However, there are lessons to be learnt, and
has been an unprecedented year. At the start experiences from the short but sharp recession
of the year, the broad view was that occupiers will continue to echo and shape corporate
across Asia Pacific could expect a brief respite decision making into the future. Effectively, trends
from the widespread landlord-friendly conditions that may have taken many years to come to full
that had been in place across much of the region fruition are being fast-tracked.
over the past few years. Softening demand and
robust levels of new supply would underpin rising The focus on health and safety will not abate.
vacancy and modest rental decline. Then the In fact, it is likely to intensify, bringing forward
global COVID-19 pandemic hit. While these trends greater adoption of touchless technology,
of rising vacancy and softening rental growth have improved HVAC and smarter cleaning practices.
been accelerated as a result, occupiers are now Prolonged, enforced working from home has
faced with a raft of additional issues to tackle in highlighted productivity can be maintained,
a climate of economic volatility and multi-speed but at the cost of personal connection to
recovery. colleagues and company culture 2,3 . Ultimately,
this raises questions around the optimal size
Firstly, it is important to note that in economic and composition of the corporate footprint,
terms, we are past the low point. For most while simultaneously highlighting the need for
countries around the world, Q2 2020 was the ongoing investment into IT and AV technology for
nadir characterised by a dramatic collapse in collaborative team working. All this with an ever-
output as many parts of the global economy were closer scrutiny on costs.
forced to temporarily close in a bid to contain Cushman & Wakefield, Hong Kong office
the situation. As restrictions gradually relaxed, The solution is to place a greater emphasis
growth began its rebound. While the recovery will on strategic collaboration between corporate
not be linear, 2021 is forecast to be stronger than finance, human resources, corporate real estate, Cushman & Wakefield’s
2020, with all economies in the region returning to and workplace strategy. Companies are having Office Fit-out Cost Guide
pre-COVID levels by early 2022 1 . to manage multiple levels of uncertainty and as a
result, have a greater thirst for information. The aims to be a vital tool that
Nevertheless, the impacts have been significant. role of the project manager remains pivotal to will help companies in KEY HIGHLIGHTS
As businesses assess the strength of their revenue this solution by bringing meaningful data insights
streams, non-business-critical decision making to clients, exposing them to best practices in their capital expenditure
has been put on hold, effectively placing a freeze the “new normal” and assisting in making well- budgeting and decision
on capital expenditure projects that were not rounded decisions. Rising fit-out costs have now stalled
already well-advanced. making as the world
as corporates closely assess capital
inches towards recovery, expenditure budgets.
For those projects that were already underway,
there is positive news. Overall there has been FORECAST GDP GROWTH 2020-21 and eventually, growth.
comparatively little impact on live projects.
Government requirements on matters such as Australia
social distancing, increased use of personal COVID-19 has disrupted international
protection equipment (PPE) and greater health China
supply chains resulting in delays for
and safety oversight have all been enabled with
little disruption to timelines or increased costs.
Hong Kong some materials.
India
Inevitably, supply chains have been disrupted,
which has primarily affected goods being Indonesia
imported from overseas. However, the movement Japan Restrictions on people movement have
of goods is improving and back-orders are being resulted in labour shortages in markets
fulfilled. Domestically, goods have continued Malaysia
to be transported within national borders with that rely on migrant labour.
New Zealand
minimal delays. In contrast, labour supply has
faced much more disruption in some countries Philippines
– especially those with a heavy reliance on Singapore
domestic or international migrant workers. The Greater integration of workplace strategy
highly infectious nature of the virus has forced South Korea
expertise is being increasingly adopted
governments to place much closer controls on the Cushman & Wakefield “Global Office Impact Study &
earlier in the design and fit-out process.
1
Taiwan
movement of people than goods. Recovery Timing”, September 2020
https://www.cushmanwakefield.com/en/insights/covid-19/
Thailand global-office-impact-study-and-recovery-timing-report
Looking forward, there is reason for optimism.
Asia Pacific is forecast to emerge from the Vietnam 2
Cushman & Wakefield “The Future of Workplace”
https://www.cushmanwakefield.com/en/insights/covid-19/
downturn earlier than other regions across the -15% -10% -5% 0% 5% 10% 15% the-future-of-workplace Heightened focus on innovative
globe, and is well-positioned to return to strong
economic growth. In short, the region’s long-term 2020 2021
3
Cushman & Wakefield “Purpose of Place: History and Future technology solutions to facilitate both
of the Office”
fundamentals remain intact. https://www.cushmanwakefield.com/en/insights/covid-19/ in-person and remote collaboration.
