diff --git a/CMakeLists.txt b/CMakeLists.txt
index 3d948ac50f..d1c8594a46 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -35,6 +35,12 @@ set(CMAKE_MODULE_PATH ${CMAKE_MODULE_PATH} "${CMAKE_SOURCE_DIR}/cmake/macros/")
 set(CMAKE_INCLUDE_CURRENT_DIR_IN_INTERFACE ON)
 set(CMAKE_INCLUDE_CURRENT_DIR ON)
 
+# Set up the output directory structure, mimicking that of makepanda
+set(CMAKE_BINARY_DIR "${CMAKE_BINARY_DIR}/cmake")
+set(CMAKE_RUNTIME_OUTPUT_DIRECTORY "${PROJECT_BINARY_DIR}/bin")
+set(CMAKE_ARCHIVE_OUTPUT_DIRECTORY "${PROJECT_BINARY_DIR}/lib")
+set(CMAKE_LIBRARY_OUTPUT_DIRECTORY "${PROJECT_BINARY_DIR}/lib")
+
 # Include global modules needed for configure scripts
 include(PackageConfig)      # Defines package_option AND target_use_packages
 
@@ -50,7 +56,7 @@ include(CompositeSources)   # Defines composite_sources function
 include(Interrogate)        # Defines target_interrogate AND add_python_module
 
 # Add the include path for source and header files generated by CMake
-include_directories("${CMAKE_BINARY_DIR}/include")
+include_directories("${PROJECT_BINARY_DIR}/include")
 
 # Determine which trees to build.
 option(BUILD_DTOOL  "Build the dtool source tree." ON)
@@ -60,19 +66,19 @@ option(BUILD_PANDATOOL "Build the pandatool source tree." ON)
 
 # Include Panda3D packages
 if(BUILD_DTOOL)
-  add_subdirectory(dtool)
+  add_subdirectory(dtool "${CMAKE_BINARY_DIR}/dtool")
 endif()
 
 if(BUILD_PANDA)
-  add_subdirectory(panda)
+  add_subdirectory(panda "${CMAKE_BINARY_DIR}/panda")
 endif()
 
 if(BUILD_DIRECT)
-  add_subdirectory(direct)
+  add_subdirectory(direct "${CMAKE_BINARY_DIR}/direct")
 endif()
 
 if(BUILD_PANDATOOL)
-  add_subdirectory(pandatool)
+  add_subdirectory(pandatool "${CMAKE_BINARY_DIR}/pandatool")
 endif()
 
 # This bit is to generate the 'pandac' compatibility shim. It's deprecated now,
@@ -82,13 +88,13 @@ endif()
 # from panda3d.FOO import *
 if(HAVE_PYTHON)
   # Generate PandaModules:
-  file(WRITE "${CMAKE_CURRENT_BINARY_DIR}/pandac/PandaModules.py"
+  file(WRITE "${PROJECT_BINARY_DIR}/pandac/PandaModules.py"
     "\"This module is deprecated.  Import from panda3d.core and other panda3d.* modules instead.\"
 
 print(\"Warning: pandac.PandaModules is deprecated, import from panda3d.core instead\")\n")
 
   foreach(module ${ALL_INTERROGATE_MODULES})
-    file(APPEND "${CMAKE_CURRENT_BINARY_DIR}/pandac/PandaModules.py" "
+    file(APPEND "${PROJECT_BINARY_DIR}/pandac/PandaModules.py" "
 try:
     from panda3d.${module} import *
 except ImportError as err:
@@ -97,10 +103,10 @@ except ImportError as err:
 ")
   endforeach()
 
-  file(WRITE "${CMAKE_CURRENT_BINARY_DIR}/pandac/__init__.py" "")
+  file(WRITE "${PROJECT_BINARY_DIR}/pandac/__init__.py" "")
 
   # Now install ourselves:
   install(
-    FILES "${CMAKE_CURRENT_BINARY_DIR}/pandac/__init__.py" "${CMAKE_CURRENT_BINARY_DIR}/pandac/PandaModules.py"
+    FILES "${PROJECT_BINARY_DIR}/pandac/__init__.py" "${PROJECT_BINARY_DIR}/pandac/PandaModules.py"
     DESTINATION "${PYTHON_LIB_INSTALL_DIR}/pandac")
 endif()