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What would the construction cost be per meter (including furniture) for a coworking site + childcare center in the US?
Hello there! Thank you for your question regarding the construction cost per meter (including furniture) for a coworking site + childcare center in the US. The most helpful sources that I found on this topic were published on Gigaom and EVstudio. The short answer is that the construction cost per meter in Houston, Texas is $4097.18 (for construction from scratch) and $3526.13 (for lease agreement). The construction costs for the same in New York City for the same are $5821.07 and $3980.7. Below you will find a deep dive of my research findings along with how I came to this conclusion. I hope that this helps you!
METHODOLOGY
In order to begin my research, I started by searching numerous articles, reports and whitepaper journals to establish the different factors to be considered in the construction of a coworking site and childcare center in the US. Now, since the rates of construction vary vastly due to numerous reasons (real estate price, labour costs, etc.) throughout the country. I have taken the case of 2 cities, Houston and New York to proceed with my calculations. I have provided an estimate for construction from scratch as well as lease format for both the cities.
CALCULATIONS
For providing an estimate of the cost incurred, I have taken into account the following factors on which the cost per meter for a co-working site+ childcare center in US will be based upon.
1) Area required- As per an article published by Gigaom, the workspace required for a coworking site with 53 members was 1800 sq. ft. (which is equal to 167.22 sq. meters). I have taken this area as the base for all my calculations.
2) Construction Cost/Rent- The construction cost of office buildings for both my examples,Houston and New York City, were taken from statistics provided by evstudio. The rental cost for the same was as per data provided by JILL.
3) Finishing Costs- Finishng costs includes cost of basic office amentities like paint, carpet, standard ceiling grid and tile, standard 2x4 lighting, coffee bar, copy room laminate millwork, etc. and was provided by 42floors.
4) Furnishing Costs- Furnishing costs comprising of standard cubicles varied between $32,500-145,000 for 50 employees, as per data provided on Cubicles, depending on the material quality. I have hence taken an average price of $88,750 for my calculations
5) Baby Related Equipment- According to data provided by multiple sites like Waynecc and SmallBusiness, the cost of baby related equipment varied between $300-400 per child in the US. Hence, I have taken an average of $350 per child in my calculations.
6) Day Care Construction Cost - The RS mean cost for construction of child care centers in US, as provided by Learn, is $194.57 per sq. ft. (which is equal to $2094.4 per sq.meter)
COST FOR CONSTRUCTION
1) Houston, Texas
a) Office Construction cost
Average cost per feet = $159.08
Total construction cost = 159.08*1800
Total construction cost = $286,344
b) Finishing cost
Average cost per feet = $43.20
Total construction cost = 43.20*1800
Total construction cost = $77,760
c) Furnishing Costs = $88,750
d) Baby Related Equipment
Cost per baby = $350
Total cost = 350*50
Total cost = $17,500
Now,
Cost of coworking site = 286,344+77,760+88,750+17,500
Cost of coworking site = $470,354
Cost of coworking site per meter = 470,354/167.22
Cost of coworking site per meter = $2,812.78
Cost of childcare center per meter = $2094.4
Therefore,
Total cost per meter = $4907.18
2) New York City
a) Office Construction cost
Average cost per feet = $243.98
Total construction cost = 243.98*1800
Total construction cost = $439,164
b) Finishing cost
Average cost per feet = $43.20
Total construction cost = 43.20*1800
Total construction cost = $77,760
c) Furnishing Costs = $88,750
d) Baby Related Equipment
Cost per baby = $350
Total cost = 350*50
Total cost = $17,500
Now,
Cost of coworking site = 439,164+77,760+88,750+17500
Cost of coworking site = $623,174
Cost of coworking site per meter = 623,174/167.22
Cost of coworking site per meter = $3,726.67
Cost of childcare center per meter = $2094.4
Therefore,
Total cost per meter = $5821.07
COST FOR RENT
1) Houston, Texas
a) Office Rent Price
Average asking rent per feet = $30.78
Total rent cost = 30.78*1800
Total rent cost = $55,404
b) Finishing cost
Average cost per feet = $43.20
Total construction cost = 43.20*1800
Total construction cost = $77,760
c) Furnishing Costs = $88,750
d) Baby Related Equipment
Cost per baby = $350
Total cost = 350*50
Total cost = $17,500
Now,
Cost of coworking site = 55,404+77,760+88,750+17,500
Cost of coworking site = $239,414
Cost of coworking site per meter = 239,414/167.22
Cost of coworking site per meter = $1,431.73
Cost of childcare center per meter = $2094.4
Therefore,
Total cost per meter = $3526.13
2) New York City
a) Office Rent Price
Average asking rent per feet = $73.01
Total rent cost = 73.01*1800
Total rent cost = $131,418
b) Finishing cost
Average cost per feet = $43.20
Total construction cost = 43.20*1800
Total construction cost = $77,760
c) Furnishing Costs = $88,750
d) Baby Related Equipment
Cost per baby = $350
Total cost = 350*50
Total cost = $17,500
Now,
Cost of coworking site = 55,404+77,760+88,750+17,500
Cost of coworking site = $315,428
Cost of coworking site per meter = $315,428/167.22
Cost of coworking site per meter = $1,886.3
Cost of childcare center per meter = $2094.4
Therefore,
Total cost per meter = $3980.7
CONCLUSION
Based on my research, I have concluded that the construction cost per meter in Houston, Texas is $4097.18 (for construction from scratch) and $3526.13 (for lease agreement. The construction costs for the same in New York City for the same are $5821.07 and $3980.7.
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