Property and business owners may choose to renovate their commercial property for several reasons, including maintenance or adaptive reuse. Like with any other major business decision, the choice to renovate must be weighed carefully and implemented with return on investment in mind. Whether the space is being used to improve existing business processes or upgraded with the intent to sell, there are some considerations to keep in mind for maximizing the ROI of commercial renovation.
Start with a Goal
The only way to know if your renovation is a success is by setting a goal early on. Do you want your business to attract more customers? Is your building due for regulatory upgrades to maintain compliance? Could your warehouse use more space to keep up with growing eCommerce demand? These are a few common goals that property owners set at the beginning of the renovation project planning.
Zero in on Cost
Remember that the bidding process can be lengthy, especially when there’s a high-dollar renovation project in the equation. Ultimately, however, the total cost of renovation makes or breaks whether the ROI was worth it. The best contractor for the job is not always the cheapest, and the lowest bid is not always the one you should accept first.
Find Ways to Maximize ROI
Inflation, rising construction material costs, and growing talent gaps have made building new construction properties more expensive than ever. Renovation is often much more cost-efficient, and especially so when ROI is maximized.
For business owners or even franchise operators who would like to create a customized space, it’s a mistake to think that new construction is the only option. Renovations allow owners to add to or subtract from cookie-cutter buildings that they want to improve to meet their needs better.
Once the goal and the budget have been set, incorporate design elements that maximize the return on investment for commercial renovation projects.
- Safety Features: Older buildings that haven’t been renovated in some time could lack modern safety features that prevent accidents and improve employee safety. Adding these preventative measures pays off over time by reducing liability costs and building a culture of safety.
- Cosmetic Issues: Outdated fixtures, architecture, and design could leave a lasting impression on customers – and not a good one. Use a renovation to help rebrand and refresh your business, expanding your customer base and increasing ROI.
- Improve Productivity: Warehouses and distribution centers face exponential growth due to changing shopping habits, and redesigning these spaces can help boost efficiency and productivity. Boosting revenue is a sure sign of ROI.
- Increase Sustainability: Now more than ever, customers want to invest in businesses that support green and sustainable practices. Bake this value into everything you do by choosing a commercial renovation plan with sustainability at the core.
Work With the Professionals
The best way to get the most out of your commercial construction project is by working with a commercial construction contractor who has experience. A contractor who offers design-build services can identify issues before they create cost or scheduling overruns. From the ground up, any commercial construction 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.
G. S. & S. Construction – an award-winning, 4th generation company – can promise both. Your project could be a corporate headquarters, a start-up company, a law firm, or a multi-use office building. Regardless, any project from the ground up begins with contractors that can read blueprints and elevations, expertly grade a site for drainage, sewage, and parking, and install water, sewer, gas, and fire-sprinkler lines. Crews must set rebar and pour foundations, build walls and install the roof and any windows or doors before moving inside.
These elements of construction may sound routine, however they are anything but; mistakes at any stage can be expensive and time-consuming for the client. G. S. & S. contractors think ahead and constantly communicate – with the client, the project’s architect, suppliers, and their own crews – ensuring that preparations and materials are ready at each step in the chain.