ICMSCosts shares its consensus view of construction costs in major international cities
Will Myles, 1 month ago in NewsICMSCosts has published its consensus view of construction costs in major international cities. The data has been sourced from several organizations and harmonized using the ICMS3 cost reporting standard.
Cost practitioners should take heart that there is notable consensus in the range of values for the selected asset types – six types of building across nine international cities.
Practitioners will know however that asset attributes, scope of costs, standard of construction, project timing and market conditions continue to present challenges in defining the right cost comparator group for your project. This is where ICMS provides the structure as a cost reporting standard, while ICMSCosts makes the standard digitally accessible.
ICMSCosts supports clients through the data management and benchmarking process. Our product provides standardization, but with the flexibility required to incorporate the myriad of factors affecting your project, from the impact of tariffs to the unique constraints of your site.
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ICMSCosts provides life-cycle cost and carbon benchmarking using the ICMS3 standard for cost reporting. Our dataset draws on over 19,000 publicly available reference costs covering 168 countries - with built-in cost indices, location factors and cost comparator searches. We work with our clients on their life-cycle cost and carbon data, as better data enables better decision-making.
To find out more about ICMSCosts and how we can support your organization, email us at info@wellsdataservices.com.