In the region, Bucharest retains its competitive edge, with costs being 18% lower than in Warsaw and 15% below those of Prague.
In 2025, fit – out budgets were shaped by a mix of market and economic factors, with the higher labor and materials’ costs continuing to weigh on project budgets. While prices for a number of materials have partially stabilized, inflationary pressure is still visible in overall project budgets.
“After a period of cost volatility, we are noticing a relative stabilization. However, labor remains the main source of pressure in fit-out budgets along with delivery schedules for materials and equipment. At the same time, companies are calibrating their investments toward more efficient, sustainable, and better – equipped spaces, so fit – out decisions are increasingly made based on the total occupancy cost, not just on the initial investment,” stated Andrei Ianculescu, Head of Project & Development Services, Cushman & Wakefield Echinox.
Sustainability requirements are another cost factor. Investments in energy – efficient solutions and ESG – aligned upgrades can raise upfront fit – out costs, but they aim to reduce operating expenses over time.
Geopolitical volatility and macroeconomic uncertainty have also kept many occupiers cautious, adding pressure on delivery schedules and on the labor component of fit – out projects.
A full fit – out project in Bucharest, including all interior works across various specialties, building management systems (BMS), furniture, audio – video equipment, professional services (project management, health and safety coordination and site supervision), as well as contingency costs is being budgeted at an average of €1,077/ sq. m.
The largest share of costs is related to architectural and installation works (52%) and furniture (approximately 25%), both of which being significantly impacted by price increases. Other cost components include audio – video systems, IT technology, project management and design services.
In some cases, an office fit-out can cost even less than €150/ sq. m, when the space is in good condition and the tenant’s requirements are straightforward.
In comparison, Europe’s highest fit-out costs are observed in markets such as London (~ €2,686/ sq. m) and in major cities across Germany and the Nordic countries, where wage levels and technical specifications push budgets well above the regional average.
The 15 – 18% gap versus Warsaw and Prague translates into a tangible advantage for occupiers, especially for larger projects or highly technical office spaces, where fit – out budgets can strongly influence location decisions.
Over the past two years, the Cushman & Wakefield Echinox Project Management Department has delivered projects covering 480,000 sq. m of office, retail, industrial and logistics spaces for both landlords and tenants. In regard to the office segment, the completed projects involved a total budget of approximately €33 million, with the largest one exceeding €2 million.
(English version by Catalina Apostoiu)