A commercial real estate project is a big investment; you’re laying foundations for your future and that of your business. It’s not as simple as submitting building plans for approval and hiring a contractor. Commercial development is multi-layered, and we’ve listed a few points about it below.
What kind of commercial building do you want? Are you planning a space that can fit one tenant or several? Are you a single business building your first brick-and-mortar office? A commercial project applies to warehouse spaces, office parks and even medical buildings.
Get the land
Your next task is to find enough land that can fit your project. You should factor the size of the building and parking space (if any) in your search when looking at vacant lots.
There are other factors to consider when looking at land. It’s advisable to contact a surveyor to make sure the ground is table and if any “particulars” exists that might make construction difficult. Make sure you’re also familiar with the zoning laws of the area you want to build in. You don’t want to have a council battle when you plan a commercial development in a residential area.
Make sure permits are in order
These are also known as building approvals. When you or your builder gets hold of these, you can break ground. There are different approvals needed depending on the type of work planned. Business projects have their own list and it’s advisable to get familiar with them. The builder can do the bulk of this for you.
Builder on board
On that last note, builders are an integral part of commercial projects. Interviewing commercial builders with an established portfolio and great testimonials is a good place to start when you’re looking around. They act as project managers; they coordinate trades, meet with inspectors and can even design your building if they have an open license.
It’s important to have an open line of communication on both sides. The builder will submit regular reports to their client, and the client must advise the builder if they want to make any changes.
There are lots of steps to take when you’re planning a commercial development. It’s important to do your research, find some space to lay down foundations and meet a reputable commercial builder. They’ll take your project off paper and into the real world.