It is without fail that most tenants need to renovate their space directly after executing a new lease. These improvements can range in scale, but it is important to have a clear idea of the costs associated with design, permitting and construction. The last thing you want to do is underestimate your project’s cost.
That is why it is handy to have an infographic showing generic numbers for TI’s. Our friend, Brian Spence with BAM Architecture Studio created the below graph to resolve a disconnect he was seeing between real estate broker’s perception of project costs vs. what those costs really are. The infographic shows approximate construction costs and project costs on a per RSF basis for a hypothetical 20,000 RSF second-generation office TI renovation. We find ourselves utilizing this graph regularly and we are happy to pass along the information, thanks to Brian!