Estimating of capital cost of underground car parking project

Abstract

Underground parking projects are expensive. The capital cost of underground parking projects has been, and still is, one of the promoter’s main economic concerns. Therefore, the capital cost estimation is an essential task in the early stages of underground parking projects. In this context, the promoters mainly use cost estimation models, most of them produced by methodologies with lack of precision and with low performances. Over the last years Portugal has embarked on a large programme of underground parking projects in the major cities. The present research work is based on data and knowledge colleted from that programme. This paper presents an analysis of the underground parking projects built and underway in Portugal. It discusses the main variables influencing the capital cost of under‐ground parking projects. Finally, it presents a mathematical model for estimating capital cost of this type of project during the planning phase.