The commercial real estate industry is facing sweeping changes as it continues to deal with the impact of shifting trends in workplace design and pivoting demands of current and potential tenants. Many commercial property owners are looking for ways to repurpose and transform their buildings to better meet these changes by investing in building remodels and renovation.
In addition, properties that have been vacant for some time may need to be updated before occupants and visitors return to work in safe, healthy environments. In order to see high return and increase overall property value, owners need to work closely with experienced commercial construction professionals and thoroughly understand what a remodel entails.
Signs You May Need a Commercial Property Remodel
As we all know by now, office space means something much different now than it did at the beginning of this year. Social distancing is now something that all organizations should be implementing to keep employees safe, and current office building setups may not allow for proper health and safety practices. A remodel will support these practices without having to move buildings altogether or build new construction from the ground up. The same rings true for retail spaces and restaurants.
Educational facilities also face a “new normal” as well. Along with social distancing, schools that have implemented virtual learning processes will need to account for a more robust digital infrastructure. Parts of the school that were once used for students and staff to congregate together now must be reallocated to support smaller learning groups and more efficient cleaning and sanitizing processes.
It is important not to forget how healthcare properties and hospitals have drastically changed their approach to patient care. Commercial remodeling allows continuity of that care while adapting to daily-changing protocols and standards that offer utmost health and safety compliance. Infection control is paramount, and many healthcare facilities — from the smallest of clinics to the largest of health system campuses — now need property design that limits the spread of illness and mitigates risk to patients and staff.
The pandemic has also had a ripple effect that’s now reaching manufacturing and industrial properties. E-commerce was trending in the months before the current crisis, and many retailers are now pivoting to sell online more than ever before and expand their inventory. Warehouses, manufacturing centers, and distribution hubs may need to extend their footprints and capabilities to meet an exponentially growing customer demand; something that a commercial remodel would easily resolve.
Phases of Commercial Renovation
Before you even start your search for qualified commercial construction contractors, you need to create a plan. What is your goal during the remodel project? Why are you remodeling? How much are you looking to spend and how will the remodel increase property value and tenant rental prices? Take a deep dive into the financial analysis of remodeling; these numbers will come up frequently throughout the entire process.
Once you’re clear on a plan and a budget, get quotes from a few contractors. Remember that the cheapest option isn’t always the best. Check portfolios and references, and be clear upfront with your expectations. Once you’ve chosen a contractor, they will be able to answer any additional questions you may have about the remodel. Property owners will also need to decide whether the building can continue operating as usual or will need to shut down temporarily. Some businesses may even need to temporarily relocate to minimize disruption.
Project scheduling, preparing the property, purchasing of materials, and any required demolition will happen before construction starts. Working with a team that will handle the entire remodeling process — from the design to the post-construction cleanup — will put property owner’s minds at ease and streamline workflows and communications.
Other Factors of a Commercial Property Remodel
The best way to get the most out of your commercial property remodel is by working with a commercial construction contractor who has experience with remodels. A contractor who offers design-build services can identify issues before they create cost or scheduling overruns. From the ground up, any commercial property renovation project starts with a team that can read blueprints, tackle permitting, comply with local building codes and zoning ordinances, along with managing labor and cleaning up when the work is done. Communication needs to be prioritized along the way as well.
When you’re ready to renovate your commercial property, give our team a call. Our 4th-generation award-winning commercial construction team are experts at staying on time and budget — let’s talk more about making your remodel vision a reality.