Colliers Fit-Out Cost Guide 2026

HUNGARY

Colliers Budget Planner

Everything you need to know for fit-out budget planning in 2026

Introduction

The purpose of this document is to present an overview of the fit-out cost level which we expect in Budapest for 2026. The material also includes our approach for budget planning.

This is the second issue of the Colliers Budget planner. Since 2025 we have experienced moderate price increases in the market both on material (cca. average 5%) and labour price (cca. average 10%). The macroeconomic background is summarized by the Colliers Research team in this document.

The actual impact of the price increase also depends on the project size, as the market is still highly competitive due to the limited opportunities.

We incorporated two main changes compared to the previous issue:

- We analyse refurbishment budget planning at a higher level of detail, as this is currently a more typical scenario for office fit-out projects.

- In the 2026 Budget Planner we also analysed the potential cost impact of obtaining an green certificate, as we see growing demand for these certificates thanks to the ESG goals of our clients. This work was supported by the Colliers ESG team

Methodology

The budget scenarios are analysed on a virtual 1000 sqm office space.

- Our design team have prepared 2 layout scenarios (30% cellular, 70% open and 50% cellular, 50% open scenarios).

- For the 2 layout scenarios we prepared budget estimations for 3 requirement level (standard, enhanced, high)

- He budget estimation includes all fit-out elements and also the furniture, fixture and equipment.

About Colliers

Colliers was established in Hungary in 1992 and has developed its strong presence in the commercial real estate market and since then has become one of the leading international commercial real estate brokerage and consultant firms in the country as well as in Central and Eastern Europe. 70+ Professionals

1st Commercial Real Estate Agency established in Hungary Since 1992

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About Colliers DDD

Colliers 360o Integrated approach

At Colliers we deliver 360-degree integrated services, enabling us to deliver tailored, end-to-end solutions. We understand, interpret, and consistently prioritize our clients’ needs and objectives throughout the entire project lifecycle.

We use our established Define . Design . Deliver . approach with our in-house expertise. We have experienced that in many cases, the budget is one of the key driver of the project, which is why our design-to-cost approach is highly appreciated by our clients.

Understanding this need, we created this guide for our existing and future clients to prepare insight on current cost levels. In this document we have compiled the fitout and FF&E (fixtures, furniture and equipment) costs for 2024, with differentiating 3 typical layout scenarios and 2 requirement levels.

COST

CONSULTANTS

Optimization and value engineering at every stage of the project

PROJECT MANAGERS

Organization and execution of fitout works, coordination of suppliers

WORKPLACE ADVISORS

Research and analysis, repositioning brief

Depending on the priorities and constraints of the project, we select the appropriate set of in-house experts for the project

ESG ADVISORS

Green certifications, sustainability, wellbeing consultancy

Occupier services

Tenant representation, leading search for new office, location analysis, negotiation or renegotiation

DESIGN&BUILD

TEAM WITH DESIGNERS AND CONSTRUCTION TEAM

Space planning and interior design

Construction Market

Overview

In 2025, price dynamics in the construction industry showed clear stagnation, largely due to persistently weak demand, which continued to ease pressure on both wages and raw material costs. Total construction output in the first three quarters of the year declined by 0 5% year-on-year, following a modest 1 2% increase recorded in 2024

For 2025, construction price growth was estimated at around 5.5%. The primary driver of these increases was rising labour costs in the sector, which grew by 9.4% year-on-year still about 5 percentage points lower than the growth rate observed in 2024, indicating a gradual moderation in wage-related cost pressures.

Additionally, the EUR/HUF exchange rate underwent a significant period of consolidation, which helped stabilise raw material prices. This is particularly important given that roughly half of construction-related materials are imported, making the sector highly sensitive to currency movements. Overall, the combination of subdued demand, easing cost pressures, and a more stable exchange rate contributed to a more predictable price environment in 2025.

Forecast

Construction cost inflation is forecast to remain moderate, in the 4–6% annual range, supported by stabilising raw material prices and a more predictable EUR/HUF exchange rate. However, labour shortages especially in skilled trades will keep wage growth elevated compared to other sectors, placing a floor under construction inflation.

