Quote:
Originally Posted by Nowhereman1280
Well I have the winning bid sitting right here in front of me and the total works out to about $72/SF and that includes extending HVAC (including VAV boxes), sprinklers/life safety system, Electrical, Plumbing, Drop ceiling, Interior Framing and all finishes. It doesn't include Furniture, but then again a construction bid almost never includes furniture since tenants usually bid that out separately. Also I've never seen "equipment" included in a build out cost. Any equipment (excluding IT infrastructure) you are bringing into the space is going to be completely separate from the fit-out costs. They are planning on using above average (but not stunning) finishes including a lot of stone work.
As I said before, we just did another build out a few years ago that was considered ridiculously high end with tons of interior walls, mahogany paneling, marble floors, Parquet floors in the massive executive offices, etc for a hair over $90/SF.
I'm not sure why you are comparing a track house to a Class A Office Building or why you are comparing from the ground up construction to interior fit out, but that has nothing to do with the subject at hand. Fact is I'm actually doing this kind of work and these are the real numbers we are paying. There is really nothing I can do to convince you if you don't believe me.
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$50 to $100 per square foot is right for interior fit outs, depending on the finishes and what the property owner's definition of "white box" is.
I've got bids for the Barney's TI, Fred's Restaurant TI, Intermix, Bebe, two Lululemons including their flagship, Sprinkles, Ted Baker and Pomelatto under my belt over the past few years. Unless you're getting ludicrously high end like Ted Baker and Pomelatto did then that's a good range, especially for a tenant that sticks to a simple build-out.
A lot of times the responsibility for scope of work gets split between owner and tenant (Sprinkles in particular was a nightmare as far as that goes, renovating the base building for the developer then the buildout for the tenant) and you have to hash out who pays for what with the MEP/FP systems, but generally speaking you're talking about being in that range.
And yeah, usually the equipment and furniture is direct by the owner. Especially in the restaurants. They always seem to "have a guy" for their kitchen equipment in particular.
A lot of time they furnish light fixtures themselves, too, which also brings the construction number down, at least until they don't send plenum rated fixtures and it blows up the whole schedule anyway. Also millwork, which always throws another wrench in the works since if there's lighting in it that needs to be hard piped in the City, so if they pre-wire any lighted cabinets without conduit that ends up needing to be re-done.
The restaurants can climb into the $400/sf range when you factor in all the extra electrical, mechanical and plumbing they need, plus equipment and crazy light fixtures and finishes.
A lot of that is pretty speculative too, though, depending on how much stuff they're trying to cram into how little space.
Still, generally speaking, "normal" retail TI's are in that $50-$100 range.
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