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CLIFF PESKIN
BabbleBee
reply 298 vote 22
 

What is the construction cost per square foot for commercial buildings in Toronto?

What is the average construction cost per square foot for a commercial building in Toronto (lets say store/office space on Bloor street, hypothetically)?
15
Toronto / General Chit-Chat
 
 
 
STEPHANIE STOUTE
Buzzer
reply 60 vote 4
 
 
1 BEST REPLY
Cliff,
TREB distributes a Rough Guide to Construction Costs annually...I've got the 2010 version in front of me (I believe you can now get the 2011 copy at www.trebcommercial.com).
These numbers are very loose - but - for a Small Commercial Retail Building with a building area of 4,311 SF the average cost to build per m2 is $1,425
This price per m2 does include allowances. It gives a total net building cost (excluding site) of $527,910.
Not exact numbers or a replica of your type of building, but hopefully that helps.
 
 
 
SYMMETRY DEVELOPMENTS
Buzzer
reply 83 vote 4
 
 
Cliff, could you be more specific? Would the store/office space be completely done up or are you talking about the cost of building the shell, providing the rough-ins? And are you talking about building a commercial building from scratch or renovating an existing structure?
 
 
CLIFF PESKIN
BabbleBee
reply 298 vote 22
 
 
Good questions - basically I have a 5000 square foot building on Bloor West and I'm trying to figure out the replacement cost for insurance. The building is in decent condition consisting of a store on the main floor and 4 two bedroom apartments upstairs.
So, if the building were gutted by a fire, how much would it cost to rebuild.
Thanks!
 
 
CHRIS DULABA
Buzzer
reply 73 vote 5
 
 
It'll be tough to determine a 'rough' cost given that are many variables to consider. For example, how old is the building, what type of mechanical system does it have, is there u/g parking, are there any common areas, if so, how large, etc.

To be honest, I would actually get a professional appraisal done in order to establish a figure that is produced by a professional appraiser. Particularly if this is going to be used for commercial insurance purposes. If you ever had to make a claim the insurance company could challenge the value that was applied.
 
 
CLIFF PESKIN
BabbleBee
reply 298 vote 22
 
 
Thanks Stephanie! very helpful.
 
 
SYMMETRY DEVELOPMENTS
Buzzer
reply 83 vote 4
 
 
Cliff said:
Good questions - basically I have a 5000 square foot building on Bloor West and I'm trying to figure out the replacement cost for insurance. The building is in decent condition consisting of a store on the main floor and 4 two bedroom apartments upstairs.
So, if the building were gutted by a fire, how much would it cost to rebuild.
Thanks!

Cost psf depends on type of construction, design, etc...a lot of variables.
I would budget around $115-$120 psf (especially since there is a residential component), although hypothetically it could be sub $100 psf. Stephanie's TREB numbers are a good estimate.
 
 
MOHANNAD B
NewBee
reply 3
 
 
What is the average construction cost per square foot for a completely done up commercial / apartment building in Toronto/Mississauga area. I am talking about 25 stories building.
 
 
V PRASHAD
NewBee
reply 2
 
 
Symmetry said:
Cliff said:
Good questions - basically I have a 5000 square foot building on Bloor West and I'm trying to figure out the replacement cost for insurance. The building is in decent condition consisting of a store on the main floor and 4 two bedroom apartments upstairs.
So, if the building were gutted by a fire, how much would it cost to rebuild.
Thanks!

Cost psf depends on type of construction, design, etc...a lot of variables.
I would budget around $115-$120 psf (especially since there is a residential component), although hypothetically it could be sub $100 psf. Stephanie's TREB numbers are a good estimate.


Your quote seems very competative, I was wondering if that construction cost would include gutting out a unit. I am currently looking at a unit about 1200 sq ft for a store/sandwich shop and looking at some cost. Basically will need freeze, storage, work area, flooring, wall, bathrooms. I was budgetting about $25,000 to get it complete.
 
 
MANSOOR
NewBee
reply 3
 
 
HI All,
Interesting and informarive discussion. I am new to this areana. Please help me understand the referred estimated costs is for what sort of construction - it it concreate or Steel framing or both structures.
 
 
MANSOOR
NewBee
reply 3
 
 
Stephanie said:
Cliff,
TREB distributes a Rough Guide to Construction Costs annually...I've got the 2010 version in front of me (I believe you can now get the 2011 copy at www.trebcommercial.com).
These numbers are very loose - but - for a Small Commercial Retail Building with a building area of 4,311 SF the average cost to build per m2 is $1,425
This price per m2 does include allowances. It gives a total net building cost (excluding site) of $527,910.
Not exact numbers or a replica of your type of building, but hopefully that helps.

Sounds good and realistic only if this includes regulatory fee, design, structure to final finish. I would be interested to know what is covered. I mean labour, material, regulatory fees, design and supervision. Also if you may enlighten about material and labour cost, and structural and finishing cost. How you see stats canada table figutrs on cost of construction.
 
 
YOSSI KAPLAN
Buzzer
reply 15 vote 1
 
 
Cliff, insurance companies price according to their own measuring stick, find out what it is and you'll get a good estimate.
 
 
CLIFF PESKIN
BabbleBee
reply 298 vote 22
 
 
@Yossi Kaplan yeah but I felt like they were inflating estimated re-construction costs to charge me a higher premium, so that's why I was trying to get to the bottom of it!
 
 
MANSOOR
NewBee
reply 3
 
 
I agree with you Yossi, I don't see any gradiant scale to measure multipe variables to make universal constant. It hard to satisfy every stakeholder in this industry game. Ones own judgement under specific conditions would be the best solution.
 
 
JORDAN WALKER LIN
NewBee
reply 1 vote 1
 
 
1
I work with a number of builders and clients putting up commercial. Right now we are working on the numbers for a 4 storey office/retail that is 89,000sqft. $125 is way too low if you had to replace/build new. I would say raw space would be safely budgeted closer to $175.00+/sqft and that is white-wall shell units for the retail and bare bones in the office space. You also need to add $5.00/sqft for soft costs, etc... don't under cut your self to lower your insurance costs! Best suggestion is call a builder and say "I want to know what it would cost for you to make this building around the corner on an empty lot I am looking at - what would it cost"
 
 
V PRASHAD
NewBee
reply 2
 
 
i just learned the hard way, construction cost is one but the Time it can take and if time is miscalculated then ROI is affected.
 
 
 
 
 

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