How exactly do soft costs change at different budget levels?
I know that soft costs will ultimately come out to about 15-20% of total project costs for a project that’s about $60-$100 million. For smaller and larger projects, does this rule of thumb ratio generally apply?
And in particular, how do architecture costs change? Again, for a $60-$100 million project, architecture fees will be about $2.5-$3.5 million. If your total development cost is closer to $30-$50 million, by how much would the architecture fees generally decrease?
The % is going to change with asset class and complexity of the projects. An apartment complex is going to have more design hours put in than that of a shell warehouse of the same hard cost.
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