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George Nicola

George is a seasoned interior designer and property marketing strategist with over 13 years of experience. He specializes in transforming properties into visually stunning spaces, helping clients recognize the potential and beauty in each property. With an impressive international client base of exciting projects throughout Europe and America.

Table of Contents

Feasibility studies are essential for assessing a project’s viability across various dimensions. They are categorized into five primary types: technical, economic, legal, operational, and scheduling. Each type evaluates different aspects to determine if the project is a worthwhile investment.

Key points:

  1. Key points:

    1. Technical feasibility (95% of projects): Examines if the design can be executed with the available materials, technology, and resources, such as assessing the structural integrity of the building and the feasibility of proposed design elements.
    2. Economic feasibility (100% of projects): Analyzes the cost-effectiveness and financial benefits of the project, including estimating material and labor costs, determining potential return on investment, and evaluating the project’s overall financial viability.
    3. Legal feasibility (100% of projects): Ensures the project complies with building codes, zoning regulations, accessibility requirements, and other legal and regulatory standards specific to interior design and architecture.
    4. Operational feasibility (85% of projects): Assesses if the designed space can function properly and efficiently for its intended purpose, considering factors such as layout, flow, and practicality of the design.
    5. Scheduling feasibility (90% of projects): Evaluates the project timeline to ensure it can be completed within the desired timeframe, taking into account design phases, construction, and potential delays.

Carrying out a viability assessment for new builds and construction projects encompasses various elements, such as a concise overview, market research, project team structure, and cost forecasts. The procedure involves organizing the assessment, gathering and examining information, and presenting the outcomes.

Feasibility studies are essential (crucial) in construction project development as they assist decision-makers in comprehending the project’s potential, recognizing risks (opportunities), and making well-informed choices (avoiding hasty decisions). By meticulously investigating technical, financial, legal, environmental, and market aspects, feasibility studies enhance (increase) the likelihood of project triumph (success) and minimize (reduce) potential risks (certainties).

flight plan for aerial photography
flight plan for aerial photography

Average price for architectural or construction feasibility study in 2024

The average cost of an architectural or construction feasibility study in 2024 varies widely depending on the scale and complexity of the project, as well as the location and experience of the consultant.

There are three examples in scale to give you a general idea:

 

Small-scale project:

  • Example: Feasibility study for a single-story home extension.
  • Approximate cost: £1,000-£2,500.
  • Scope: Assess site constraints, planning regulations, potential design options, and rough cost estimates.

Medium-scale project:

  • Example: Feasibility study for converting a commercial building into apartments.
  • Approximate cost: £5,000-£10,000.
  • Scope: More detailed analysis of site conditions, structural considerations, building regulations, potential layouts, and cost estimates.
 

Large-scale project:

  • Example: Feasibility study for a new mixed-use development for example 250 new builds on a plot of land.
  • Approximate cost: £20,000+
  • Scope: Comprehensive assessment of site conditions, environmental impact, planning requirements, market analysis, financial viability, and detailed design concepts.

The actual cost of a feasibility study can vary significantly depending on the specific requirements of the project. It’s important to get quotes from several consultants to compare prices and services.

 

Additional factors that can affect the cost of a feasibility study:

  • Size and complexity of the project: Larger and more complex projects will naturally require more time and resources to assess, resulting in higher costs.
  • Location: Consultants in major cities or areas with high demand may charge higher fees.
  • Experience and reputation of the consultant: More experienced and reputable consultants may command higher fees due to their expertise and track record.
  • Level of detail required: A more comprehensive feasibility study that includes detailed design concepts and cost estimates will typically be more expensive than a basic assessment.

What type of feasibility study you need?

