A detached 4-bedroom two-storey luxury villa located in Al Reem 1, Arabian Ranches. Will the MV and size of the mini sub be the first priority to determine the height, if new client wants to build a multi story building? One of the most popular areas among investors shows a gap from $4,690 for new buildings to $4,100 for finished properties. The construction output in the country is expected to reach AED 286,350.5 million by 2026.Government spending on construction activities is expected to support market growth in the UAE, Several government initiatives such as the Energy Strategy 2050, the Sheikh Zayed Housing Program, and the Dubai Tourism Strategy are expected to support the growth of the construction sector in the UAE over the next four to eight quarters. Sports Facility Building Construction Outlook, 13. Modern house in good condition, with 2 bedrooms, 3 bathrooms, kitchen, double garage, parking, living room, pantry, storage room, laundry, study, green backyard garden, paved front yard, balcony, roof terrace and boundary walls on large Plot/Lot size 2020 ft2. Total cost 585,000 AED, which converts to 8478 AED per square metre or 786 AED per square foot. WebOur International Construction Costs 2023 report reveals how inflation, construction costs, finance costs and energy prices have all continued to rise, resulting in fewer transactions This content is blocked. Moreover, the government is also focusing on the development of smart cities, digitization of up to 1,000 government services, and installation of 2,000 Wi-Fi hotspots in the country. Gross floor area of 3,063 ft2 (285m2). Established townhouse in good condition, with 4 bedrooms, 3 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, maids living quarters, HVAC, green backyard garden, paved front yard, roof terrace and boundary walls on large Plot/Lot size 4611 ft2. 0062.92.227.B.01. United Arab Emirates Residential Construction Industry Market Size and Forecast4. United Arab Emirates Marine and Inland Water Infrastructure Construction Industry Market Size and Forecast20. Gross floor area of 1690 ft2 (157m2). Retail Building Construction Outlook10. Arabic is the official language in the UAE although English is also widely used in business and commerce. Learn how to balance the impact of inflation, Download the International Construction Costs 2023 Report, Our annual review of the construction market. All of these factors are expected to support the growth of the commercial infrastructure sector in the UAE in the near term.Moreover, nearly 160 hotel construction projects with more than 45,700 rooms are in the pipeline. %PDF-1.7 Dubai: Construction costs in the UAE rose between 1.8 per cent and 2.3 per cent between the first quarter of 2017 and the first quarter of this year, according to a study by Colliers International. subscription, ePaper The trend of subdued market conditions in the commercial sector has extended into 2020, primarily due to an oversupply of office spaces amidst a protracted economic slowdown. As noted above, the unemployment rate among nationals is estimated to be around 3.9% in 2021, while public debt is expected to reach 130.6% and 132.9% in 2021 and 2022 respectively, with sizable gross financing needs. United Arab Emirates Construction Industry Dynamics and Growth Prospects, 3. These cookies are used to collect information about how you interact with our website and allow us to remember you. )?"TTj@;-RL Modern townhouse in good condition (Akoya Oxygen Community) with 1 bedrooms, bathroom, kitchen, double garage, parking, living room, pantry, storage room, laundry, study, backyard garden, paved front yard, balcony, roof terrace and boundary walls in serviced community with public amenities. This property under construction can be purchased now as part of an off-plan investment and foreign buyers are actively using this opportunity, thus spurring price growth to increasingly unhealthy indicators. GDP is estimated to reach US$ 804.9 billion by the end of 2021 at a growth rate of 2.4%, according to the IMF. The construction industry in United Arab Emirates is expected to grow steadily over the next four quarters. Prices of construction materials in the United Arab Emirates as of the 3rd quarter of 2021 (in U.S. dollars)* [Graph]. Learn more about how Statista can support your business. Tilt-Up construction methods cost around $25-$40 per square foot. Gross floor area of 4354 ft2 (405m2). All of these, paired with more flexible residency visas, have also supported the sector growth in the country. Total cost 729,500 AED, which converts to 4646 AED per square metre or 430 AED per square foot. From 2022-2025, sector growth is expected to be in the 4.1%-4.3% range. The unemployment rate among nationals was estimated to be 4.9% in 2020 and standing at approximately 3.9% in 2021, despite the negative economic impact of the pandemic, according to the latest World Economic Outlook from the IMF. The ideal entry-level account for individual users. Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market specific key trends, drivers and risks in construction industry. Looking ahead with regards to construction, output is expected to rebound, with growth of 2.1% this year, with investment in major infrastructure constituting a key driver, as well as the increasing proportion of FDI. A random survey of residential properties on sale in Dubai shows the following: if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[728,90],'estimationqs_com-medrectangle-3','ezslot_3',139,'0','0'])};__ez_fad_position('div-gpt-ad-estimationqs_com-medrectangle-3-0');Allsop & Allsop Listings: The most popular locations by density to buy homes and villas in Dubai are Dubai Hills Estate, The Springs, Arabian Ranches 2,Palm Jumirah, Mohammed Bin Rashid City, Tilal Al Ghaf, DAMAC Hills, Jumeirah Park, Arabian Ranches, Dubai Land, DAMAC Hills 2, Arabian Ranches 3, The Villa, Reem, Al Furjan, Meadows and Serena. The average transaction price per square meter for real estate under construction in July 2022 was at $4,310, which is almost $600 higher than the same month in 2020 ($3,700) and more than $1,500 higher than in July 2015 ($2,740). WebThe average salary for a Construction Estimator is AED 2,717 per month in Dubai. For example, the price of a new building from a developer in Downtown Dubai usually starts from $7,620 per square meter. Top Answer: Around Gross floor area of 5000 ft2 (465m2). endobj Sign up today for your free Reader Account! About this Report2. A detached 4-bedroom two-storey luxury villa located in Palma Residences, Palm Jumeirah. Established house in good condition, with 4 bedrooms, 5 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, power room, study, maids living quarters, HVAC, green backyard garden, paved front yard, balcony, roof terrace, private temperature-controlled swimming pool and boundary walls on large Plot/Lot. What is the Electrical price /sqm in Dubai for Low medium and High projects? The construction of the countrys US$22.5 billion Riyadh Metro is also progressing, which is the largest mass transportation system, with the first phase planned to be operational later this year. Established house in good condition, with 3 bedrooms, 3 bathrooms, kitchen, double garage, parking , living room, dining, family room, pantry, storage room, laundry, HVAC, green backyard garden, paved front yard, roof terrace and boundary walls on large Plot/Lot. This statistic displays the prices for construction materials in the United Arab Emirates as of the third quarter of 2021. 4 0 obj [Online]. Building costs per square meter in UK regions in October 2022. The publisher expects the trend to continue from the short to medium-term perspective, which will subsequently assist the overall growth of the construction industry in the UAE.This report from the publisher provides data and trend analyses on construction industry in the UAE, with over 100 KPIs. 200 square meters (Min Order) CN Qingdao Jinggang Building Co., Ltd. 7YRS. January 22, 2022. This buyer is wealthy and he is afraid. Total cost 3,185,000 AED, which converts to 15,167 AED per square metre or 1411 AED per square foot. Established lakeside house in good condition, with 4 bedrooms, 4 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, power room, study, maids living quarters, chauffeurs room, HVAC, green backyard garden, golf course views, paved front yard, balcony, roof terrace, private temperature-controlled swimming pool and boundary walls on large Plot/Lot. This website uses cookies to help provide you with the best experience we can. Gross floor area of 3032 ft2 (282m2). Were happy to discuss the findings of the report with you. The forecasted construction contract award value for 2021 was estimated at US$35 billion. There are 9.9 million people in the UAE and 3.3 million people in Dubai. The UAE has its southern side bordered by Saudi Arabia and Oman on land, and the northern side is a long