International costs: 2002 | Features

Building costs: offices and industrial (€/m2)
	City-centre heated offices			City-centre air-conditioned offices			Factories, warehouse, industrial			Out-of-town business park
	€/m2	€/m2	floors%	€/m2	€/m2	floors	€/m2	€/m2	floors	€/m2	€/m2	floors
Country	low	high	(typical)	low	high	(typical)	low	high	(typical)	low	high	(typical)
Cyprus	522	1045	–	5661	1132	–	313	662	–	697	1393	–
Czech Republic	618	784	6	6631	1146	6	332	748	1	603	844	6
Denmark	1142	1612	6	1343	2150	6	739	1343	1	1075	1343	3
Finland	1278	1615	5	1396	1716	5	790	975	1	1194	1396	2
France	1372	1906	5	1524	2134	6	488	762	1	1143	1524	3
Germany	916	1155	4	1035	1354	6	319	597	1	796	1035	4
Greece	549	1098	–	594	1190	–	330	696	–	731	1464	–
Hungary	497	616	5	596	835	7	338	417	1	537	676	3
Ireland	1778	2285	5	1968	2793	5	571	762	1	1397	1524	–
Italy	878	1085	8	1033	1678	8	516	1239	1	1420	2066	1
Netherlands	1069	1300	6	1284	1690	8	515	796	–	1168	1357	1
Poland	698	1133	–	945	1474	–	436	721	1	–	–	–
Romania	654	926	8	763	1035	10	–	–	–	–	–	–
Slovakia	472	599	6	599	876	6	253	571	1	507	645	6
Spain	N/A	N/A	–	841	1352	10	301	601	–	751	1202	4
Sweden	1181	1328	4	1443	1725	4	941	1139	3	1024	1233	1
Switzerland	916	1492	–	1424	1899	–	814	1221	2	1085	1356	2
UK	1433	1640	7	2070	2994	8	382	637	1	1545	1951	4
Argentina	N/A	N/A	–	672	896	20	168	224	1	504	728	3
Australia%%	N/A	N/A	–	1074.5	1583	25	249.5	376	1	690	900	3
China	904	1187	25	877	1147	25	364	607	2	1052	1282	3
Hong Kong	N/A	N/A	–	1461	1933	45	644	931	15	1833	2363	4
India	N/A	N/A	10	338	408	10	256	303	1	303	384	6
Indonesia	N/A	N/A	–	510	663	–	229	306	–	433	510	–
Israel	N/A	N/A	–	752	860	7	211	237	1	752	860	6
Japan	N/A	N/A	–	2177	2749	15	440	1225	1	1379	2177	10
Kenya	368	523	8	453	622	8	255	354	1	N/A	N/A	–
Malaysia	N/A	N/A	–	294	529	30	132	206	2	N/A	N/A	–
New Zealand	697	836	20	836	975	25	139	279	–	464	604	2
Oman	N/A	N/A	–	638	1059	–	319	798	–	N/A	N/A	–
Philippines	N/A	N/A	–	408	537	40	215	301	2	430	473	8
Saudi Arabia	N/A	N/A	–	923	1534	7	596	893	1	N/A	N/A	–
Singapore	N/A	N/A	–	1220	1421	25	403	561	–	1098	1305	–
South Africa †	228	272	–	264	359	5	134	223	1	N/A	N/A	3
Thailand	N/A	N/A	–	560	713	30	178	229	2	N/A	N/A	–
UAE	N/A	N/A	–	608	1064	20	304	608	1	608	836	3
Vietnam	N/A	N/A	–	889	1111	–	356	445	–	755	889	–
USA ††	1335	1820	4	1526	2250	18	606	1032	1	1290	1932	3
Caribbean §	N/A	N/A	–	1675	2429	4	600	815	1	N/A	N/A	–
% Typical number of storeys has only been provided where identified by local offices
%% Australia figures are an average for Melbourne and Sydney
† South Africa figures are an average for Durban, Johannesburg and Pretoria
†† USA figures are for an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Phoenix, Portland, San Francisco, Seattle and Washington DC
§ Caribbean figures are an average for the Cayman Islands and the British Virgin Islands
