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COST MODELING OF OFFICE BUILDINGS IN HONG KONG: AN EXPLORATORY

STUDY


1. Li, Shen and Love et.al. (2005) made an endeavor to develop a regression
cost model for office buildings in Hong Kong to predict the cost estimation at initial
stage of any construction project.

2. Objective. The objective of the study was to develop a cost model for RC
and Steel office buildings in Hong Kong with reasonable accuracy for economic and
quick estimation of construction cost at early stages.

3. Methodology. Multiple regression analysis involving few variables had
been done to develop cost modeling. Historical data of 37 office buildings in Hong
Kong, constructed in different years, had been collected to develop the cost model
that included detailed information on the final construction cost, average floor area,
total floor area, average storey height, total building height, number of storey above
ground, number of basements and types of construction. The final construction cost
data were adjusted by the construction price index and categorized as dependent
variable while the rest data were categorized as independent variables. The
relationship between the final construction cost and the independent variables was
made by using the computer software (SPSS package) to find the most accurate
equation. 7 samples out of 14 reinforced concrete buildings and 11 samples out of
23 steel buildings were randomly selected for verifying the result.

4. Findings. Total floor area and total building height entered into the final
regression model equation and resulted in more than 96% of the accuracy for
reinforced concrete office buildings. Total floor area, average floor area and total
building height remained in final equation and yielded over 95% of accuracy for steel
office buildings.

5. Conclusions. The results were limited to office buildings only in Hong
Kong. But the research methodology is a universal one which can be applicable for
other residential and non residential buildings as well. The reliability of the cost
models could be further enhanced by inclusion of more number of buildings.
Continuous updating the data can be a possible option to meet the future trend
which is changing frequently due to dynamic nature of construction industry.




Reference:

1. Li, Heng, Shen, Q.P. and Love, Peter E.D. (2005) Cost Modeling of Office
Buildings in Hong Kong: An Exploratory Study, Facilities, 23 (9/10), pp. 438-452,
Available at www.emeraldinsight.com/0263-2772.htm, [Accessed 9 J uly 2014].