RENOVATION & TENANT IMPROVEMENT TIPS
Whether you manage an industrial, multi-family, retail, office, or flex space, these eight tips can help you with your next tenant improvement or renovation project:
FIND THE RIGHT RENOVATION PARTNER
Your renovation partner should have expertise in everything from building materials and design to timelines and building regulations. Hire someone who will finish the job on time, within budget, and will respect your tenants. If you have a partner who shares your goals, values, and improvement aspirations, then your renovation project will be more likely to succeed.
You should be in regular contact with your tenants during the renovation process to prevent or address any frustrations or needs that may arise. To achieve this, find a general contractor you can rely on to communicate consistently and transparently with you. Rubicon communicates any issues or concerns clearly and promptly, so you know exactly what’s happening with your project at every stage.
ESTABLISH TIME-BASED GOALS AND STICK TO THEM
You may find your tenants displaced or working amid a construction site during renovations and improvement projects. Work with your general contractor to devise a realistic timeline and regularly communicate progress and any delays or deviations to everyone involved, especially your tenants. Keeping everyone involved on the same page will minimize frustrations and headaches and make your improvement project a success.
IMPLEMENT VALUE ENGINEERING IN YOUR PLANS
Value engineering helps maximize your property and space within your business’s goals, ideals, and budgets. Through value engineering, you can design a high-end area that’s as functional as possible. Make sure you approach your renovation project holistically with your designers and engineers. Evaluate your company’s values, business goals, and day-to-day operations to improve your space. By hiring a general contractor specializing in value engineering, you can save money without sacrificing the final result.
MAXIMIZE BENEFITS FOR BOTH OWNER & TENANT
Be mindful of the long-term implications of any renovations and how they will add to or detract from the marketability and value of your investment. Take tenant improvement seriously as a business decision and long-term investment. Changing your property or space can have both positive and negative effects. Whatever you do, be sure to communicate with your contractor and tenants. When making decisions about construction, keep the human factor in mind rather than only the bottom line.
INVEST TIME ON THE OUTSIDE OF YOUR COMMERCIAL PROPERTY
Depending on your renovation goals, you may upgrade walkways, get outdoor lighting installed, or clean up the existing outside structure on your property. Upgraded windows and doors are another improvement that can lower operating costs and appeal to prospective tenants and customers. The first impression or curb appeal of your property significantly influences tenant or customer opinions.
DON'T FORGET YOUR ENTRYWAY, LOBBY, AND SHARED SPACES
The shared areas in your building can influence the way your employees and clients view your property. Renovating an entryway’s size or design will benefit employee morale and attract tenants and customers.
CONSIDER ENERGY UPGRADES FOR LONG-TERM SAVINGS
Potential buyers care about their space’s energy efficiency and water conservation. You might want to use emerging technologies such as solar power, low-flow plumbing, and energy-efficient fixtures. These upgrades will ultimately reduce your property’s expenses and have a positive impact on the environment, so spending the money on them during the construction or renovation of your property will be worth it in the long run. In addition, investors in these technologies might be eligible for tax incentives.