Exchange rates current at 3 December 2001 as published in the London Financial Times

Building costs: residential and retail (€/m2)
	High-rise apartments			Shopping centre			Provinical/suburban hotel %%			Provinical/suburban hotel %%
	€/m2	€/m2	floors%	€/m2	€/m2	floors%	€/m2	€/m2	floors%	€/m2	€/m2	floors%
Country	low	high	(typical)	low	high	(typical)	low	high	(typical)	low	high	(typical)
Cyprus	610	871	–	522	1045	–	1045	1480	–	610	871	–
Czech Republic	513	754	10	633	905	2	1056	1659	8	682	905	3
Denmark	1142	1948	6	1142	2045	2	2418	3359	10	2015	2687	3
Finland	1245	1800	4	975	1194	2	1716	1901	5	1497	1716	3
France	884	1136	10	777	1174	2	1372	1677	8	2134	2439	4
Germany	863	1089	10	1037	1451	4	1354	1672	6	1037	1451	4
Greece	641	916	–	549	1098	–	1098	1555	–	641	916	–
Hungary	557	656	7	577	855	2	954	1392	7	517	775	4
Ireland	1143	1651	5	1905	2412	2	2285	2920	5	1905	2412	4
Italy	981	1911	4	1446	1963	1	1265	1911	4	904	1524	2
Netherlands	665	1082	10	876	1193	1	1947	2253	8	1690	1863	4
Poland	626	1095	–	782	1117	2	1172	1598	–	877	1280	–
Romania	436	490	8	N/A	N/A	–	1035	1308	11	817	926	7
Slovakia	392	576	10	484	691	2	807	1152	8	521	691	3
Spain	902	1503	12	361	1202	2	1202	1803	15	902	1503	10
Sweden	826	1035	4	1244	1443	3	1829	2122	3	1422	1610	3
Switzerland	983	1356	–	1085	1424	2	1628	1899	6	1356	1424	6
UK	1473	2469	8	1290	1951	2	2349	2827	10	1752	2150	4
Argentina	448	616	25	616	840	3	784	1008	20	504	616	4
Australia †	813	1104	15	552	900	2	1351	1772	25	1075	1365	–
China	445	594	35	972	1214	4	1187	1619	25	945	1349	15
Hong Kong	1361	1719	45	1575	1790	4	1604	2291	25	N/A	N/A	–
India	198	303	15	303	454	3	885	1515	10	326	408	7
Indonesia	408	459	–	357	408	–	663	765	–	510	612	–
Israel	475	528	10	791	1121	2	1121	1451	10	897	1002	3
Japan	1787	2195	20	717	1787	5	2640	3955	20	2204	2477	10
Kenya	N/A	N/A	–	396	481	3	523	665	6	424	566	5
Malaysia	176	558	15	250	529	3	441	1029	–	353	735	–
New Zealand	650	882	20	395	50	–	1068	1208	–	836	975	–
Oman	748	1276	–	725	1741	–	798	1436	–	609	1117	–
Philippines	387	580	30	258	322	4	709	860	35	430	516	8
Saudi Arabia	923	1519	7	893	1519	2	1191	1444	7	953	1529	4
Singapore	1055	1305	25	793	976	–	1372	1757	–	1183	1281	–
South Africa ††	302	444	6	250	308	1	543	652	4	326	416	1
Thailand	458	560	20	331	458	4	713	891	20	382	509	3
UAE	639	1216	15	684	1824	3	760	1824	15	639	1064	7
Vietnam	800	1000	–	655	800	–	1200	1500	–	944	1167	–
USA §	1094	1900	19	1023	1597	2	2156	2972	15	1461	1951	5
Caribbean §§	1139	1837	3	1139	1698	2	1843	2446	4	1335	1899	4
% Typical number of storeys has only been provided where identified by local offices
%% Excludes furniture, fittings and equipment
† Australia figures are an average for Melbourne and Sydney
†† South Africa figures are an average for Durban, Johannesburg and Pretoria
