Elevator Cost Guide for U.S. Building Owners
How Much Does an Elevator Cost?
1 | Why Costs Vary
Elevator budgets range widely because every building—and every owner’s priorities—differs. Key variables include:
• Building function – Office peaks, residential privacy, hospital stretcher service, guest-centric hotels, or freight-heavy mixed-use properties all drive distinct capacity, speed, and code demands.
• Technology choice –
o Hydraulic (≤ 6 stories): lowest first cost, higher ongoing energy use.
o Geared traction (7–20 stories): moderate speed/price.
o AC Permanent Magnet Gearless traction (mid to high rise): smooth, fast, energy efficient, higher upfront.
o Machine Room Less (MRL): saves space, mid range price, capacity/height limits.
• Proprietary vs. Open protocol controls (non-proprietary) – OEM locked systems tie owners to single source maintenance; open systems preserve competitive bidding and limit lifecycle cost.
• Travel height & speed – More floors or faster service requires heavier motors, longer hoistways, advanced controls.
• Finish & performance options – Luxury cabs, destination dispatching, seismic packages, standby power, and touchscreens all add cost.
• “Non elevator” scope – Electrical upgrades, fire life safety integration, shaft reinforcement, carpentry, and permits are often overlooked yet mandatory.
2 | Typical Budget Ranges (per car)
System Common Application Rough First Cost*
Hydraulic ≤ 6 floors $86k – $165k
Geared traction 7–20 floors $142k – $310k
Gearless traction Mid-/high rise $225k – $510k (or higher)
Machine Room Less Low-/mid rise new or mod $79k – $450k
- Budgets exclude building related work, taxes, and project contingency; regional labor premiums may also impact costs.
3 | Case Snapshots
• 20 story office modernization – Gearless traction upgrade, non-proprietary controls, cab interior upgrades, and regenerative drives. $472k per car. Result: 87% reduction in tenant complaints, 37% reduction in annual maintenance costs, and a verified (monitored) 28% reduction in electrical costs.
• Surgical facility modernization – Stretcher size cab, emergency power generator added, regenerative drives, AC gearless machines, 316 stainless steel cab interiors. $380k. Result: faster patient transfers, reduced energy costs, better door cycle times, higher reliability, more fluid vertical movement in the facuility.
4 | Hidden Costs & Pitfalls
- Permit & code add ons – Seismic or firefighter features may be mandated after bid.
- Structural surprises – Legacy shafts often need reinforcement, HVAC, or asbestos abatement.
- Locked in service contracts – Proprietary gear can inflate 20 year OPEX by six figures.
- Partial modernizations – Swapping controls but not machines (or vice versa) usually defers, rather than avoids, cost.
5 | Frequently Asked Questions
Question Short Answer
How much does an elevator cost? $90 k–$150 k (hydraulic) to $150 k–$500 k+ (traction), plus building work and finishes.
Install duration? New construction: ~1–2 months per car. Modernization: 1–3 months, depending on scope.
Hydraulic vs. traction? Hydraulic cheaper upfront, limited to low rise; traction higher first cost, faster, more efficient, taller.
Ways to save? Specify open protocol controls, bundle multiple cars, competitively bid, and engage an independent elevator consultant early.
6 | How Argon Elevator Consulting Helps
Our impartial experts:
• Validate budgets and eliminate hidden scope gaps.
• Draft performance based specifications that preserve competitive maintenance options.
• Oversee bids, installation, and acceptance testing to protect owners’ schedules and ROI.
A disciplined approach can cut lifecycle costs by 20–30 % while improving passenger experience and code compliance.
