Quarterly Cost Update Nov 2022

Today’s cautious tender market continues to produce uncertain cost and time results, which is in turn, challenging project feasibilities and the overall value for money equation. There are no clear signs of this divide between cost and affordability easing in the short term, particularly with the festive season upon us, which is historically a difficult time to approach the market. 

The reality is that tomorrow’s developments will need cost and time certainty to progress, so Asset owners are starting to look at innovative ways to deliver, including adaptive reuse of existing assets to avoid challenges faced on sites currently.

It is also a timely reminder that existing building insurance values will be challenged by recent rapid construction price changes nationally. Contact our team to ensure you have an up-to-date Insurance Replacement Cost Estimate of your building asset.