Commercial construction comes with a flare of design that will not exaggerate the external beauty of the building but serves the purpose for which the developer built it. That is quite a thin line to work around, especially if you are new in the industry. That is why it always is imperative that you work with a reputable contractor for all of such projects. These projects could either be new constructions or remodeling.
On the latter, you will require working with a contractor that has had years of industry experience in handling remodeling projects, specifically in the commercial sector. Take no chances here. There is a lot of getting foundation repairs right, moving walls appropriately, and repurposing offices correctly to do.
Which areas are the most critical?
Are you meeting the tenants’ business needs?
Owning a commercial space means that you are ready and willing to remodel parts of the building to meet the needs of the tenant businesses renting that space. If you have been in this industry for quite some time, you understand that companies go through different phases of growth at different rates. And, that will mean that you have to adjust your initial design plan to accommodate the needs for either space or a new design that the different businesses renting spaces in your building have. They want to keep their business afloat, and if that will call for a redesign, remodeling is the way to go.
Who will cover the cost?
Typically, it is the tenant that will cover the cost for all the renovations and remodeling in the space that they rent. In other cases, you, as the landlord/lady of the building, will require paying for all these services. In this latter case, you have the full authority to determine whether to commission the remodeling or request your tenant to find a different space that will suit their new needs. That’s quite some freedom you have there, especially that it banks on whether paying for the remodeling will affect your profit margin. Either way, it is best that you determine whether the renovation will raise the value of your property. Also, in the case where you cover the remodeling costs, you can leverage that by increasing the rent of that space.
But, all that will depend on the tenancy agreement that you both signed. Ask an attorney to help you clarify in your rental agreement whose responsibility it is to carry out remodeling projects.
Are there any other responsibilities?
Yes, definitely. Commercial remodeling does not only entail the space changes that tenant businesses require. It is your property. So, it is your sole responsibility to ensure all spaces are conducive for companies in the premise to thrive. Do the foundation repairs timely. Change walls as it will be necessary.
Do all that you must do; you are in business, too, and your competitor commercial property owners are looking to close in on areas where you lack. So, move with the times. Be up-to-date with commercial remodeling trends. Discuss them with reputable commercial remodeling contractors to determine when and how best to implement them. Let your tenants know that you do mind about their business image.