Insights
Italy Office Fit Out Cost Guide
Cushman & Wakefield’s 2026 Office Fit Out Cost Guides provide construction cost benchmarks for occupiers across 144 cities worldwide, spanning the Americas, EMEA and Asia Pacific. Whether planning a basic, collaborative or advanced hybrid workplace, the guides offer detailed cost breakdowns to support capital planning, workplace transformation and relocation decisions.
This year’s reports include expanded “all-in” cost sections covering professional fees, furniture, mechanical and electrical systems, construction works, technology, and reinstatement benchmarks. They also feature findings from the global Contractor Sentiment Surveys, capturing insights from more than 340 general contractors. These responses highlight trends in pricing, workload, labor availability, material lead times and expectations for the year ahead.
Survey on Contractors' Views
The analysis of fit-out costs in Italy for 2026 highlights a competitive market well positioned within the European landscape, characterized by a solid balance between space quality and investment levels. Despite an economic environment that remains complex, the country shows signs of gradual improvement, with Milan and Rome continuing to stand out as attractive destinations for international occupiers seeking high-quality solutions at relatively contained costs.
Fit-out costs for 2026 show moderate growth, in line with the broader European trend (+3.8% on average according to 2025 data). Inflationary pressures are mainly driven by labor costs, while materials display more stable dynamics compared to the previous cycle. Overall, the Italian market remains more accessible than major Northern European hubs, reinforcing its appeal for multinational companies and investors.
In terms of pricing, Milan and Rome show aligned values: “low” solutions starting at €850/sqm, “medium” levels at €1,250/sqm, and “high” specifications reaching €1,600/sqm. These figures include all major project components—construction works, mechanical and electrical systems, furniture, AV/IT integration, and professional services—representing a substantial investment over the lifecycle of an office space. Restitution (dilapidation) costs, averaging €135/sqm, remain competitive relative to more expensive European capitals.
In the European context, Italy holds a mid-range position: costs are higher than in Spain but significantly lower than in premium markets such as Germany and the United Kingdom.
This positioning enhances the attractiveness of Milan and Rome for occupiers aiming to balance quality and cost efficiency without compromising on standards.
Despite ongoing macroeconomic uncertainties, the European office market has continued to demonstrate resilience: Eurozone GDP growth hovers around 1.5%, demand for office space remains stable, and key markets—including Milan—record positive absorption levels. Demand is increasingly focused on Grade A buildings, while secondary stock is experiencing declining interest.
Shifts in occupier needs are reshaping the role of fit-out investments. Companies are prioritizing sustainable, technologically advanced, flexible environments designed to enhance wellbeing and productivity. In this context, fit-outs emerge as a strategic lever not only to optimize operational performance but also to attract talent and strengthen corporate identity.
Forecasts for 2026 indicate a market in gradual recovery: demand is expected to rise, while new supply is set to decline significantly (-30% pipeline). Cost pressures will persist, though at more contained levels, and project timelines appear increasingly stable.
Given the combination of limited availability of high-quality space and evolving cost dynamics, companies are encouraged to plan investments carefully and act early to secure favorable conditions. Thanks to its mix of competitiveness, quality and resilience, Italy confirms its position as a mature market ready to seize opportunities in the next phase of economic recovery.
Fit out costs
(EURO PER SQUARE METRE)
| City | Low | Medium | High |
|---|---|---|---|
| Paris | 1,000 | 1,500 | 2,500 |
| Milan | 850 | 1,250 | 1,600 |
| Rome | 850 | 1,250 | 1,600 |
| Lisbon | 848 | 1,150 | 1,548 |
| Barcelona | 807 | 1,186 | 1,551 |
| Madrid | 764 | 1,124 | 1,468 |
Reinstatement cost
(EURO PER SQUARE METRE)
| City | Low | Medium | High |
|---|---|---|---|
| Paris | 80 | 140 | 190 |
| Milan | 85 | 135 | 210 |
| Rome | 85 | 135 | 210 |
| Lisbon | 114 | 171 | 223 |
| Barcelona | 113 | 146 | 179 |
| Madrid | 107 | 140 | 171 |
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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 Italy and globally. Our experienced team can guide you through the entire fit out process from concept to completion.
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