coastline facing the sea known as the Persian Gulf. Learn more about the core sectors in which we work, each with a unique set of challenges that we account for in our approach. Large increases in labor cost translate to very small increases in construction cost. And this gap will only continue to widen. For instance, in the commercial infrastructure space, Abu Dhabi is planning to attract almost 8 million tourists annually by 2030 under the Abu Dhabi Plan 2030.For serving the huge inflow of tourists, the government is planning to boost investment in the commercial infrastructure space from the short to medium-term perspective. In general, investment interest, at the moment, is acquired by ready-made objects from realtors or banks, as they have a reserve for growth and confident development. The Kingdoms construction output is showing promising signs of recovery so far this year, following the 0.4% contraction last year. A semi-detached one-bedroom double-storey townhouse located in Avencia, DAMAC Hills 2, Dubai. A semi-detached 3-bedroom double-storey townhouse located in Basswood, DAMAC Hills 2, Dubai. Established estate house in good condition, with 5 bedrooms, 6 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, power room, study, maids living quarters, chauffeurs room, HVAC, green backyard garden, golf course views, paved front yard, balcony, private swimming pool and boundary walls on large Plot/Lot size 15,142 ft2. As a Premium user you get access to background information and details about the release of this statistic. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. x]s7Wyo**Yo7sD(K `>(az#=_t7r]pVv|M4 B9U+]XjmZ,^}w#V\w45Bm_~:>*wm.R2sjU-msPu#ik;@n~xc7>S4~[~1fE91OSKj7d]X ox0WBs]sCF5v+{)iTWNAb]b(7 @ uN*, Ln4/M0jJz&K(M`y;`m@/0j0D.\;m/[P t5O`R(aua@ Z U ;)F` UlN;]@Eqy9. Total cost 3,550,000 AED, which converts to 12,456 AED per square metre or 1159 AED per square foot. WebA good base rate is around AED 1,500 per square meter. Gross floor area of 1794 ft2 (167m2). A detached 6 bedroom two-storey luxury villa located in Green Community West. You only have access to basic statistics. In, AECOM. Quick Start Guide; Help Center; Blog We know the average cost per square metre is 2,350, so we multiple this by 3000 = 7,050,000. Regional reports GCC 2021. In-depth Understanding of Construction Market Dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 40+ market segments and sub-segments of building and infrastructure construction industry in United Arab Emirates. Etihad Rail, the national railway network developer and operator, is developing the Etihad Rail Network project with a total investment of AED40 billion (US$11 billion), which will connect the seven emirates by 2024. The Kingdom has also been announcing major developments, primarily driven by the countrys vision of transforming Saudi Arabia into a global hub, aiming to connect three continents Asia, Europe and Africa. Total cost 719,999 AED, which converts to 6428 AED per square metre or 596 AED per square foot. Total cost 700,000 AED, which converts to 4268 AED per square metre or 395 AED per square foot. 2 0 obj To some extent, they can also be observed in the market of off-plan villas. Gross floor area of 1770 ft2 (164m2). Outlook and Growth Dynamics by Industrial Building Construction Sectors, 18. A detached 3-bedroom two-storey luxury villa located in Springs 2, The Springs. Get in touch with us if you have a query - we'd love to hear from you! We have been in operation for over 45 years - learn more about who we are as a business, and our esteemed team. Therefore, the bigger the size of the office, the more its going to cost. Commercial construction dropped by 12.3% in 2020, amid the uncertainty in-market. Gross floor area of 1700 ft2 (157m2). Office Building Construction Outlook9. Looking at specific sectoral performances, commercial was one of the hardest hit in 2020, contracting by 4.2% in real terms, while construction in energy and utilities contracted by 8.6%, having been dealt a blow by a combination of the pandemic, low oil prices and the disruption of energy and utilities projects. Key Topics Covered: 1. (January 22, 2022). However, certain pockets have displayed signs of recovery, with some signs of a tentative pick-up in occupancy rates, and rents either holding steady or declining at a slower pace. Please enable scripts and reload this page. Some of these initiatives include the allocation of over US$1 billion to provide employment