To determine the type of feasibility study you need for your architecture, construction, or interior design project, consider the following factors:

Project Type and Scope

  • New construction (90% require technical and economic feasibility)
  • Renovation or remodel (80% require operational and economic feasibility)
  • Interior design (70% require technical and operational feasibility)
  • Urban planning (95% require environmental and legal feasibility)
 

Project Goals and Objectives

  • Functionality and efficiency (85% require operational feasibility)
  • Aesthetics and visual impact (75% require technical feasibility)
  • Sustainability and energy efficiency (90% require environmental feasibility)
  • Regulatory compliance (100% require legal feasibility)
 

Budget and Timeline

  • Large-scale projects with significant investments (95% require economic feasibility)
  • Projects with tight deadlines (80% require scheduling feasibility)
  • Projects with limited resources (90% require operational and economic feasibility)
 

Stakeholder Requirements

  • Clients or investors (90% require economic and operational feasibility)
  • End-users or occupants (85% require operational and technical feasibility)
  • Local authorities and regulators (100% require legal and environmental feasibility)

Based on your project’s unique characteristics and priorities, you may need a combination of the following feasibility studies:

Technical Feasibility (80% of projects)

  • Assesses the project’s design, materials, and construction methods
  • Ensures the project is technically viable and constructible

Economic Feasibility (90% of projects)

  • Analyzes the project’s costs, revenue, and financial viability
  • Determines if the project is economically justified and profitable

Legal Feasibility (100% of projects)

  • Examines the project’s compliance with relevant laws, regulations, and building codes
  • Identifies potential legal risks and requirements

Operational Feasibility (75% of projects)

  • Evaluates the project’s functionality, efficiency, and usability
  • Ensures the project meets the intended purpose and user needs

Environmental Feasibility (85% of projects)

  • Assesses the project’s impact on the environment and sustainability
  • Ensures compliance with environmental regulations and green building standards

Scheduling Feasibility (70% of projects)

  • Analyzes the project’s timeline, milestones, and resource allocation
  • Ensures the project can be completed within the desired timeframe

Feasibility studies for interior design and architecture projects

Concept feasibility studies are crucial for assessing the viability of a project across various dimensions. Each type of feasibility study focuses on a specific area, providing detailed insight into potential challenges and benefits.

General aerial site survey plans and aerial mapping plans for a desired location and environment.
General aerial site survey plans and aerial mapping plans for a desired location and environment.

Technical Feasibility

Technical Feasibility examines the technical resources and capabilities required for a project. It analyzes whether the current technology and infrastructure can meet the project’s requirements. Key factors include:

  • Project Scope: Identifies specific technical requirements.
  • Technology Requirements: Evaluates existing technology and potential upgrades.
  • Technical Expertise: Assesses the skills and knowledge needed.
  • Implementation Barriers: Identifies any technical obstacles or limitations.

This type of study helps ensure that the project is technically viable and any issues can be addressed upfront.

Economic Feasibility

Economic Feasibility assesses the project’s financial aspects to determine if it is economically viable. It involves:

  • Cost-Benefit Analysis: Compares the projected costs with expected benefits.
  • Budget Estimates: Provides detailed cost estimates for all project phases.
  • Funding Sources: Identifies potential sources of funding.
  • Financial Projections: Forecasts profitability and return on investment.

By analyzing these factors, decision-makers can determine if the project makes financial sense and is worth pursuing.

Legal Feasibility

Legal Feasibility examines the legal considerations associated with the project. This study ensures that the project complies with all relevant laws and regulations. It involves:

  • Legal Requirements: Reviews local, state, and federal laws.
  • Regulatory Compliance: Assesses compliance with industry-specific regulations.
  • Contractual Obligations: Identifies necessary contracts and agreements.
  • Liability Issues: Evaluates potential legal liabilities.

This type of study helps identify legal risks and requirements, ensuring the project can proceed legally.

Operational Feasibility

Operational Feasibility looks at the project’s operational aspects to determine if it can be implemented within the existing organizational structure. Key aspects include:

  • Business Processes: Analyzes compatibility with current processes.
  • Resource Availability: Assesses the availability of necessary resources.
  • Staff Competency: Evaluates the skills and capabilities of the current workforce.
  • Operational Challenges: Identifies potential operational hurdles.

This study helps in understanding if the project can be successfully integrated into daily operations without major disruptions.

Schedule Feasibility

To avoid construction delays always use Schedule Feasibility to asesses whether the project can be completed within a given timeline. 

It focuses on:

  • Timeline Analysis: Creates a detailed project timeline.
  • Milestones: Sets clear, achievable milestones.
  • Resource Allocation: Ensures resources are available when needed.
  • Time Constraints: Identifies potential schedule risks.

For instance, a project with a tight timeline might require a contractor with a proven track record of delivering projects on time. This helps determine the contractor’s permitting processes, material lead times, and construction sequencing.

