The key variable: the fit-out level
In commercial work, the budget scope is defined by what is delivered:
| Level | Delivered content |
|---|---|
| Shell and core | Structure, façade, roof, cores and general building services up to each floor |
| Base fit-out (category A) | Raised floors or finished slabs, ceilings, distributed climate systems, general lighting |
| Full fit-out (turnkey) | Interior layout, final finishes, fixed furniture and use-specific equipment |
In offices, market practice frequently separates the base building (borne by the developer) from the fit-out (borne by the occupier). In hotels and retail, on the other hand, use-specific equipment weighs so much that the useful ratios are those of the finished whole.
2026 commercial ranges
In PEM (direct works budget) per built m², mid-cost area:
| Use | Indicative PEM 2026 | Scope |
|---|---|---|
| Offices | €1,000 – 1,600/m² | Building with base fit-out |
| 3-star hotel | €1,400 – 1,900/m² | Finished building excluding full FF&E |
| 4-5 star hotel | €1,900 – 2,500/m² and above | Finished building excluding full FF&E |
| Retail unit (fit-out) | €400 – 1,200/m² | On a shell unit, depending on activity |
Two observations. For hotels, the ratio per m² is always complemented by the ratio per room, which is the one operators use; both are developed in the dedicated analysis. In retail, the range is the most dispersed of the commercial sector because the activity dictates the cost: a restaurant fit-out with a professional kitchen costs several times more than a clothing store.
The three analyses in this branch
Office construction cost per m². Ranges by fit-out level, the weight of climate and ventilation systems, and the effect of sustainability certifications on the budget.
Hotel construction cost. Ratios per m² and per room by category, the items specific to hotel use (kitchens, spa, sound insulation, FF&E) and how operators read the budget.
Retail unit construction cost. Shell versus fit-out, ranges by type of activity, and the permit and utility connection costs that fit-out budgets usually omit.
The essentials
In commercial construction, the first question is not how much the m² costs but what is delivered in that m². With the fit-out level defined, the 2026 ranges are manageable: offices between €1,000 and €1,600/m², hotels between €1,400 and over €2,500/m² depending on category, and retail fit-outs between €400 and €1,200/m² depending on activity. The structure of indirect costs and price formation follows the same logic as in the other typologies.
Note: indicative ranges for Spain in 2026, variable by region, project and market.