On a ‘traditional’ construction project, the design tends to be completed before a price is sought from contractors. This can mean that the project is relatively slow to complete.
On some projects, the client may prioritise time above cost, needing completion of the works as soon as is reasonable. This might be the case for example where there is a fixed deadline (such as the start of a school term), where the client's cash flow is reliant on income generated by the completed project, where there are risks of significant cost changes (on very long projects), where the project is financed by debt, or for emergency works.
A. WHAT IS FAST TRACK CONSTRUCTION
Fast-track construction is a project delivery strategy where some parts of construction can begin before the design is completed. It allows different portions of the project to be done simultaneously at different stages of completeness.
Instead of waiting for the entire design to be done before starting, managers schedule certain elements to be built while the design of the rest of the project is still being worked on. For example, a building’s foundation is often determined early enough for that part to be started before the rest of the building is designed. Multiple parts can also be constructed simultaneously as part of fast-track construction.
The overall goal of fast-track construction is to shorten the time frame and reduce costs. These are great benefits that many businesses are searching for. However, fast-track construction is a specialized strategy that should only be done by experienced contractors who know how to avoid potential issues.
Because construction financing is not dependent on you (the project owner), but on us as you only start repayment after completion, we can efficiently implement our fast-track construction strategy once you have completed our mandatory preconstruction checks.
B. BENEFITS
Fast-track construction is an appealing strategy that can potentially shorten project times while lowering costs. When you use a reputable construction company, your project can also maintain premium quality. This means your project will be completed faster and more affordably, but not at the cost of quality. Fast-tracking projects are a great way to meet your financial goals.
1. Accelerated Project Delivery
Fast-track construction allows different parts of the project to run concurrently, even before the whole design is completed. Certain parts can be done simultaneously, in parallel rather than in order. While this can strain resources, an accelerated project schedule can greatly benefit.
There are many cases where the length of the project is incredibly important. A shortened construction schedule can reduce the time to market and meet needs sooner. It can solve bookings for high-demand markets sooner or simply increase the return on investment (ROI) quicker. Getting the job done faster can help your bottom line.
2. Decreased Construction Costs
Because of the accelerated timeframe, fast-track construction also decreases construction costs. Less time is spent on the build, so the labor costs can be lower. For large projects, shorter construction schedules can also reduce the impact of inflation and rising costs in the market.
An expedited project also allows you to use the space sooner. This means the project’s purpose can be fulfilled sooner and start to accrue income for you. Instead of having a building littered with construction materials for a long time, you’ll be able to start earning revenue faster.
C. FAST TRACK CONSTRUCTION TEAM
While the benefits of fast-track construction are clear, there can be problems. These projects must be planned carefully and executed perfectly, which is why an experienced contracting firm (like us) is necessary.
Projects can have setbacks, which will cause the project to take longer and cost more than expected. We choose a fast-track schedule with a qualified team to execute it to avoid costly delays.
D. FAST TRACK CONSTRUCTION PROCESS
Fast-track construction requires adequate planning and spot-on execution to avoid problems. The three C’s – communication, cooperation, and coordination – are essential in ensuring the project goes smoothly.
RELATED PAGES