By completing tenant improvement renovations, it makes the building more attractive and desirable, makes current tenants wish to stay longer, and increases ROI.
Simple improvements can also go a long way. It is crucial to keep up with regular maintenance and energy upgrades. Commercial buildings can quickly deteriorate and once that happens, costs rise and tenants become unhappy.
The top 5 proven strategies when completing commercial tenant improvement renovations are:
Have a master plan.
Going into a renovation project with a master plan facilitates a successful build, time efficiency, and cost-effectiveness.
Project success correlates with solid planning and working with the right team of people.
The master plan should include:
This includes the design, permits, & construction renovation costs
Keeps planning realistic
Makes contractor’s job easier
Upgrade in phases
Ability to use higher-quality materials
Write out contingencies
When creating a budget keep in mind the scope of costs go beyond the design, permits, and the construction renovation itself.
Working with the experienced project managers at commercial construction companies such as ProBuild Construction, assist in developing space plans, preliminary budgets, and project timelines eliminating all guesswork and pointing out hidden fees to keep the project moving without delay.
Solid Design Details
Once there is a solid master plan put together with a realistic budget, the architectural and interior design details can be addressed.
The experienced project managers at ProBuild Construction understand unique tenant improvement renovations and together they help clients determine the project details required for each type of space while providing affordable budgets covering the architectural and engineering design.
Getting the building into code-compliance is crucial before beginning a commercial tenant improvement project.
Working with a professional commercial contractor will assist clients in determining what existing electrical, mechanical, and plumbing that are out of date or in need of service.
Bids Bids Bids
This isn’t personal, it’s business.
Don’t go with the best bid from a friend; choose a general contractor with the experience, knowledge, and referrals to back up their past projects.
The commercial contracting team should also be one that maximizes every penny with the highest quality of materials and workmanship.
How does one know which commercial contractors to choose when bidding out a tenant improvement project?
The characteristics of a quality commercial contractor:
Offers a design/build process
Keeps project within budget
Smooth job progress
Keeps costs down
Improves risk management
Willing to review calculations
Explains final figures
Wants to work closely
Knowledgeable in permitting & zoning regulations
Wants to build long-term business relationship
Positive referrals from past projects
Take multiple bids. A number to strive for is four bids and engage in healthy conversation with the firms.
A company’s integrity, character, and work ethic are quickly revealed through a handshake and conversation.
Be Involved in the Process
How does staying involved with the commercial contractor help during a tenant improvement renovation?
The reasons why being present and staying involved in the renovation process are important, include:
Facilitates a positive customer-contractor relationship
Gain a new perspective
A better understanding of the finer points & details
The contractor can provide an accurate overview
Smoother building process
Getting the contractor’s perspective will better facilitate a mutually respectful business relationship making the process smoother for all parties involved.
During a tenant improvement renovation, the construction phase may cause disturbances amongst your current tenants with the noise, dust, and heavy machinery.
There are ways to avoid tenants from becoming unhappy.
How does having the tenants “buy-in” help in completing a commercial tenant improvement renovation?
Communication. Completing a tenant improvement is beneficial for all.
It provides a more modern, functional space that drives traffic to the tenant’s business as well as gaining more long-term tenants in the building.
Getting ahead of any feeling of uneasiness is crucial. Communication is key.
How does a commercial building owner get tenants to “buy-in”?
Timing. Having a tenant “buy-in” isn’t about money exchanging, but about communicating with current tenants before resentment occurs.
Approaching each tenant well before the renovation begins is very important in creating a happy and long-term tenant relationship.
Here are strategies for getting current tenants to “buy-in”:
Include them in design details & construction planning
Have a face to face meeting explaining the plan. Include time-frame, options for employees working remotely & explain the benefits of renovating.