Furthermore, demand is expected to strengthen in 2026, which will also put pressure on prices, especially for high-quality fit-outs and sustainable, energy-efficient solutions, as tenants and developers increasingly prioritize modern, flexible, and ESG-compliant space.

Consequently, we expect construction prices to resume growth, driven by rising wages albeit at a slower pace and increasing demand. This suggests that pursuing new investments could be well justified under the current market conditions.

Figure 1. Construction producer price quarterly change yoy, %

Hotels and similar buildings

Office buildings

Wholesale and retail trade buildings

Industrial buildings and warehouses

Total construction

Figure 2. Gross wages growth yoy, % Total economy Construction

Source: HCSO, Colliers

Fit-out Budget Planning

Introduction to Fit-out

Cost indicators defined within this document are the total cost of the fit-out works from shell & core* condition. Prices are presented in EUR/sqm figures and were calculated for 6 scenarios, which are different in layout and requirement level. Price levels are based on the fit-out and FF&E offers for projects managed and delivered by Colliers in 2025.

LANDLORD CONTRIBUTION:

The figures do not include fit-out contribution, which is typically provided by the landlords.

Relocation to an alternative building or renegotiating the effective lease terms with your current Landlord provide an opportunity to achieve significant contribution from the Landlord. These contributions can be offset from the total fitout costs defined herein.

(In case of a 5-year lease commitment, the contribution typically covers the minimum standard fitout considering a 30-70% open-cellular ratio.)

THE FIGURES FOR FIT-OUT WORKS IN THE FOLLOWING DO NOT INCLUDE:

• Wet blocks (typically in common area)

• Sprinkler System (most cases not required in office space), if the building has sprinkler, further 30-50EUR/ sqm has to be considered.

• Landlord management and monitoring fees: these vary in the different buildings.

• Special functions, e g.: 50+ peolpe training rooms, dividable multi-functional rooms, gyms, large centeens with kitchen technologies

REFURBISHMENT SCENARIOS

In the event of space that had already been used by an occupier, the total cost figures are expected to be lower than defined herein. The fit-out budget of a refurbishment may vary 307 0% of a complete fit-out depending on the level of changes.

The Cost Planner can be also used for such cases. The certain cost elements can be considered with different multiplier depending on the level of change.

FF&E AND SERVICES

We mean all furniture, fixture and equipment under this term which are necessary in a new office but are not part of the fit-out. These are typically sourced by the tenants. We also include here the services which are typically necessary to cover on tenant side.

Please consider the following notes for the FF&E lines:

• All FF&E is considered to be new, quantities follow the floor plans.

• IT network equipment and desktop equipment is not included.

• There is allowance planned for tenant owned security system, but it is not needed in all cases.

Project Budget and Timeline

Project phase

Budget type

As the project progresses, the budget will require ongoing revisions to reflect having more clarity on requirements and concrete solutions. In this process we will do adjustments to align with budget goals while simultaneously decreasing the contingency.

Fit-out

Budget

is a Spectrum

Requirement Levels

Requirement levels Standard

The standard fit-out is about keeping it simple and functional. While it fulfils basic requirements for operational effectiveness, there is limited opportunity for customizing the design to the company’s specific requirements Standard product assortments are limited This requirement level can potentially by covered by the landlord contribution.

Key notes:

• Standard architecture package (white walls, cost effective carpet and ceiling)

• Minimal glazed partitions and joinery package (simple kitchen and wardrobe)

• Standard mechanical and electrical solutions (cost effective lighting and mechanical elements, still meeting the standard specification of the building!)

• Standard FF&E package (cost effective furniture, minimum AV package)

Enhanced

An enhanced fit-out takes the standard category a step further, introducing additional features that improve both functionality and aesthetics. There is allowance planned for features like upgraded finishes, improved technology integration contribute to a more inviting atmosphere for employees and visitors While still focused on budget limitation, this category emphasizes is seeking to create much value on the extra budget.

