We’ve partnered with Craftsman to provide you with data from the National Building Cost Manual, including data on cost per square foot by building type by square footage for five (5) different building types, four (4) asset classes, and a National Construction Cost Index.
Costs in the tables include construction costs, labor, material, equipment, plans, building permit, supervision, overhead and profit. Construction cost tables do not include land value, site development costs, government mandated fees (other than the building permit) or the cost of modifying unusual soil conditions.
Building Types & Definitions:
Convalescent Hospitals-Masonry/Concrete: a convalescent hospital of masonry/concrete construction. These buildings are staffed by medical professionals and provide care and recovery for patients after surgeries and long-term illness. These facilities can be freestanding or hospital-based units.
Costs for this Building Type are closely associated with those of Assisted Living (AL), Memory Care (MC), and Skilled Nursing (SNF).
Convalescent Hospitals-Wood Frame: a convalescent hospital of wood frame construction. These buildings are staffed by medical professionals and provide care and recovery for patients after surgeries and long-term illness. These facilities can be freestanding or hospital-based units.
Costs for this Building Type are closely associated with those of Assisted Living (AL), Memory Care (MC), and Skilled Nursing (SNF).
Medical Building-Masonry, Exterior Entrance: A medical or dental building of concrete construction in which access to each suite is through an exterior entrance.
Costs for this Building Type are closely associated with those of Memory Care (MC), and Skilled Nursing (SNF).
Medical Building-Masonry, Interior Entrance: A medical or dental building of concrete construction in which access to each suite is through an interior entrance.
Costs for this Building Type are closely associated with those of Memory Care (MC), and Skilled Nursing (SNF).
Multi-Family Residence: A dwelling with features for multiple families, including duplexes to apartment buildings.
Costs for this Building Type are closely associated with those of Independent Living (IL).
Square Footage Ranges
The basic building cost tables reflect the fact that larger buildings generally cost less per square foot than smaller buildings. The cost tables are based on square foot areas which include the following:
All floor area within and including the exterior walls of the main building.
Inset areas such as vestibules, entrances or porches outside of the exterior wall but under the main roof.
Any enclosed additions, annexes or lean-tos with a square foot cost greater than three-fourths of the square foot cost of the main building.
Selecting the Right Square Footage Range
Select the basic building cost which falls closest to the actual area of your building. If the area of your building falls nearly midway between two listed building areas, it is
appropriate to average the square foot costs for the listed areas.
Convalescent Hospitals-Masonry/Concrete: Use the total area under roof.
Convalescent Hospitals-Wood Frame: Use the total area under roof.
Medical Building-Masonry, Exterior Entrance: Use the total area under roof.
Medical Building-Masonry, Interior Entrance: Use the total area under roof.
Multi-Family Residence: Use the average size of the units in the building.
National Construction Cost Index
This tells you the cost of construction in a specific market area relative to the national average.
A positive number means it is more expensive to build in this market than the national average. For example, a value of 2% means the selected market is 2% more expensive to build in than the average market in the US.
A negative cost index means it is relatively cheaper to build in this market. For example, a value of -10% means the selected market is 10% cheaper to build in than the average market in the US.
Construction Cost Data can be accessed in two places: (1) The Site Detail Report for a completed analysis (under the Construction Cost tab) and (2) The Construction module of Markets, absent a completed analysis.
Construction Module
To access the Construction module, click on Markets on the sidebar of the VisionLTC web app homepage, then select the Construction tab among the four options you have to choose from.
To review Construction Cost data in a market, you will first need to select one of the five Building Types, and then a State and ZIP Code combination to review data within.
NOTE: Data may not be available for all zip codes.
Construction Cost - Site Report
When you open a Site Report from an analysis (Analyses > Reports > View Details) you will see the Construction Cost tab. Click on this tab to view the construction data for your selected market area.
Now you will need to select a building type and square footage setting. These will be set to your default settings and can be changed in the Site Detail Report by opening the dropdown menu and choosing your desired option.
Additionally, you can change your default settings for Construction Cost data in all Site Detail Reports by going to Account Settings (⚙ icon on left-hand side bar) and changing the "Building Type" and "Sq. Footage" options.