Every business owner who operates a retail space is aware that even though it is possible to buy and sell commercial properties like residential ones, the investment needed to ensure that the store is operating efficiently is quite significant.
Contrary to residential spaces, where building owners repair broken fixtures, plumbing etc., commercial property leasers only guarantee that the utilities in the building are working. Besides this aspect, if anything goes awry and requires fixing or replacement, it will be the responsibility of the individual renting the commercial retail space.
Why remodeling is necessary
It is necessary to remodel your commercial retail space if you wish the store to be in a condition that fulfills the business needs of a renter. There are times when leasers formulate an agreement where they take care of a part or the entire remodeling expense. Alternatively, the remodeling costs may be taken up solely by the renter of the commercial retail space. This particularly holds true if somebody opts to renovate an existing place halfway through the lease.
- Identify areas that need work
The remodeling of an existing commercial retail space could require a complete demolition, but you still need to check and figure out what parts of the current framework and infrastructure of the building can be used.
Remodeling expenses can often be trimmed by retaining existing plumbing fixtures, gas lines, electrical panels, load-carrying beams and phone and cable wiring. These might not require a complete replacement.
- Hire professionals
When thinking of remodeling your commercial retail space, consider consulting commercial contractors. They can give suggestions and guide you with regards to the latest approaches, trends strategies with respect to retail space renovation. Look for a reliable contractor with a good reputation who will be able to meet deadlines. Also ensure you hire someone who has a license and insurance.
- Get your staff involved
Remodeling can be an intimidating project which necessitates moving several pieces and parts. Feel free to involve your staff in the process by asking them for ideas for the store and merchandise layout. You could also bring in a professional facilitator who could successfully channel and collect feedback. This can in turn be used by the contractors.
- Time-line establishment
It is crucial to hire somebody who promises to meet deadlines and completes the project keeping the budget in mind. You can motivate the contractor by negotiating an incentive for early completion of the project.
Silicon X Construction specializes in commercial space remodeling, tenant improvements, and ground-up construction. Contact us today to talk about your project.