Key notes:

• Enhanced architecture (better acoustics, higher specification finishes, some glazed partitions, some non-standard ceiling solutions)

• Standard M&E solutions (some allowance for design lighting)

• Higher quality FF&E package, higher allowance for technology integration

Requirement level

This category offers a high level of customization, providing broad opportunities for the creation of an inspiring workplace environment, with much visual excitement . This features high specification finishes, innovative design elements, and advanced technologies. Businesses can create a distinctive brand presence through customized interior. This category not only enhances employee wellbeing and experience but also leaves a lasting impression on visitors, ultimately elevating the company's image.

Please note there are no limits on requirements and prices above the "high category," as they may rise to premium or luxurious levels based on unique specifications not addressed in this document.

Key notes:

• Enhanced architecture solutions, better acoustics and aesthetics (walls, ceilings, glazed partitions, extensive use of glazed partitions, extensive joinery package)

• High quality finishes (floor covers, wall covers, ceilings)

• High specification Mechanical solutions (e.g.: adaptable air volumes)

• High specification Electrical solutions (e.g: design specific lighting package)

FF&E Description

• High specification AV (large, professional screens, budget for audio solutions, web conference devices, room booking system)

• High specification office furniture (e.g. motoric desks, top brands)

• High specification Site setup solutions (e.g.: smart lockers, extensive branding package, project specific plant concept, art programme)

Layout Scenarios

Dynamic seating plan

One of the defining attributes of seating plans and test fits is the ratio of open to closed spaces (this ratio is optimized by developers for fresh air capacity). The most widely accepted area ratio is 70% open space (e.g., workspaces, reception areas, lounges, etc.) and 30% closed space (e.g., meeting rooms, dining areas, offices, etc.). If the spatial layout is designed using relocatable elements without demolition, while thoroughly defining the possible uses of the spaces, future modifications can be easily adapted to the organization's growth by replacing and moving furnishings.

However, always consider that current regulations determine the maximum occupancy of spaces!

Reference project: Qualtrics

* Please see page 15 for detailed description of Technical Specification for each level of quality.

** Fit-out cost estimation is considered from Shell & Core condition.

*** Other costs include: Furniture, IT Network & Server, AV and Security.

Static seating plan

Another common example among seating plans and test fits is where the ratio of open to closed spaces is nearly equal. In this case, typically, the number of occupants is lower for the same area, and the space is more static and less adaptable. With the rise of remote work and hybrid culture, the demand for closed, typically collaborative, meeting room functions has increased. Therefore, many organizations have created such functions by reducing open spaces, shifting the initial 70-30 ratio.

It should be noted that such transformations require the involvement of multiple disciplines and can be costly, while mobile "booth" systems can also meet the increased demand!

* Please see page 15 for detailed description of Technical Specification for each level of quality.

Fit-out cost estimation is considered from Shell & Core condition.

Other costs include: Furniture, IT Network & Server, AV and Security.

Description & Cost Levels

Requirement Level Description

ARCHITECTURE

RAISED FLOOR Regular 600*600 mm modular gypsum fibre raised floor on legs, 3,5 kN/m2 load bearing capacity

Same as standard In IT room: ESD vinyl coated 5 kN/m2 modular raised floor, allowance for adjusting to walls

Same as enhanced

WALLS Raised floor to slab gypsum walls, 2*2 layers gypsum boards, R’w+C = 37-42 dB

Mix of slab to slab and raised floor to slab gypsum walls, 2*2 layers gypsum boards, R’w+C = 42-47dB dB

Higher acoustic level in each room, R’w+C = 47-51 dB

GLAZED PARTITIONS Minimum glazed partitions: 40 cm wide glass panels at the doors 210 cm high glass walls, single layer glass, Rw = 37 dB, frameless glass or solid doors, moderate quantity 270 cm high glass walls, double layer glass, Rw = 42 dB, framed glass doors, high quantity