Source: Moody’s; Cushman & Wakefield the-future-of-the-office-space
3 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 4
CUSHMAN & WAKEFIELD
OFFICE FIT-OUT COST IN 31 CITIES
ACROSS ASIA PACIFIC
RANK REGION CITY AVERAGE COST RANKING
(USD PER SQ FT) CHANGE
1 NORTH ASIA TOKYO 201
2 NORTH ASIA OSAKA 193
Tokyo 201
Beijing 115 3 NORTH ASIA NAGOYA 188
130 Seoul 4 AUSTRALIA & NEW ZEALAND SYDNEY 160
Busan 118 193 Osaka 5 AUSTRALIA & NEW ZEALAND MELBOURNE 155 4
188
Shanghai 115 6 AUSTRALIA & NEW ZEALAND AUCKLAND 140 1
Delhi 65 Nagoya
7 AUSTRALIA & NEW ZEALAND BRISBANE 137 1
Shenzhen
8 AUSTRALIA & NEW ZEALAND ADELAIDE 131 NEW
Guangzhou 110 80 Taipei
110
Kolkata 61 9= GREATER CHINA HONG KONG 130 2
Hanoi 60 130 Hong Kong
9= NORTH ASIA SEOUL 130 1
Pune
Mumbai 69 11 AUSTRALIA & NEW ZEALAND PERTH 123 3
61
63 Hyderabad 87 Manila
12 NORTH ASIA BUSAN 118 2
60 Chennai Bangkok 85
Bengaluru 62 60 Ho Chi Minh City 13= GREATER CHINA BEIJING 115 3
13= GREATER CHINA SHANGHAI 115 1
Kuala Lumpur 83
15 SOUTHEAST ASIA SINGAPORE 112 3
112 Singapore
16= GREATER CHINA GUANGZHOU 110 1
16= GREATER CHINA SHENZHEN 110 1
18 SOUTHEAST ASIA MANILA 87 4
“As a result of the global 63 Jakarta
pandemic, the increases in 19 SOUTHEAST ASIA BANGKOK 85 1
fit-out costs seen in recent years 20 SOUTHEAST ASIA KUALA LUMPUR 83 1
have been reversed in most 21 GREATER CHINA TAIPEI 80 7
markets across the region. As 22 INDIA MUMBAI 69 5
corporate occupiers continue to
23 INDIA DELHI 65 4
assess their capital expenditure
budgets and corporate footprint 24= SOUTHEAST ASIA JAKARTA 63 5
requirements, this situation is 137 Brisbane 24= INDIA HYDERABAD 63 1
likely to persist. Perth 123 26 INDIA BENGALURU 62 3
Given the complex situation Adelaide 131 27= INDIA PUNE 61 4
160 Sydney
that is unfolding, we are seeing Auckland 140 27= INDIA KOLKATA 61 NEW
corporates shift their thinking Melbourne 155 29= SOUTHEAST ASIA HANOI 60 3
to greater strategic integration 29= SOUTHEAST ASIA HO CHI MINH CITY 60 2
of their space requirements,
workplace strategies and HR 29= INDIA CHENNAI 60 NEW
polices to assist in meeting
corporate financial goals.”
TOM GIBSON
HEAD OF PROJECT & DEVELOPMENT SERVICES,
ASIA PACIFIC Average office fit-out cost (USD per sq ft)
5 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 6
CUSHMAN & WAKEFIELD
BASIS OF ASSESSMENT SUPER FIT-OUTS
HOW DO WE CLASSIFY LOW / AVERAGE / HIGH QUALITY
The three ranges included within
SPECIFICATION FIT-OUTS? this guide provide the costs for
the typical fit-out projects that
Cushman & Wakefield delivers on
LOW a regular basis. There are however
> Limited meeting facilities, less than 10% of space projects that are above the upper
> Paint to all walls end of this scale – super fit-outs.
> Low specification finishes and carpet throughout
> Vinyl flooring to cafeterias THESE PROJECTS ARE HIGHLY
> Minimal alterations to air conditioning and ventilation SPECIFIED AND PROVIDE HIGH
> Data points to equal desk positions QUALITY OFFICE ACCOMMODATION.