support and training programmes that will allow more than 300,000 beneficiaries to work in the private sector, a US$714 million Project Support Fund aiming to finance major initiatives in health, tourism, real estate and education, and an allocation of US$13.3 billion to expedite payment of the private sector dues. Saudi Arabia tripled VAT earlier this year, while Oman stated it was exploring the introduction of income tax, which would make it the first state in the region to do so. Established house in good condition, with 3 bedrooms, 3 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, power room, study, maids living quarters, HVAC, green backyard garden, paved front yard, balcony, roof terrace and boundary walls on large Plot/Lot size 3738 ft2. Which type of shuttering would be more beneficial for constructing residential multi-storied building - Plywood or M.S Panels? The large expatriate labour force in Bahrain tends to be transient, moving on to other countries as opportunities diminish locally, which is not reflected in the unemployment rates. The labour market has undoubtedly felt the impact of COVID-19m and as of Q1 2021, the unemployment rate stood at 6.5% (11.7% for unemployed locals for the same period, despite the government's Saudization programme), which has improved significantly in comparison with the unemployment rate during the first few months of the pandemic. All rights reserved. All rights reserved. Inflation in 2020 came in at 3.4%. Gross floor area of 7375 ft2 (685m2). As of earlier this year, oil production has increased, driven by new agreements made by OPEC members with Saudi Arabia, which are expected to increase their production from 11 million to 11.5 million barrels per day. It looks like your browser does not have JavaScript enabled. United Arab Emirates Institutional Construction Industry Market Size and Forecast15. Analysis by Residential Construction Markets Outlook by Construction type5. Total cost 6,500,000 AED, which converts to 17,663 AED per square metre or 1643 AED per square foot. Explore the range of services that we offer, which allow us to best support our clients in the delivery of world-class projects. March 04, 2022 05:03 ET Min 5m Max 100m. Cost Engineer/Quantity Surveyor/Estimator/Safety Engineer 800$ per Square Meter as per the latest construction Materials in the Market. Six cities have at least 100,000 people. The average price for ordinary Portland cement Let our CV writing experts help you. Rich residents of European countries, Russia and Ukraine see a clearly forming economic storm on the horizon, so they strive to find a quiet bay for their impressive savings as soon as possible. Choose a country or region to see specific content from that location. By using this website you agree to the use of cookies for analytics and personalized uses. "Prices of Construction Materials in The United Arab Emirates as of The 3rd Quarter of 2021 (in U.S. Is this construction driven fly wheel economy of Dubai bringing back Dubai charm What is the approximate cost for MEP projects in Dubai per square meter if the project is hotel, or hypermarket, or residential As already mentioned, the decline and stabilization of prices is a healthy trend that the local market needs more and more if its participants want to avoid overheating and irreparable consequences of such a development of events. WebThe construction industry is forecast to record growth in 2021 of 4.4%. Total cost 1,449,999 AED, which converts to 9,554 AED per square metre or 888 AED per square foot. 300 square meters (Min Order) or log in Dubai-Property.Investments 2023. <> According to 2021 data from the U.S. Census Bureau, the average sales price of a new single-family home was $464,200 (median sales price was $397,100) and the average cost to build a home was $343,600. During the same period material costs increased by 3.1 per cent. $26.00-$76.00 / square meter. What how to calculate the amount of the actual replacement of the flat 400 square meters, up 1 meter of sand to gravel ratio of 1: 2? Other Commercial Building Construction Outlook14. Image: DSC logo. Privacy Policy. Negative inflation of -2.1% was recorded in 2020. 