If you’re the owner of a commercial building, you’ll no doubt be keenly aware of how important it is to attract—and hang on to—the right kind of tenants. Commercial real estate can be a competitive business; however, that doesn’t mean it’s easy. Luckily, there are some tactics you can employ to up your chances of obtaining your optimal occupants.
Carrying out upgrades on your property will increase its value and make it more attractive to either potential renters or even buyers. Commercial building renovation is an involved and fastidious process, and you’ll need proper planning and support to get it right. If you want to make sure you get off on the right foot, read on now.
1. Map Out a Timeline
Whether you’re planning to renovate a commercial building with tenants in place or one that’s unoccupied, you’ll need to have an idea of how long your renovations are going to take. This is important to know. A firm timeline will allow you to either give your tenants an idea of how long construction will take or to factor into your financial projections on how long your building will be vacant.
2. Set a Budget
Speaking of financial projections, like any building project, with commercial buildings you’re going to need to create a budget for your renovations. You should weigh up the expenses and potential increase in revenue to figure out how much you’re willing to spend. Although these kinds of things often tend to go over budget, it’s always helpful to have a number to aim for.
3. Get a Trusted Contractor
One of the best ways to ensure your commercial renovation turns out exactly as you want it to is to choose wisely when it comes to commercial building renovation contractors. You should try to work with reputable companies that have verifiable results. You can try and speak with a few different companies before settling on the one that’s right for you.
Once you’ve got all of these things in place, you can begin to work closely with your team to create a checklist for your renovation. First, address any glaring issues, such as roof leaks, shaky foundations, or old doors or windows.
Once you’ve tackled the practical stuff, you can speak more about how you’d like the space to look. At this stage, you’ll also need to discuss things like permits, compliance, and other regulatory requirements for your commercial building.
Creating a Commercial Building Renovation Checklist
Making a commercial building renovation checklist is a crucial part of the commercial construction process. It will allow you to make sure you’re not missing any elements and that you attend to any existing issues.
If you’re in the process of planning your own commercial renovation, at Complete Conversion Services Incorporated we would be happy to help. Get in touch with a member of our team to discuss your project today.