The Need
When beginning a new project, establishing or validating a preliminary budget can be challenging. Early conversations with clients often require ballpark figures to assess feasibility and overall direction. This tool supports those early steps by providing benchmark construction costs that assist with testing cost reasonableness.
While the calculator is not intended to replace detailed space planning, design development, or project-specific cost estimating, it offers a reliable foundation for early analysis and decision-making. Architects can use it to inform discussions, guide expectations, and support responsible planning at the concept stage.
About the Calculator
Hanscomb is pleased to introduce the Online Cost Calculator for Benchmark Building Construction Rates developed in collaboration with the RAIC. This RAIC member-exclusive tool provides a curated set of benchmark construction costs using established methodologies from professional quantity surveyors.
Access is available only to RAIC members through the secure, RAIC member portal.
Disclaimer
The benchmark rates provided in this calculator represent estimates in May 2024 dollars for expected building construction value. These figures apply to projects categorized as standard or medium quality and within the specified ranges of gross floor area. The rates include labour and materials, contractor and subcontractor equipment, overhead, and profit. They exclude site costs, owner-supplied furniture and furnishings, information communication and automation technology (ICAT), design and consultant fees, and escalation from the dollar date to the anticipated construction start (see B.9 Exclusions).
These values are informed by multiple sources, including Class A estimates, tender results, and other published data. Despite this, construction costs may vary from the benchmark rates provided due to project-specific scope, regional market factors, and site conditions. The models in this tool are generic and reflect Class D-level estimates.
Hanscomb has no control over the cost of labour and materials, contractor pricing methodologies, competitive bidding processes, or market volatility. The opinion of probable construction costs is based on the experience and professional judgment of cost consultants familiar with the construction industry. Hanscomb does not guarantee that proposals, bids, or actual construction costs will align with these or any subsequent estimates.
Users are encouraged to review the Calculator Features and the Basis of Benchmark Building Construction Rates to understand the scope, assumptions, and limitations of the tool.