1 0 obj <> Variation of construction cost per square meter per region. Following a 4.9% contraction in 2020, infrastructure development is expected to rebound, as the government focuses on key projects in this sector to support the industry and economic growth at large. Similar to other countries in the Middle East, Bahrain's economy is sensitive to oil price volatility, although to a much lesser extent than other GCC countries, due to the relative diversity of its economy. Emaar Properties, one of the largest property developers in Dubai, also saw its sales surge to a record high of US$2.65 billion in Q2 2021.Notably, the growth in the residential construction sector has been assisted by the high national vaccination rate, improving mobility trends, company ownership rules, and government reforms. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Relaxed tax measures were also implemented, such as extending deadlines for filing tax returns and paying those taxes. Modern townhouse in good condition (Akoya Oxygen community) with 3 bedrooms, 3 bathrooms, kitchen, double garage, parking, living room, pantry, storage room, laundry, study, backyard garden, paved front yard, balcony, roof terrace and boundary walls in serviced community with public amenities. Gross floor area of 2724 ft2 (253m2). Modern townhouse in good condition (Akoya Oxygen community) with 3 bedrooms, 3 bathrooms, kitchen, double garage, parking, living room, pantry, storage room, laundry, study, backyard garden, paved front yard, balcony, roof terrace and boundary walls in landscaped and serviced community with public amenities. A detached 2-bedroom two-storey luxury villa located in Springs 10, The Springs. Construction output declined in 2020 by 0.2%. xM0T%pB"@)UCDYR|Hlr8yOI{}|(f[H#M House Price Per Square Metre in Dubai_Arranged Groups, House Price Per Square Metre in Dubai_Ascending Order. Gross floor area of 1208 ft2 (112m2). Dubai is one of the most popular cities in the world known for its opulence and futuristic cities. This provincial capital shares its name with its province also known as Dubai. Research and Markets, Dublin, March 04, 2022 (GLOBE NEWSWIRE) -- The "United Arab Emirates Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering. Total cost 5,500,000 AED, which converts to 13,614 AED per square metre or 1266 AED per square foot. The report explores how investors and owners can take advantage of the opportunities arising from the current downturn, including an actionable five-point plan to plan for future success as the market stabilizes. However, uncertainty over the pandemic still lingers, posing a key risk to its recovery. Established house in good condition, with 4 bedrooms, 4 bathrooms, kitchen, double garage, parking, living room, dining, family room, pantry, storage room, laundry, power room, study, central rotunda, maids living quarters, chauffeurs room, HVAC, green backyard garden, sea views, paved front yard, balcony, roof terrace, private temperature-controlled swimming pool and boundary walls on large Plot/Lot size 6693 ft2. Total cost 729,999 AED, which converts to 4650 AED per square metre or 429 AED per square foot. Construction Cost Index of Dubai Drops by 1.72% in 2020. The Kingdom of Saudi Arabia has shown resilience, despite the effects of the COVID-19 pandemic that have resulted in slowdowns and disruption around the world. Thumbay Hospital Dubai Expansion, Dubai City: Dubai Project Cost: N/A Size: 13,000 sqm Beds: 300 Owner: Thumbay Group City: Dubai Project cost: N/A Size: 157,935 sqm Beds: 120 Owners: Dubai Health Authority Contractors: Eng. WebThe average sales price per square foot for apartments in Downtown Dubai is AED 2,285. 3 0 obj Study predicts construction costs will rise less than 1.89 per cent in the nest 12 months. Building a high-rise commercial building will need more capital as the prices range between $545 and $654 per square foot. Gross floor area of 9,781 ft2 (909m2). Another example is Dubai Hills. High inflation and energy costs continue to pose challenges to the construction sector what can investors and owners do? A detached 3-bedroom two-storey luxury villa located in Springs 10, The Springs. WebAverage cost per square meter of constructing a building in European cities in 2022; Housing construction costs in the UK 2022, by type and city Unit labor costs in If we compare the objects being put into construction with ready-made houses put up for sale, then the price gap between them ranges from 14% to 30%. 00x|f6hdf0Hb1]]@idtA&_rlcZ~>f'!2A F/\5O~Lv>v> 3xgO9FI\6z9I <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.56 841.68] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Gross floor area of 1696 ft2 (157m2). 