The cost per m² of gross internal floor area (GIFA) is the unit rate that, when multiplied by the GIFA, gives the total building works estimate (that is, the works cost estimate less main contractor’s preliminaries and main contractor’s overheads and profit).
Other cost estimates that form part of an order of cost estimate or cost plan should also be converted to a cost per m² of GIFA when reporting costs to the client and project team, for example to express the cost targets for group elements, elements and sub-elements, as well as the cost limit.
Costs per m² of GIFA are also used in cost analyses and benchmarking as a way of recording the costs of completed building projects.
