Facilities Inventory: Replacement Value
Last updated: August 31, 2022
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This content was provided by the Facilities and Campus Services Facilities Management group and the Office of the University Architect.
The facility replacement value is the estimated project cost to replace a facility with one with similar function, appearance, building systems, building materials, architectural and site detail.
Data development process
For facilities constructed since 2003, the construction PAR value was inflated to a present value using the Turner Construction Cost index.
In 2018, Welliver Construction provided per-square-foot construction cost estimates for work they completed in the region. These projects were categorized as follows:
| Category | Construction Cost per Square Foot |
|---|---|
| Welliver General College Classroom/Office Building/Wet Labs | $503.00 |
| Welliver General Greenhouses | $559.00 |
| Welliver General High End Student Housing-mass masonry dorms | $699.00 |
| Welliver General High End Student Housing-Other | $471.00 |
| Welliver General Performing Arts Buildings | $440.00 |
| Welliver General Science/Engineering | $422.00 |
| Welliver General Simple Office Building | $306.00 |
| Welliver General Storage Building/Warehouses | $98.00 |
| Welliver General Wood Frame or Metal Stud | $225.00 |
Two additional categories were based on current projects in 2022:
| Category | Construction Cost per Square Foot |
|---|---|
| Cornell Lab/Office - 70/30 | $700.00 |
| Cornell Mass Masonry Lab/Office - 70/30 | $1,000.00 |
Each facility was categorized as one of the above types. Facility replacement value is the construction cost per square foot times 1.4 times the gross square footage of the facility. The factor of 1.4 accounts for design and project management costs. A few facility replacement values include an additional cost for "significant architectural character". Examples are McGraw Hall, McGraw Clock Tower, and Sibley Hall.
Future Updates
All costs should be updated annually based on the Turner Construction Cost Index.
As facilities are fully renovated and the useful life of all systems and components reset, the actual renovation cost should be compared with the replacement value. Adjustments should be made to the replacement value if there is greater than a 20% discrepancy.
As new facilities are constructed, the per-square-foot project cost should be compared to similar existing facilities. Adjustments should be made if there is greater than a 20% discrepancy.
Future Audits
Compare the Sightlines total campus replacement value, SUNY replacement value, Risk Management insurance value, and the “book value” from DFA schedule B.