Construction Costs Survey – 2010

Stamford, Connecticut

This is a construction cost survey for typical income properties in Stamford, Connecticut. The cost figures for a suburban area outside a large city are normally less than the city by 1% to 8%. Usually, rural areas have even lower construction costs than either suburbs or cities, but not in all cases. When it's time to get serious, you will want to research specific construction cost figures for your project with help from one of the services or books named below. Consider this survey to be "napkin-ware;" that is, the kind of figures you jot on a napkin at lunch while discussing a new idea for a real estate project.

Contractors, real estate developers, brokers, lenders, investors, and other real estate professionals speak the construction cost language of “dollars per square foot.” But how often are the figures you’ve heard second-hand, third-hand, or outdated? This survey for Stamford gives you some current construction costs in order to discuss real estate projects and make preliminary analyzes.

In doing a survey the problem arises of how to provide generic figures for buildings that vary widely in features, finish, and cost. Of course, there is no easy answer. This dilemma was resolved by providing you with examples. The survey includes many commercial investment properties and several residences. The characteristics for each property were chosen to be typical of its class and quality. The examples are not an average, mean, or norm. They simply represent certain types of property. But to create new ideas and new projects, you have to have something to talk about that

Keep in mind construction costs can be different for areas only an hour or two apart or even close together—sometimes a considerable amount. For instance, in a resort town with high-end homes and retail stores and a limited number of local construction workers, you may find higher construction costs than in an urban area just two hours away. This is contrary to the notion that rural ares have lower construction costs.

Included in the construction costs indicated for Stamford are materials, labor, connectors to infrastructure, normal site preparation, building permits, insurance, architect’s fees, general contractor’s overhead and profit, basic interior finish (space improvements), and heating and cooling (except where otherwise noted). Space improvements include finished floors, walls, and ceilings as well as normal partitioning and fixtures. For some property types the tenant pays for the space improvements.

Not included are land, site development costs, developer’s profit, tap fees, special government fees, special district fees, financing expenses, furniture, art, trade fixtures, special fixtures or equipment, interior decoration, landscaping, paved and lighted parking, signage, and other costs which vary widely between communities or between tenants or which are determined by the extraordinary operating strategies of developers.

To refine your construction cost analysis, use an online service such as Marshall and Swift, books such as those published by Reed Construction Data in the RS Means series, or the Craftsman series of cost manuals. Be sure to use a square foot cost version, not a more detailed version meant to be used by a construction contractor.

When it’s time for precision, only a detailed construction cost analysis of your specific project by a construction contractor can provide you with the accuracy you need. Ultimately, only a firm bid by a competent and capable construction contractor is reliable to support a final decision.

The survey shows the estimates for Stamford, Connecticut in 2010. Each project described typifies its class of construction and quality. The construction cost estimates in dollars per square foot take into account the stated particulars of the described project. Quality evaluation goes from average to above average and luxurious.

Small Office $128

Average quality, two-story, frame, hardboard siding, basic suite improvements, 15,000 SF.

Medium Office $157

Above average quality, two-story, tilt-up concrete, elevators, basic suite improvements, 30,000 SF.

Large Office $153

Above average quality, three-story, steel, glass, elevators, sprinklers, basic suite improvements, 60,000 SF.

Medical Office $206

Above average quality, two-story, frame, stucco, elevators, basic medical suite improvements, 30,000 SF.

Small Apartment $113

Average quality, two-story, frame, hardboard siding, appliances, laundry rooms, pool, 34 units, 30,000 SF.

Neighborhood Shopping Center (strip center) $119

Above average quality, one-story, concrete block, basic space improvements, 20,000 SF (no anchor space included).

Community Shopping Center $112

Above average quality, one-story, concrete block, basic space improvements, 100,000 SF (includes 60% supermarket space).

Bank $361

High quality, one-story, masonry, 4,000 SF.

Convenience Store $145

Average quality, one-story, concrete block, sprinklers, 1,500 SF.

Retail Store $132

Above average quality, one-story, concrete block, store front display, 6,000 SF.

Discount Store Building $88

Average quality, one-story, steel, concrete block, open area, sprinklers, 36,000 SF.

Mini Warehouse $75

Average quality, one-story, steel, manager's quarters/office, 310 units, 30,000 SF. No heating or cooling included.

Storage Warehouse $66

Average quality, one-story, steel, metal panels, office space, loading dock, sprinklers, 30,000 SF. No cooling included.

Industrial Building (manufacturing) $73

Average quality, one-story, tilt-up concrete, office space, loading dock, sprinklers, 30,000 SF. No cooling included.

Motel $158

Above average quality, two-story, frame, concrete block, restaurant, bar, pool, spa, meeting rooms, elevators, sprinklers, 112 rooms, 60,000 SF.

Fast Food Restaurant $234

Above average quality, one-story, concrete block, roof overhang for drive-up window, sprinklers, 3,000 SF.

Restaurant $211

Above average, one-story, frame, wood siding/brick trim, sprinklers, 6,000 SF.

Day Care Center $173

Average quality, one-story, frame, wood siding, kitchen facilities, 3,000 SF.

Residence (average quality tract home) $104

One-story, hardboard siding, composition shingles, 1½ baths, two-car garage, 1,600 SF. Basement, landscaping, fencing, and deck not included.

Residence (above average quality tract home) $123

Two-story, wood siding, composition shingles, 2½ baths, balcony, two-car garage, 2,400 SF. Basement, landscaping, fencing, and deck not included.

Residence (luxurious quality tract home) $192

Split level, wood siding/brick trim, shake singles, 3½ baths, balconies, three-car garage, 3,200 SF. Basement, landscaping, fencing, and deck not included.

The estimates on these construction costs have been calculated conservatively. If these figures disagree with some of your figures for Stamford, Connecticut, you should reread the introduction above to see exactly what is included and what is not included in the cost figures presented. And as mentioned before, ultimately the only reliable figures will be the ones you research yourself using one of the construction cost services or the ones you get from a competent contruction contractor.

Good luck with your construction projects!

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