> Locally procured furniture workstations THEIR SCOPE AND SPECIFICATION CAN
INCLUDE:
MEDIUM > High quality, bespoke, finishes, joinery
> Meeting facilities around 10%-25% of space, with part single glazed partitions and furniture
> Alterations to less than 25% of ceiling
> Accommodation staircases
> Plasterboard ceiling to meeting rooms
> Feature wall finishes to reception and cafeterias
> Technology enabled “smart” building
systems (intelligent buildings)
> Medium specification carpet and finishes
> Hard flooring to reception > Pre-engineered service zones for future
flexibility
> Alterations to air conditioning & ventilation to suit cellurisation
> Multiple data points to each desk position > Highly agile working environments
> Super high quality reception and client
HIGH spaces
> Meeting facilities to over 25% of space, with double glazed partitions > Restaurants, fitness and wellness centres,
> Alterations to over 25% of ceiling auditorium and other specialist functions
> Features & plasterboard ceiling to reception and offices
> External terraces
> Feature finishes to meeting rooms/offices
> High specification carpet
> Bespoke joinery to meeting rooms and offices
> Hard flooring to cafeterias and finishes Projects of this nature can be in the range
> Modification to air conditioning/ventilation along with new air conditioning units of US$400 to US$500+ per sq ft for the
> Additional feature lighting fit-out element alone.
> Wired data provision (future flexibility)
> High end and/or imported furniture
Cushman & Wakefield, Gurgaon office
7 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 8
CUSHMAN & WAKEFIELD
GREATER CHINA
FIT-OUT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“Construction labour in China is BEIJING 82 115 185
highly mobile, moving from city to city. GUANGZHOU 65 110 160
Restrictions on the movement of people
has been a serious issue in China, which HONG KONG 85 130 250
has caused some significant delays to SHANGHAI 79 115 181
construction schedules.”
SHENZHEN 65 110 165
DAVID SHI
MAINLAND CHINA TAIPEI 60 80 110
“There has been a significant slowdown
in Hong Kong’s office market as occupiers REINSTATEMENT COST (USD PER SQ FT)
consider their space options. As a result, CITY LOW AVERAGE HIGH
we have seen an increased requirement for
reinstatements, but lesser demand for new BEIJING 7 12 15
fit-outs and relocations.” GUANGZHOU 4 7 13
BRYANT CHEUNG HONG KONG 15 30 58
HONG KONG
SHANGHAI 6 9 14
SHENZHEN 4 7 13
“As the government has been effective at
containing the virus and more importantly TAIPEI 8 10 13
keeping it under control, we have seen
limited disruption to live projects. There
have also been no significant delays in
sourcing materials.”
“ALL-IN” FIT-OUT COSTS
GARY CHAN
TAIWAN 100%
6% 8%
11% 10% 11% 10%
90%
11%
13% 15% 14% 15% 20%
80%
70%
41% 29%
60% 33% 30% 30%
50% 41%
40%
30% 30% 30% 30%
30% 30%
17%
20%
10%
13% 15% 16% 15% 14%
12%
0%
BEIJING GUANGZHOU HONG KONG SHANGHAI SHENZHEN TAIPEI
FURNITURE M&E WORKS BUILDING WORKS AV/IT MISC
9 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 10
CUSHMAN & WAKEFIELD
NORTH ASIA
FIT-OUT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“Live projects have experienced less NAGOYA 165 188 247
disruption than anticipated. While there OSAKA 171 193 261
have been minor delays, we have worked
with vendors and clients to keep delay TOKYO 176 201 272
costs to a minimum. Communication has BUSAN 75 118 201
been key in making sure that schedules are
realigned, and resources are available.” SEOUL 82 130 201
TODD HANRAHAN
JAPAN
REINSTATEMENT COST (USD PER SQ FT)
“The rise of COVID has meant that HSSE CITY LOW AVERAGE HIGH
managers are required on most projects to NAGOYA 39 51 70
oversee contractor health and safety, which
has contributed to a small increase in costs. OSAKA 42 52 73
However, this has not significantly affected TOKYO 47 56 79
project timelines.”
