7. Renovating Costs
(Doug): What is a typical cost of renovating a space?
(David): Well, as with all things, the answer starts with “it depends”, but overall, the cost – I would say the average cost of the units that we’re looking at, and I’ll say this in terms of project costs. In other words construction cost is going to be within this overall project cost. Because you have things like fees, like permit costs, furniture, telecommunications, a bunch of other items that are costly or have cost associated with them that go into the overall project. So when we’re looking at these – so far the ones that we’ve looked at I’d say are averaging around $135 a square foot.
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