Architects Meeting

Preliminary pricing is an initial estimation of the complex construction costs of a particular space that provides a general overview of what a project might entail regarding financial outlay. Before a project is fully detailed, occupiers often need a ballpark figure to understand their potential commitments and costs when entering a commercial lease. Occupiers will typically reach out to an architect to produce a test fit and pricing plans to present to a general contractor for preliminary pricing. The general contractor will then make what they estimate the costs to be of a given project. This estimate is called “preliminary pricing” because it is a preliminary, non-binding estimation of the costs. An occupier must do this to help determine their costs and to give them visibility on negotiating terms such as a tenant improvement allowance or turnkey improvements with a landlord. Occupiers also use preliminary pricing to compare multiple sites to determine the most cost-effective option. This pricing also serves as a precursor to determining a budget, producing construction documents/MEP drawings, and selecting a general contractor.

For occupiers, preliminary pricing becomes invaluable during negotiations. It aids in making informed decisions about leasing or purchasing a space, ensuring they are adequately prepared for the financial responsibilities associated with their chosen location.

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This Disclaimer (“Disclaimer”) sets forth important information regarding the information, examples, guides, research, or any other type of information provided by Parceto LLC dba Park Realty (“Company”, “Park Realty”, “Park”, “us”, “we”, and “our”) on www.parkrea.com (“Website”).

This research paper is prepared by and is the property of Park Realty and is circulated for information and educational purposes only. The views expressed herein are solely those of Park, its officers, or employees (whichever the case may be) as of the date of this paper was published. Park may or may have financial interests in one or more positions which the research papers provided herein may discuss.

There is no consideration given to specific investment objectives, needs, tolerances, or situations of any of the recipients. Additionally, our Website, research, insights, opinions, and examples should not be relied upon as legal or financial advice and we do not provide legal or financial advice in any capacity. If you have any specific considerations, you should consult with the appropriate qualified professional for advice regarding your specific situation.

This information is not directed or intended for distribution to or for the use by any person or entity located in any jurisdiction where such distribution, publication, availability, or use would be contrary to applicable law or regulation, or which would subject Park to any registration or licensing requirements within such jurisdiction.

We do not endorse, guarantee, or warrant the accuracy, completeness, or usefulness of any information or services provided on our Website. We make no representation or warranty, express or implied, regarding the quality or suitability of any real estate properties or related services featured on our Website.

While we consider the information we receive from external sources to be reliable, we do not assume any responsibility for its accuracy. Park research utilizes data from public, private, and internal sources. Our sources include Bloomberg Finance L.P., World Economic Forum, US Department of Commerce, National Association of Realtors (NAR), Texas Association of Realtors (TAR), Houston Association of Realtors (HAR), Bureau of Labor & Statistics, Freddie Mac, CoreLogic, Inc., Chatham Financial, but may also include others not listed in this Disclaimer.

We are not liable for any damages or losses arising from the use of our Website or from any real estate properties or related services featured on our Website. This includes, but is not limited to, direct, indirect, incidental, consequential, or punitive damages or losses.

Our Website may contain links to third-party websites that are not owned or controlled by us. We are not responsible for the content, privacy policies, or practices of any third-party websites. We encourage you to read the terms and conditions and privacy policies of any third-party websites that you visit.

We may revise and update this Disclaimer from time to time and at any time in our sole discretion. All changes are effective immediately when we post them on our Website. Your continued use of our Website following the posting of revised Disclaimer means that you accept and agree to the changes.

If you have any questions or comments about this Disclaimer, please contact us at [email protected]