BUSAN 12 16 28
JAEHONG LEE
SOUTH KOREA SEOUL 14 18 28
“ALL-IN” FIT-OUT COSTS
100%
14% 14% 14% 14% 14%
90%
80% 15% 15% 15% 11% 11%
70%
60%
32% 32% 32% 39% 39%
50%
40%
30%
26% 26% 26% 18% 18%
20%
10% 17% 17%
14% 14% 14%
0%
NAGOYA OSAKA TOKYO BUSAN SEOUL
FURNITURE M&E WORKS BUILDING WORKS AV/IT MISC
11 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 12
CUSHMAN & WAKEFIELD
SOUTHEAST ASIA
FIT-OUT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“Social distancing laws have limited the JAKARTA 44 63 113
number of labourers allowed on-site at any KUALA LUMPUR 63 83 132
one time. Coupled with disrupted supply
chains, this has seen some increase in costs MANILA 60 87 133
due to longer construction times.” SINGAPORE 82 112 140
DWITJE WANGSADIPUTRA BANGKOK 53 85 151
INDONESIA
HANOI 35 60 113
“The shift to working from home has shown HO CHI MINH CITY 35 60 102
clients that project managers are able to
run multiple projects remotely. This will
have longer run benefits as these practices REINSTATEMENT COST (USD PER SQ FT)
become the norm, leading to greater project
CITY LOW AVERAGE HIGH
efficiencies.”
JAKARTA 8 11 13
RIAZ KHAN
MALAYSIA AND THAILAND KUALA LUMPUR 8 12 14
MANILA 24 39 54
“The greater focus on health and safety has
SINGAPORE 13 17 23
had widespread benefits on the construction
industry in the Philippines. Safety is now a BANGKOK 7 10 12
high priority on every project, resulting in
HANOI 4 4 6
decreased incidences of accidents as well as
containing the spread of the virus.” HO CHI MINH CITY 4 5 6
HAIDEE LIM
PHILIPPINES
“ALL-IN” FIT-OUT COSTS
“Construction firms who have had their 100%
labour housed in dormitories where 11% 8% 12% 10% 15% 10% 10%
90%
confirmed cases have been identified have
been completely shut down, resulting in 80%
11% 21% 16%
15%
13% 21% 21%
labour shortages for main contractors and
70%
their supply chains.” 28%
60% 28%
29% 30% 25% 24%
GRANT CARTER 37%
SINGAPORE 50%
40%
“Restrictions on people movement in China 28%
30%
30%
slowed their manufacturing output and 26% 28% 19%
28% 28%
led to delays in sourcing some materials. 20%
We successfully navigated this by sourcing 22%
10%
products from alternative Asian markets to 15% 14% 17% 16% 16% 17%
minimise project delays.” 0%
JAKARTA KUALA LUMPUR MANILA SINGAPORE BANGKOK HANOI HCMC
BRAM RUTGERS
VIETNAM FURNITURE M&E WORKS BUILDING WORKS AV/IT MISC
13 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 14
CUSHMAN & WAKEFIELD
INDIA
FIT-OUT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“Decentralisation has been occurring in BENGALURU 35 62 118
India for a number of years, as occupiers CHENNAI 33 60 114
move to less congested and cheaper
areas with better access to transport DELHI 38 65 126
infrastructure. The successful transition HYDERABAD 36 63 120
to working from home by many companies
is likely see a greater focus on suburban KOLKATA 34 61 117
and peripheral business districts into the MUMBAI 42 69 133
future.”
PUNE 34 61 117
SHASHI BUSHAN
INDIA (OCCUPIERS)
REINSTATEMENT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“Most technology solutions investigated
so far have centred around touchless BENGALURU 5 8 12
technology. Institutional developers are
CHENNAI 5 8 11
investigating temperature screening as
well as contactless ingress/egress and DELHI 6 8 12
app-based elevator movement. The aim
HYDERABAD 5 8 12
is swift movement of people with minimal
touch-points.” KOLKATA 5 8 11
MUMBAI 7 9 13
MANISH GOEL
INDIA (INVESTORS)
PUNE 5 8 12
“ALL-IN” FIT-OUT COSTS
100%
12% 13% 13% 13% 13% 12% 13%
90%
80% 17% 17%
18% 18% 18% 18% 18%
70%
60% 24% 23%
24% 24% 23% 23% 24%
50%
40%
30% 32% 31% 30% 30% 30% 34% 31%
20%
10%
15% 14% 15% 16% 16% 14% 14%
0%
BENGALURU CHENNAI DELHI HYDERABAD KOLKATA MUMBAI PUNE
FURNITURE M&E WORKS BUILDING WORKS AV/IT MISC
15 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 16
CUSHMAN & WAKEFIELD
AUSTRALIA & NEW ZEALAND
FIT-OUT COST (USD PER SQ FT)
CITY LOW AVERAGE HIGH
“With the overall conservative approach ADELAIDE 88 131 209
to CAPEX budgeting and increased focus BRISBANE 92 137 212
on employee wellbeing, companies are
paying closer attention to how they can MELBOURNE 95 155 230
integrate workplace strategy into their PERTH 79 123 183
space utilisation footprint. With most of
the workforce now equipped to work from SYDNEY 99 160 242
home, companies will need to review their AUCKLAND 79 140 218
overall workplace strategy as the role of the
office changes.”
