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New York City: New York constructioncosts are around $244 per square foot, making it the most expensive city to build in. But landlords are vying for tenants with sizable TI allowances (around $65), dropping this market down to 5th place for highest out-of-pocket spending.
Despite the industry facing tough conditions, construction activity continues to strengthen across global markets. 38.6 percent of markets surveyed were classified as ‘hot’ or ‘overheating’. 30.7 per cent of city markets are reporting construction inflation for 2022 of 10 percent or more, with no correction or fall in costs expected soon.
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Since 2002, constructioncosts have generally risen faster than the rate of inflation of consumer goods prices. In fact, between 2016-2020, CCI averaged 2.7%/year increase while CPI-U inflation averaged 1.8%/year. You may hear people warn that "the cost of construction and capital projects rise faster than the rate of inflation.".
3. Changes in Construction Price Index (April to June 2021) The Construction Price Index, which stood at 108.5 at the end of March 2021, increased by 0.3% to reach 108.8 in April 2021. The increase is mainly due to increases in the prices of cement (0.7%) and steel bars (4.0%). The index further increased by 0.7% in May 2021 reaching 109.6. The ...
Given that constructioncosts can vary wildly across Europe, it is important to have access to accurate, up-to-date information with which to inform your decisions. This is why ECC has calculated a national index of constructioncosts for the UK, allowing you to compare the local cost level with that of other nations that may be candidates for ...