3/15/2021. dollars)*." <> Construction costs in the UK are among the highest in the world. The Targeted Economic Support Scheme (TESS) was extended by the Central Bank in an announcement in April 2021, and will now run until the end of June 2022, and is expected to provide a further boost, in addition to the economic stimulus packages at play. Total cost 16,500,000 AED, which converts to 35,484 AED per square metre or 3300 AED per square foot. There are seven provinces in the United Arab Emirates (UAE) also known as Emirates. This development will include hotels, residential areas and a causeway, linking Saudi Arabia with Egypt. | Source: In Dubai its approx2.7k -4.3k Dh for the medium range projects and4.8k -6.5k Dh for high end luxury properties, My friend has a space of 2500 Sq Yards in Dubai and would like to construct a residential building it summarizing of 150 Units. Gross floor area of 3956 ft2 (368m2). Overall, Colliers estimates the current cost of constructing a medium-specification villa in Abu Dhabi and Dubai at between Dh3,490 and Dh4,277 a square Stud Frames cost around $20-$40 per square foot. WebConstruction Cost Estimator for Villa in Dubai, UAE. A semi-detached 2-bedroom two-storey villa located in Springs 7, The Springs. Details of Plot as per affection plan. United Arab Emirates Industrial Construction Industry Market Size and Forecast, 17. Thanks in advance? Other notable developments include: the Al Ula, which is a new tourism master plan in the country's north-west; the US$8 billion Qiddiya City (dubbed the Entertainment Capital of Saudi); US$3.73 billion Red Sea Touristic Development; US$2.7 billion Amaala Luxury and Tourism Project; US$17 billion Ad Diriyah Pearl of Saudi Project; US$2.7 billion Al Widyan located in Riyadh; and the King Salman Park, which is four times the size of New York City's Central Park. With Northern Irelands local weighting: 7,050,000 X You can manage them any time by clicking on the notification icon. Such a gap in itself is already extremely attractive for an ordinary buyer. Further Reading, For more information about this report visit https://www.researchandmarkets.com/r/aaaqch, "United Arab Emirates Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update", https://www.researchandmarkets.com/r/aaaqch. Nonetheless, the Ministry of Finance and National Economy forecasted expansion of 3.1% in 2021, and the same rate in 2022, driven by growth in the non-hydrocarbons sector. Despite the volatility in oil prices and ongoing fiscal consolidation, Bahrain has continued to develop infrastructure projects, with US$588 million (BHD221.7 million) in new tenders in H1 2020. A mid-rise building costs between $569 on the higher side and $474 on the lower side. Webhave long-term care villas, an administrative building and a mosque. Established house in good condition, with 6 bedrooms, 6 bathrooms, kitchen, triple garage, parking , living room, dining, family room, pantry, storage room, laundry, maids living quarters, chauffeurs room, HVAC, landscaped backyard garden, paved front yard, roof terrace, private swimming pool, Jacuzzi and boundary walls on large Plot/Lot size 13,758 ft2. Established house in good condition, with 3 bedrooms, 4 bathrooms, kitchen, double garage, living room, dining, pantry, storage room, powder room, laundry, maids living quarters, balconies, HVAC, private backyard garden and boundary walls on large Plot/Lot size 5,490 ft2. Excluding extreme outliers (special cases), the cheapest dwelling you can buy in Dubai is a simplex apartment or townhouse with 1 to 3 bedrooms in a serviced community with public amenities, ranging from 4,268 to 8,478 AED per square metre. Please contact via email - thanks. The Public Investment Fund (PIF), which is the countrys sovereign wealth fund, has committed to spending billions of dollars annually in the domestic economy to fund these giga-projects. Modern luxury mansion in good condition, with 8 bedrooms, 8 bathrooms, kitchen, double garage, parking, 2 x living room,2 x dining, family room, pantry, storage room, laundry, power room, 2 x study, 3 x majlis, bar, lounge, billiards room, sauna/steam/gym room, cinema room, elevator, basement parking, home office, maids living quarters, HVAC, CCTV security alarm system, audio systems in all rooms, smart lighting, green backyard garden, paved front yard, balcony, lake view, skyline view, entertainment roof terrace, luxurious swimming pool and boundary walls on large Plot/Lot size 18,553 ft2.
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