CEILINGS Suspended raster ceiling with 600*600 mm tiles and visible grid

DOORS DIN frame, HPL door leaf finish, 2 125 mm height

Same as standard, in cca. 15% of the space: monolith acoustic ceilings, open ceilings, basic feature ceilings

Allowance higher specification suspended ceilings (higher acoustic level, concealed grid), in cca. 30% of the space: monolith acoustic ceilings, open ceilings with acoustic insulation, high-specification feature ceilings

Same as standard, glazed partitions have glazed windows Allowance for full height door, allowance for increased acoustics, automatic threshold, higher specification finishes

as standard, in 30% of the space: allowance for vibrant colour walls, and some acoustic panels

to the kitchen Custom made furniture to the reception, kitchen, wardrobes, lockers.

materials and solutions.

as

Same as enhanced, additional allowance for further 30% of the space: acoustic wall covers, joinery wall covers, wallpapers, vibrant colours, feature walls (e.g. plaster works)

Same positions as in the Enhanced, but higher specification materials: stone counters, veneer, unique furniture design solutions, higher specification kitchen appliances

Roller blinds with higher specification, motoric moving in special rooms, allowance for curtains, allowance for black out in special rooms

Requirement Level Description

Cost Levels – Fit-out

Cost levels – Refurbishment

In the refurbishment scenarios 2 main scenarios differentiated in the level of alterations. While a facelift scenario refreshes the existing interior in a complete refurbishment the

We provided our benchmark figures in a „from-to” format, because all refurbishment projects are very different.

Cost of architecture elements depend on how much structures are replaced.

Facelift

- floor plan modifications: less than 20% of the area.

- Changes focus on replacing the floor and wall finishes

- Joineries are refreshed

- Make some improvements which require little manageable alterations (ad new design lighting, improve acoustics)

- Short project phases (2-5 weeks/ phase), little business disruption

Completerefurbishment

- Floor plan modifications: 50-70% of the area.

- The comfort parameters can increase (fresh air supply, heating/ cooling)

- Longer project phases (6-10 weeks/ phase), more business disruption

Cost Levels – FF&E

Key notes for the FF&E budget lines:

• IT team has to be involved in an early stage to create IT scope and requirements

• Reuse can have a large impact on the FF&E budget

• In the FF&E budget prices can go very high. A well designed scope and effective tender will support to reach the budget goals.

Summary

With the 2 layout scenarios (Static Seating Plan, Dynamic Seating Plan) and the 3 requirement levels (Standard, Enhanced, High), we created 6 office fit-out budget scenarios.

The more cellular the space, the higher the fit-out costs will be, while the costs for furniture, fixtures, and equipment (FF&E) will decrease. It's important for to recognize that the level of requirements and associated costs, and the cellularity, are on a spectrum. Consequently, the final project goals and budget should be tailored to your specific needs.

Sustainability

Sustainability goals or targeting a certificate will also have an impact on the project budget.

If the goals are well aligned with the characteristics of the building and are set on time the additional costs can be optimized, without compromise in the achievement. These changes in the design and fitout create value by all means, targeting a certificate puts the approach in a framework, and validates the result. The total project budget increase can be 3-6% if the goals are set on time.

The key implications are the following:

Soft costs, cost impact: + 10 - + 15%

- Cost of certification

- Extra design costs

Architecture, cost impact: 0 -10%

- Layout

- Materials

Mechanical: 0 - + 15%

- Adaptable air volume

- Comfort (fresh air supply, temperatures)

Electrical, cost impact: 0 - + 15%

- Energy saving sensors and controls (lighting, HVAC)

- Comfort – lighting

- Structural metering

FF&E, cost impact: 0 - + 10%

- Sustainable materials (certificates)

- Healthy environment (low VOC)

- Ergonomic furniture

Colliers ESG Strategy

The building's CO2 emissions constitute 30% of its overall environmental impact, with the fit-out accounting for 10% during its lifecycle. Therefore, we urge all our partners to plan their projects meticulously, considering ESG factors, and we can also advise on optimizing CO2 emissions alongside cost management.

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