§ USA figures are for an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Phoenix, Portland, San Francisco, Seattle and Washington DC
§§ Caribbean figures are an average for the Cayman Islands and the British Virgin Islands

Labour rates (€/hour)
		Basic rate %			All-in rate %%
Country	Unskilled	Semi-skilled	Skilled	Unskilled	Semi-skilled	Skilled
Cyprus	7.49	8.10	9.14	9.23	9.93	11.32
Czech Republic	1.51	2.71	4.52	4.83	6.79	9.95
Denmark	18.81	21.50	24.18	24.83	28.37	31.92
Finland	8.58	11.27	13.29	14.80	19.68	22.87
France	8.38	10.19	11.81	16.48	20.33	23.16
Germany	8.78	10.74	17.07	28.13	30.68	35.79
Greece	7.87	8.51	9.61	9.70	10.42	11.90
Hungary	1.31	2.19	3.38	3.78	5.96	8.75
Ireland	11.47	13.04	14.32	20.95	23.74	29.20
Italy	10.33	11.36	12.91	22.75	24.66	26.13
Netherlands	–	–	27.23	–	–	31.76
Poland	2.34	3.10	3.59	4.36	5.90	6.62
Romania	0.85	1.24	1.42	1.27	2.05	2.48
Slovakia	1.15	2.07	3.46	3.69	4.95	7.37
Spain	10.82	15.03	21.04	12.02	15.03	19.23
Sweden	8.89	12.54	15.68	15.68	21.43	30.31
Switzerland	23.06	25.57	32.15	37.18	41.17	46.29
UK	8.03	9.17	10.67	10.57	12.14	14.16
Argentina	2.80	3.13	3.47	5.60	6.10	6.72
Australia †	9.46	10.21	10.55	18.36	19.47	20.20
China	0.31	0.47	0.81	0.35	0.54	0.93
Hong Kong	10.88	–	17.19	13.03	–	19.76
India	0.28	0.38	0.48	0.31	0.44	0.54
Indonesia	0.22	0.30	0.37	0.34	0.46	0.57
Israel	5.80	9.50	10.82	7.39	11.87	13.72
Japan	16.69	20.96	27.49	25.04	31.48	41.18
Kenya	0.30	0.47	0.64	0.50	0.79	1.08
Malaysia	–	–	–	1.62	2.06	3.38
New Zealand	6.73	9.75	12.08	7.90	11.38	13.93
Oman	0.87	1.16	1.60	1.89	2.32	2.90
Philippines	0.67	0.81	0.94	0.77	0.93	1.08
Saudi Arabia	1.49	1.94	2.98	2.68	3.57	4.47
Singapore	2.20	2.93	3.66	3.60	3.72	3.96
South Africa ††	1.01	1.54	2.01	1.28	1.96	2.63
Thailand	0.51	0.89	1.27	0.64	1.02	1.40
UAE	1.37	1.40	1.52	1.82	1.92	2.22
Vietnam	0.33	0.50	0.67	–	–	–
USA §	25.79	30.92	37.05	36.54	44.52	54.01
Caribbean §§	10.83	14.30	19.32	13.96	18.93	27.20
% Basic labour rate is the amount paid to a site operative, based upon figures promulgated by the national wage fixing body of each country. In many cases employers may be paying above or below the basic rate.
%% All-in rate is the gross hourly cost of employing the site operative, based upon the standard working week for the country, including items such as insurances, statutory contributions and taxes. The all-in labour rate for the Middle East includes for the cost of importing labour and for food and accommodation.
† Australia figures are an average for Melbourne and Sydney
†† South Africa figures are an average for Durban, Johannesburg and Pretoria
§ USA figures are for an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Phoenix, Portland, San Francisco, Seattle and Washington DC
§§ Caribbean figures are an average for the Cayman Islands and the British Virgin Islands

