Constructing a parking garage can entail significant expenditure.
In this article we break down the parking garage cost to build.
Various elements play a role in the total expense from the price of raw materials to labor charges.
It’s important to understand that a multitude of unpredictable factors can affect this cost dramatically.
Are you aware of these potential hidden costs and do you know how to prepare for them?
Table of Contents
Parking Garage Cost Overview
On average the cost to build a parking garage ranges from $10000 to $30000 per parking space with significant variation depending on a variety of factors. The overall expense generally sits around $50-$80 per square foot.
For instance establishing a parking garage with a surface area of 145000 sq.ft entails a considerable financial investment of around $7.5-7.8 million.
The itemized breakdown includes architect/drafter charges ranging from $398750 to $500250 material costs which round off to approximately $5.5 million and labor costs approximately $1.7-$1.8 million. Thus labor materials and professional services such as an architect or drafter constitute major portions of parking garage cost to build.
A crucial aspect to remember when planning a parking garage construction project is the significance of building code requirements and zoning regulations. These often bring about substantial influence on the cost and feasibility of the project.
Consequently understanding those codes is essential for developers and builders tackling these projects.
Safety is another critical facet of parking garage construction requiring skilled professionals apt at operating heavy machinery and adept in steel and concrete work. All these factors add to the overall cost of the project.
Aforementioned factors are likely to heavily mediate the parking garage cost to build rendering accurate cost estimates particularly useful.
Material expenses contribute significantly to the overall parking garage cost to build. Reputable sites like HowMuch.net indicate that standard construction materials can run around $5.5 million for a standard 145000 sq.ft.
parking structure. This generally includes concrete work steel framing materials and specialty parking garage materials.
For instance the concrete is a common material in parking garage construction. If not used correctly the expenses can rise significantly.
This stresses the importance of accurate cost estimates.
Moreover steel is one component that cannot be compromised when it comes to quality. There would also be a need for wall protection and heavy-duty gates to control traffic along with signage electrical and plumbing work.
The cost of labor is also a key element that can dictate the total parking garage construction expense. Labor costs vary depending on numerous variables such as location local wage laws overall build time and whether or not the workers are unionized or non-union.
The labor cost for building a 145000 sq.ft. parking garage for instance is estimated to be around $1.7-$1.8 million.
This considers the wages of the construction crew subcontractors and additional services such as safety equipment.
In addition the build time should be factored in as failing to meet the projected timeline can lead to additional operational and labor costs. Lastly do not forget to include costs associated with providing basic amenities for workers such as portable bathrooms water and food during the project duration.
Proper Planning And Execution
The parking garage cost to build can run across the range from hundreds of thousands of dollars to $7.5-7.8 million depending on factors like structural needs lot size or material costs. The parking garage construction project becomes economical when executed with the right mix of materials labor and design.
Architect/Drafter’s cost estimated to be around $398750-$500250 constitutes about six percent of the budget. However for a successful construction project it’s crucial to hire a professional architect who understands the regulations and can apply industry codes effectively.
Materials and labor form substantial parts of the building costs. Material costs can touch up to $5.5 million while labor cost varies from $1.7-$1.8 million depending on the complexity of the plan.
These costs differ based on the chosen building materials and local wage laws.
If you decide to opt for non-union labor you might save about $8 per square foot. Costs such as the heavy machinery steel and concrete work and safety requirements need to be budgeted for up-front to avoid surprises later.
In the long run reducing building costs can be achieved by decreasing square footage which in turn reduces the level count. Building fewer levels implies substantial savings but it might require handling increased vehicles’ strain.
The shape size and chosen construction materials can significantly affect the total budget and the parking garage cost to build.
Employing sustainable building practices and technologies increase up-front expenses but lead to lifelong benefits and cost savings. Proper planning understanding of local zoning and code restrictions aid in providing accurate cost estimates and overall project success.