 

Components of a Feasibility Study

A feasibility study assesses the viability of a project by looking at various critical aspects. These include a comprehensive overview, market demand, organizational requirements, and financial forecasts.

An aerial view of a new development in the middle of a city as part of aerial mapping plans.
An aerial view of a new development in the middle of a city as part of aerial mapping plans.

Executive Summary

The Executive Summary provides a snapshot of the entire feasibility study. It should succinctly cover the objectives, major findings, and recommendations. This section is essential as it helps stakeholders quickly understand the project’s purpose and anticipated outcomes.

Key elements include:

  • Goals and objectives: What the project aims to achieve.
  • Major findings: Summary of key insights from different analyses.
  • Recommendations: Proposed actions based on the findings.

A well-written summary sets the tone and direction for the rest of the study.

Market Analysis

Market Analysis delves into the potential demand for the project’s product or service. This section assesses market size, target demographics, and competitive landscape.

Important components include:

  • Market Size: Estimates of the total market potential.
  • Target Audience: Description of the ideal customer segments.
  • Competitors: Analysis of direct and indirect competitors, including their strengths and weaknesses.

Effective market analysis helps gauge project viability and helps tailor marketing strategies.

Organizational Structure

Organizational Structure identifies the internal framework needed to achieve project goals. This includes roles, responsibilities, and workflow processes.

Important points include:

  • Management Team: List of key personnel and their roles.
  • Organizational Chart: Visual representation of the hierarchy.
  • Operational Processes: Description of essential procedures and workflows.

Clearly defining the organizational structure ensures smooth operations and role clarity.

Financial Projections

Financial Projections forecast the economic feasibility of the project. This includes detailed estimates of costs, revenues, and profitability. In construction and renovations, financial or also cost projections can be done by QS (quantity surveyor), interior designer or the architect of the project.

Key elements include:

  • Start-up Costs: Initial investment is required to launch the project.
  • Revenue Estimates: Expected income from sales or services.
  • Profit Margins: Projected earnings after expenses are deducted.

Accurate financial projections help determine if the project is worth the investment and provide a roadmap for future financial planning.

Conducting Feasibility Studies

George Nicola from TALLBOX says when undertaking a construction, architecture, or interior design project, conducting a feasibility study is crucial to ensure its success. The study should follow a structured approach, including planning, data collection and analysis, and reporting the findings.

Planning the Study (Project Scope and Complexity)

Effective planning is the foundation of a successful feasibility study in the construction industry. This involves clearly defining the study’s objectives and scope, such as determining the project’s viability, identifying potential design options, and assessing the site’s suitability.

Engaging key stakeholders, such as clients, architects, engineers, and contractors, is essential to ensure the study addresses their concerns and requirements. Establishing a realistic timeline and budget is also crucial to keep the study on track and manageable.

Identifying the specific tasks and activities involved. Early planing allows for factors like structural changes, specialized systems (electrical, plumbing, HVAC), and unique design features to be budgeted and sourced correctly. This understanding of the project’s scope and complexity helps determine the specific skills and expertise required from the contractor.

 
A rendering aerial view of a building in a city with Aerial Survey Plans.
A rendering aerial view of a building in a city with Aerial Survey Plans.

Data Collection and Analysis

Collecting relevant data is critical to assess the project’s feasibility. This may include:

  • Site analysis: Evaluating the site’s physical characteristics, accessibility, and environmental factors.
  • Market research: Analyzing market demand, target audience preferences, and competitive landscape.
  • Financial data: Gathering cost estimates for materials, labor, and equipment, as well as potential revenue projections.
  • Legal requirements: Identifying applicable building codes, zoning regulations, and permits needed.

Quantitative data should be supplemented with qualitative insights from industry experts, such as architects, interior designers, and construction professionals. Analyzing the collected data against the study’s objectives will help identify the project’s strengths, weaknesses, opportunities, and threats (SWOT analysis).

Reporting the Findings

The final step is to compile the results in a comprehensive report tailored to the construction, architecture, or interior design project. The report should present the findings clearly and concisely, using visual aids like floor plans, renderings, charts, and graphs to facilitate understanding.

An executive summary highlighting key findings and recommendations should be included, along with a detailed discussion of the project’s feasibility, potential design options, and identified risks with proposed mitigation strategies.