Building material supply prices %
	Steel rebar	Structural	Ordinary	Concrete	Aggregate	Sand	Plaster	Carcassing	Common	Concrete	Glass
Country	€/tonne	€/tonne	€/tonne	€/m3	€/tonne	€/tonne	€/tonne	€/m3	€/1000	€/m2	€/m2
Cyprus	313	1132	66	37	10	10	80	313	313	8	10
Czech Republic	495	857	72	43	11	10	51	172	217	11	9
Denmark	490	490	228	86	16	16	293	–	228	13	–
Finland	498	1049	107	57	9	9	303	464	–	9	35
France	793	970	137	79	21	27	–	–	–	20	29
Germany	398	637	100	65	18	13	135	150	322	21	53
Greece	330	594	70	39	12	12	84	330	293	8	12
Hungary	497	775	33	7	11	10	111	227	199	12	15
Ireland	628	1016	229	89	10	8	114	1187	444	6	38
Italy	341	568	103	74	14	13	121	160	103	11	30
Netherlands	844	1382	108	88	25	29	162	348	183	25	31
Poland	317	510	72	59	–	4	101	256	190	12	8
Romania	381	381	50	44	16	16	76	599	147	4	7
Slovakia	415	728	61	36	9	9	43	142	183	9	8
Spain	361	331	96	72	1503	–	19	150	60	–	24
Sweden	418	669	100	94	21	11	272	627	293	16	21
Switzerland	955	1176	153	92	24	26	187	270	–	16	43
UK	557	796	143	105	19	19	220	350	287	13	37
Argentina	448	896	125	73	22	7	133	90	134	8	22
Australia %%	629	668	136	60	23	19	153	545	272	11	23
China	329	405	49	43	7	8	30	196	35	4	7
Hong Kong	267	494	80	64	12	7	86	214	80	11	7
India	431	583	629	58	21	7	51	1515	38	9	12
Indonesia	245	438	45	34	5	44	–	–	27	–	5
Israel	475	1609	100	47	12	8	211	–	–	6	18
Japan	254	635	80	109	21	24	–	481	–	14	19
Kenya	57	85	141	–	13	11	–	170	–	6	13
Malaysia	353	794	59	37	15	5	132	215	62	5	–
New Zealand	585	743	103	77	13	19	–	395	316	10	58
Oman	580	1610	84	38	4	6	64	319	–	7	15
Philippines	387	494	86	64	14	10	–	279	–	–	64
Saudi Arabia	432	1191	83	60	9	6	104	238	n/a	4	42
Singapore	311	433	49	27	7	7	–	45	83	5	16
South Africa †	364	1119	53	43	11	7	109	306	65	5	14
Thailand	298	509	61	64	5	4	127	–	13	8	9
UAE	286	456	52	40	11	18	258	456	–	4	14
Vietnam	333	333	64	37	5	3	119	44	23	–	6
USA ††	796	1895	176	108	18	17	253	242	427	22	61
Caribbean §	747	4188	168	198	52	52	–	528	–	14	66
% All rates include delivery to site and local discounts, but exclude VAT and local taxes
%% Australia figures are an average for Melbourne and Sydney
† South Africa figures are an average for Durban, Johannesburg and Pretoria
†† USA figures are for an average for 11 cities: Boston, Denver, Hawaii, Las Vegas, Los Angeles, New York, Phoenix, Portland, San Francisco, Seattle and Washington DC
§ Caribbean figures are an average for the Cayman Islands and the British Virgin Islands

Inflation rates and forecasts
	Retail price inflation (%)								Building tender price inflation (%)
Country	1995	1996	1997	1998	1999	2000	2001	2002	2003	1995	1996	1997	1998	1999	2000	2001	2002	2003
Cyprus	–	–	–	–	–	–	–	–	–	7.7	6.5	6.7	8.0	6.3	11.9	10.7	5.2	–
Czech Republic	9.0	10.1	9.2	9.9	2.1	2.7	6.6	4.6	4.5	18.3	3.5	10.7	8.5	2.0	3.0	1.9	3.0	5.0
