Posted on: 8 May 2020
Improving your commercial property so it is more attractive and functional for current and prospective tenants is always a wise investment as a property owner. Take a look at a few tips to keep in mind in the process.
1. Get your budget in place first.
Starting out by nailing down your budget will tell you:
- How much you have to invest in the project as a whole
- What property changes you can logically make and which ones are out of your budget
- What contractors you can afford to work with
2. Think about long-term property projections.
Of course, your first priority will be to renovate the property in a way that will be pleasing for current tenants and prospective tenants for your commercial space. However, it is also important to keep your long-term outlook in mind as well. Look at how changes could affect your ability to market a property for leasing several years from now. For example, if you have an office building that you want to renovate so it can house several tenants that use communal areas jointly, make sure this is a change that will attract new tenants for the years to come.
3. Obtain multiple builds from several different contractors.
Every commercial tenant improvement contractor is going to have a different set of skills to offer and a different price. Make sure you take your renovation plans to several contractors to get their input and price quotes. This will help you ensure you get the most fitting contractor for the work you have in mind.
4. Check on the regulations and zoning workarounds.
When you are dealing with a commercial property in an urban area, you can almost guarantee that there will be regulations and zoning issues to work around. This is especially true if you are considering some kind of buildout or some kind of renovation that changes the outer layout of the building. Your chosen contractor will help you through this process, but the more you know in advance, the more effectively you can plan your renovations.
5. Provide your input throughout the planning process.
You definitely want a commercial tenant improvement contractor that can offer input about the changes you can make to the property. However, it is just as important that you are able to offer your input as the planning process plays out. Let your chosen contractor know that you want to clear every new idea and be involved at every step of the process.
Reach out to a commercial tenant improvement contractor to learn more.Share