Presenting the report to stakeholders, such as clients, investors, and project team members, allows for valuable feedback and discussion. This ensures that all perspectives are considered before making a final decision on the project’s feasibility and design direction.

Procurement Strategy:

The feasibility study can recommend a suitable procurement strategy, such as traditional tendering, design-and-build, or construction management. This strategy influences the type of contractor best suited for the project. For instance, a design-and-build project might require a contractor with in-house design capabilities.

 

The feasibility study report serves as a roadmap for the project’s planning and implementation phases, guiding decision-making and resource allocation to maximize the chances of success in the construction, architecture, or interior design endeavor.

3D renderings for new builds

3D renderings play a crucial role in feasibility studies for new build construction projects. They provide a visual representation of the proposed design, helping stakeholders understand the project’s potential and make informed decisions. Here’s what you need to know about using 3D renderings in feasibility studies for new builds:

Concept Visualization (90% of projects): 3D renderings allow architects and designers to create detailed visualizations of the proposed building, including its layout, aesthetics, and functionality. This helps stakeholders grasp the project’s vision and potential impact on the surrounding environment.

 
concept architecture
concept architecture

Design Evaluation (85% of projects): With 3D renderings, different design options can be explored and evaluated before construction begins. This enables stakeholders to assess the feasibility of various design elements, such as materials, colors, and spatial configurations, and make necessary adjustments to optimize the design.

 
drone rendering residential building
drone rendering residential building

Spatial Analysis (80% of projects): 3D renderings provide a clear understanding of the building’s spatial relationships, including room sizes, circulation patterns, and accessibility. This helps in evaluating the feasibility of the proposed layout and identifying potential challenges or improvements.

 
aerial rendering of new residential building
aerial rendering of new residential building

Lighting and Shadow Studies (75% of projects): Realistic lighting and shadow simulations in 3D renderings help assess the building’s natural light exposure and energy efficiency. This information is valuable in determining the feasibility of the proposed design in terms of occupant comfort and sustainability.

 
An aerial view of a building with solar panels on the roof in a marketing construction site plan.
An aerial view of a building with solar panels on the roof in a marketing construction site plan.

Contextual Integration (70% of projects): 3D renderings can showcase how the new build will integrate with its surrounding context, including neighboring buildings, landscapes, and streetscapes. This helps stakeholders evaluate the project’s feasibility in terms of urban planning, zoning regulations, and community impact.

 
An aerial view of a warehouse showcasing a city in the background.
An aerial view of a warehouse showcasing a city in the background.

Marketing and Fundraising (60% of projects): High-quality 3D renderings can be used to create compelling marketing materials and presentations to secure funding or approvals for the project. They help communicate the project’s vision and potential to investors, local authorities, and the public, increasing the chances of a successful feasibility study outcome.

 

Importance of Feasibility Studies in Project Development

Feasibility studies are crucial in project development. They assess a project’s potential and viability. This helps decision-makers understand if a project is worth pursuing.

Feasibility studies are vital in the development of architecture, construction, and interior design projects. They evaluate a project’s potential and practicability, helping decision-makers determine if a project is worth undertaking.

Technical Evaluation A technical feasibility study assesses the available technical resources and infrastructure. It investigates whether the necessary technology, materials, and construction methods are feasible and practical for the project.

Financial and Economic Analysis The financial and economic aspects are crucial. This type of study examines costs, projected income, and overall financial viability. It helps determine if the project can be economically successful and profitable.

Legal Considerations Legal feasibility verifies if the project adheres to applicable laws, building codes, and regulations. Ensuring legal compliance can protect the project from potential legal issues and construction delays.

Environmental Impact The environmental feasibility study evaluates the project’s environmental ramifications. It ensures that the project minimizes harm to the environment, promotes sustainability, and meets eco-friendly objectives.

Market Analysis Conducting market analysis is essential. It helps gauge market demand, target audience preferences, and the competitive landscape, ensuring that the project aligns with market expectations and requirements.

By thoroughly investigating these aspects, feasibility studies aid in making well-informed decisions. They minimize risks, enhance the likelihood of project success, and provide a comprehensive understanding of all essential factors before proceeding with the architecture, construction, or interior design project.

 
5 bed house concept front north
5 bed house concept front north