Denmark	2.1	2.1	2.3	3.4	5.5	1.3	4.2	4.2	–	3.7	2.9	2.8	3.4	1.3	4.5	3.1	4.8	5.7
Finland	1.3	-0.8	2.4	2.6	2.0	2.8	1.6	-2.6	2.7	-0.4	-7.4	9.1	11.2	13.3	4.9	-4.8	-5.8	4.5
France	1.8	2.7	0.9	0.9	2.1	1.7	1.5	1.7	–	1.8	2.7	1.8	1.7	1.6	1.1	2.3	1.6	–
Germany	2.2	1.5	2.4	1.0	0.7	1.9	2.4	1.4	–	2.4	2.1	-2.5	–	2.5	2.5	-0.2	-0.1	-0.1
Greece	–	–	–	–	–	–	–	–	–	–	–	–	—	–	–	–	–	–
Hungary	29.8	23.0	18.0	14.5	10.5	9.5	7.5	7.0	–	27.3	14.0	19.0	11.5	10.0	9.5	7.0	6.0	–
Ireland	1.8	2.6	3.4	3.3	10.2	15.7	–	–	–	1.8	2.6	3.4	3.3	10.2	15.7	6.8	–	–
Italy	6.4	3.8	2.2	1.4	0.7	2.8	4.1	3.9	3.1	2.0	2.3	0.8	2.5	0.8	2.4	3.1	3.0	2.9
Netherlands	1.7	2.5	2.4	1.8	2.4	2.4	4.7	2.2	–	1.8	1.8	2.6	1.7	5.0	3.2	5.0	–	–
Poland	28.0	19.5	15.3	10.6	8.5	10.3	4.0	–	–	21.9	21.1	14.1	7.0	8.6	3.7	2.6	–	–
Romania	–	22.8	60.2	–	10.1	–	–	–	–	–	–	–	18.5	42.6	42.2	24.5	–	–
Slovakia	–	10.0	8.9	16.2	5.3	3.8	6.0	6.0	5.0	10.0	10.0	12.1	12.0	5.3	3.1	6.0	-2.8	1.9
Spain	4.9	3.1	2.3	1.5	2.9	2.4	3.7	2.4		3.3	4.0	2.3	2.3	6.7	2.2	–	–	–
Sweden	1.9	3.8	1.8	1.8	1.8	5.2	5.0	5.5	5.2	1.9	3.8	1.8	1.8	1.8	5.2	5.0	5.5	5.2
Switzerland	–	0.8	0.8	2.1	1.6	1.8	1.1	1.0	1.3	–	-2.0	-2.0	-1.0	1.6	1.6	2.0	1.0	–
UK	3.5	2.4	3.1	3.4	1.3	3.0	1.7	2.6	2.5	3.5	5.0	5.5	4.6	2.5	3.5	3.5	3.5	3.5
Argentina	1.9	-0.9	2.9	2.0	-1.8	-0.5	1.1	1.0	–	0.8	-5.0	1.1	–	-0.2	-1.7	1.0	1.0	–
Australia	4.7	1.2	0.8	0.8	1.2	3.0	4.8	4.5	–	2.1	3.1	2.0	2.9	2.8	4.6	4.4	4.2	4.0
China	–	–	1.8	-1.5	-1.3	–	–	–	–	-1.5	-2.5	-2.5	-1.2	-0.2	0.8	0.0	0.3	0.5
Hong Kong	8.2	7.0	5.3	-1.7	-4.0	-3.0	-3.1	-0.6	1.3	12.4	10.2	20.0	-7.7	-4.5	-11.5	-3.1	-1.6	0.8
India	–	–	–	15.0	3.1	4.0	–	–	–	8.1	4.5	4.5	5.8	3.5	6.3	4.3	3.2	–
Indonesia	3.9	3.4	6.9	74.4	1.8	5.9	–	–	–	2.1	2.3	10.0	48.5	13.8	12.1	–	–	–
Israel	8.1	10.6	7.0	8.6	1.4	–	0.9	2.5	2.7	8.9	8.1	8.3	6.2	2.1	2.2	0.8	2.5	1.6
Japan	0.8	-1.6	-0.6	-3.5	-2.6	-1.0	-1.3	–	–	-2.7	-1.3	-0.3	-2.2	-1.6	-1.3	-0.9	–	–
Kenya	–	–	–	—	–	–	–	–	–	10.0	9.1	6.7	–	6.3	2.9	7.1	20.0	22.2
Malaysia	–	–	–	–	–	1.5	–	–	–	2.0	0.9	3.2	0.4	4.0	0.8	-1.3	–	–
New Zealand	2.9	2.6	–	2.1	2.4	2.4	–	–	–	3.1	0.6	–	-0.4	0.6	0.8	1.7	1.3	1.3
Oman	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Phillipines	–	–	5.3	10.2	5.7	–	–	–	–	–	–	–	–	–	–	–	–	–
Saudi Arabia	5.0	0.9	2.0	0.4	1.5	2.0	1.7	1.7	2.4	–	–	–	–	–	–	–	–	–
Singapore	–	–	2.3	-1.4	0.9	1.7	–	–	–	5.2	8.9	2.7	–	-14.2	-8.2	–	–	–
South Africa	–	6.0	4.0	4.1	–	–	–	–	–	6.8	5.7	6.2	7.2	11.8	6.5	4.2	6.6	4.0
Thailand	–	–	7.0	5.8	–	2.3	–	–	–	5.0	0.8	7.9	5.9	-14.6	32.5	–	–	–
UAE	4.5	–	4.3	8.3	–	-3.8	–	–	–	4.5	–	4.3	8.3	0.1	–	1.0	–	–
Vietnam	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
USA%	2.3	2.1	2.9	4.5	2.3	2.6	–	–	–	3.3	2.4	3.8	5.9	4.4	3.8	3.2	2.0	3.5
% US building tender price inflation figures are an average for nine cities: Boston, Hawaii, Las Vegas, Los Angeles, New York, Phoenix, Portland, San Francisco and Seattle