MALCOLM JONES REINSTATEMENT COST (USD PER SQ FT)
AUSTRALIA
CITY LOW AVERAGE HIGH
ADELAIDE 7 12 21
“Although capital expenditure budgets BRISBANE 9 12 23
are being closely scrutinised, a minimum
MELBOURNE 5 13 24
level of expenditure needs to be retained
to meet compliance requirements. More PERTH 7 12 21
widely, building sustainability is likely to
SYDNEY 8 13 25
be viewed more favourably by occupiers due
to improved health and safety and lower AUCKLAND 9 15 24
operating costs.”
ADAM SHAW
NEW ZEALAND
“ALL-IN” FIT-OUT COSTS
100%
7%
13% 13% 13% 14% 13%
90%
19%
80% 14% 13% 14% 11% 14%
70%
60% 30% 30%
30% 30% 28%
38%
50%
40%
30% 25% 27% 25%
30% 27%
21%
20%
10% 18% 18% 19%
15% 14% 15%
0%
ADELAIDE BRISBANE MELBOURNE PERTH SYDNEY AUCKLAND
FURNITURE M&E WORKS BUILDING WORKS AV/IT MISC
17 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 18CUSHMAN & WAKEFIELD
HOW WE HELP OCCUPIERS AND INVESTORS
OCCUPIERS INVESTORS
Cushman & Wakefield, Jakarta office
PROJECT & DEVELOPMENT SERVICES (PDS)
2020 STATISTICS
CUSTODIANS OF CAPITAL EXPENDITURE
Cushman & Wakefield is a trusted partner for occupiers and investors to manage their
capital expenditure and project delivery in Asia Pacific. By seeing things differently, we
anticipate market changes and are first to capitalise, ensuring clients and the business
950+ 90M+
PROFESSIONALS SQ FT UNDER MANAGEMENT
can be what’s next in their respective sectors.
Leveraging our global networks and local
experience, we prudently optimise capital
Our interdisciplinary teams use data-driven,
predictive analytics to provide strategic and 650+ 53 CITIES
ACROSS
expenditure and deliver integrated design,
project and construction management
forward-looking advice to guide our clients
through the entire real estate decision-
PROJECTS ON-GOING
14 MARKETS IN
ASIA PACIFIC
services for our clients. We listen closely to making process, unearthing innovative
our clients, fully understanding their project facility solutions critical for productivity and
goals and business needs while driving
business results well beyond project delivery
maximising return on investment.
US$3B+
CAPEX UNDER MANAGEMENT
“on time and on budget”.
19 APAC OFFICE FIT-OUT COST GUIDE 2020-2021 20CONTACTS
RESEARCH
Dr Dominic Brown
Global Head of Demographic Insights
dominic.brown@cushwake.com
PROJECT & DEVELOPMENT SERVICES
ASIA PACIFIC
Tom Gibson Andrew Carmichael
Head of PDS, Asia Pacific Client Services, Asia Pacific
tom.gibson@cushwake.com andrew.carmichael@cushwake.com
GREATER CHINA GREATER CHINA
AUSTRALIA –HONG KONG – MAINLAND
Malcolm Jones Bryant Cheung David Shi
malcolm.jones@cushwake.com bryant.cheung@cushwake.com david.dw.shi@cushwake.com
GREATER CHINA – TAIWAN INDIA (INVESTORS) INDIA (OCCUPIERS)
Gary Chan Manish Goel Shashi Bushan
gary.chan@cushwake.com manish.goel@cushwake.com shashi.bushan@cushwake.com
INDONESIA JAPAN MALAYSIA & THAILAND
Dwitje Wangsadiputra Todd Hanrahan Riaz Khan
dwitje.wangsadiputra@cushwake.com todd.hanrahan@cushwake.com riaz.khan1@cushwake.com
NEW ZEALAND PHILIPPINES SINGAPORE
Adam Shaw Haidee Lim Grant Carter
adam.shaw@cushwake.com haidee.lim@cushwake.com grant.carter@cushwake.com
SOUTH KOREA VIETNAM
Jaehong Lee Bram Rutgers
jaehong.lee@cushwake.com bram.rutgers@cushwake.com
AMERICAS EMEA
Brian Ungles Lamberto Agostini
brian.ungles@cushwake.com lamberto.agostini@eur.cushwake.com
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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 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.You can also read
