Increased delays, more uncertainty and higher costs appear to be the name of the game for office fit outs across the US this year, as supply chain challenges continue to plague deliveries.
That's according to a new fit out guide from Cushman & Wakefield, which notes that "there does appear to be some light at the end of the tunnel" as the supplier delivery index, which measures manufacturer delays, has been declining since mid-2021.
The supply chain stress indices for both the US and China ended last year up 40% over pre-pandemic levels, according to the Federal Reserve Bank of New York. All the while, construction starts have been posting above-average numbers, led by industrial and residential. But office construction also remains elevated, with 118 msf in the pipeline—a figure that's 43% above the 20-year historical average.
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