Construction Costs Estimates
If your development shop isn't vertically integrated is there any way to get a quick estimate online of construction costs? I just want to be able to look over a deal quicker without having to get a quote from a GC and that part always seems to take the longest when doing an initial pass over.
What markets are you in and what product type?
Product type is an important question.
Something to keep in mind is that site work is the most variable component of the hard cost. Some sites have unsuitable soils and need lots of expensive export and import. Some have lots of ledge that has to be blasted. Some are flat and have great soils. Some sites have municipal water and sewer while others need wells and septic systems.
If you are building a product whose vertical cost is lower (especially industrial), the site work cost is a bigger fraction of the overall cost, and site-specific factors that cause variations in site work costs have bigger impacts on the overall pro forma.
You could buy a subscription to RS Means and build out a rough estimate. https://www.rsmeans.com/
I'd use old deals and throw some numbers at the dartboard. I feel like RSMeans is always super far off and isn't accurate enough for region/product type.
Just use $250/sf and call it a day
How soon of a turnaround are you looking for?
Try Bluebook.
Break your project down into the largest components and then call the biggest players in the Bluebook for each discipline and ask them for a rough per square foot cost - ask to speak to the inhouse estimator.
Call a construction estimating consultant ask them to give you numbers. They may or may not charge you.
Call me and pay a fee and I will do all the leg work for you.
You should have enough historical data to make educated assumption. Otherwise, call around, ask other developers who are active in the market, ask a few GC's to give you high-level pricing for like kind assets they built, call architects.
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