Cost Estimation: How to estimate Office renovation project?
What you'll learn
- Understand the project scope statement
- Develop a high level cost estimate from historical data
- Analyse the floor layout from a preliminary design perspective
- Develop a preliminary cost estimate
- Basic skills in using a spreadsheet software
- Fundamental concepts in cost estimation
This is a case study that will take you through the various steps required to create a preliminary cost estimate for a tenant improvement or fit-up or office renovation project.
From the project scope statement obtained from the client, a high level estimate will be developed. Then, from a proposed layout, a review will be done and a preliminary estimate developed. In order to develop the preliminary estimate, quantity take-off will be performed and cost estimate template will be created. Using the cost template, pricing will be included for each activity, adjustment will be applied and the overall estimate will be reviewed.
In order to finalize the estimates, assumptions will be listed, ratio created and the report will be ready to be sent to the client for approval.
Note: (1) Cost estimate template in MS Excel will be made available for you.
(2)Tenants usually rent and empty space and transform it to meet their requirements. For an office space for example, there would be a need to add conference rooms, meeting rooms, director offices, printing room and cafeteria. Furniture and equipment will also be required; workstations, including their assembly, electrical cabling and data cabling, task chairs, and various types of tables.
Welcome to this course!
Who this course is for:
- Real estate professionals including Facility Managers, Asset Managers and Project Managers
- Landlord and owners of Office buildings
- Students in Cost estimation
Welcome to this channel!
I'm Martial, a Professional Engineer with about 15 years of experience in Building Engineering. I have consistent knowledge in Building, Electrical and Mechanical Engineering. I hold various advanced degrees in Education, Engineering and Project Management.
I believe that exploring the world and learning is fundamental for our minds. So, I keep learning and advancing my skills and understanding...We all need a shelter and, one passion of mine is to understand how buildings work, how they are designed and why they cost so high.
This channel including all materials or courses presented, is for educative purpose and not an engineering advice. Please hire a licensed engineer if you need a professional service.