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Are you over budget, or did you have the wrong budget to begin with?

Do you need a good Case Study for your RICS APC?

One of the most common challenges that Quantity Surveyors and Cost Managers come across during the “Pre-development Phase” is when their Client’s Real Estate and Construction project is over budget.

Value Engineering is usually the first “go to” option, however, it doesn’t always work, especially if you are significantly over budget...

Sometimes, you need to consider other options such as: 👇

1. Increase revenue through maximizing sellable/ leasable Areas

2. Increase revenue through maximizing sellable/leasable $ per SF

3. Redesign the project, and reduce the area, and/or expenditure on, any “non-revenue generating” functional areas

4. Phasing of the project

5. Creative procurement strategies, contract packaging, and pricing mechanisms

6. And of course the most dreaded option...ask for additional funding!

Finally, before you pick any option, you have to ask yourself the following fundamental question: 👇

Is the project truly “over budget” OR did it have the “wrong budget” to begin with?

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