When you run a business, sometimes it is best to own your office space. It can be even better to build it. This gives you ultimate control over what happens with your work area. However, commercial real estate construction is no simple matter. Whether you are building a small workplace for your team is a large office complex, the following considerations will help you make it happen.
1) How Much Space Do You need?
Construction projects are not simple, and they are expensive. Try to think ahead when you are planning out the size of the building. If you create something that is perfectly fit for your current needs, you will have no room for expansion. Conversely, if you create too much room for growth, you will be increasing your costs significantly for no return.
If you expect your needs to be volatile, consider renting until they stabilize. While owning your building can be a nice situation, none of the benefits outweigh flexibility if that is what you need currently.
2) Get the Financing in Order
Make sure you have your finances together before you put too much time into other aspects of the project. Fortunately, there are numerous options for borrowing money to help pay for business offices. For example, you may be eligible for an SBA loan. You can also get funding for construction projects.
Having a clear financial plan can help significantly in this situation. Not only is it easier to get financing when you have a plan, but it will also help you to stay on top of your spending on the project. Construction can easily get over budget and behind schedule. Make sure to set clear expectations and control to keep things in order.
3) Find Excellent Help
Chances are that you aren’t an expert on office construction. That is okay. The key is to find people who are. Hire the right architect to help you plan the project. Find great contractors and builders to make the building come together. Learn to lean on these people for their expertise.
This applies to your vendors and suppliers as well. For example, if you are building in Houston, you want to find the best Houston crane rental and other heavy equipment providers. It is worth it to invest in having the right help. Cutting too many corners could leave you in a very difficult spot.
4) Avoid Making Sudden Changes
Try to have a good plan of what the final result will be before you break ground. One of the most common challenges on projects such as building an office is the temptation to make changes. Perhaps you find out about a new trend that seems like a good idea or realize you forgot something. In some cases, changes are unavoidable. However, try to minimize the number of changes as much as possible.
Trust your planning process and the experts you are working with. It is common for people to get nervous and think that things need to be changed. However, this isn’t usually the case.
5) Don’t Forget About the Law
Remember all the permits, zoning and inspections you need to do. When you are building commercial real estate for renting out, this is normally obvious because your tenants will insist that everything be up to code. However, it can be easy to miss a legal step when you are building an owner-occupied location.
Your commercial real estate inspection will be different than a home inspection, which you may already be familiar with. This will likely be performed by a city agency to ensure that your building meets the local codes.
Construction your business’s new workspace can help you to enjoy a more productive work environment. Additionally, it gives you a lot of control over the property where you work. However, it can also be a challenging project to take on. Learning the basics will help you to ensure the success of your project.
Publish Date: February 28, 2020 5:35 PM