I will point out that the people I'm working with design integrated circuits all day long.

Also, that cost isn't totally finished. Specifically, it does not include wiring, electrical, or flooring. It does include some of the wiring and electrical parts, but not the labor. It also includes the equivalent of drywall and paint and paint labor. There's bound to be a labor cost for physically assembling and installing the cubicles. It does include a desk and maybe a lamp and a small cabinet or two. It may or may not include a chair.