Is it time to upgrade a space in your commercial real estate holdings? Are you wanting to get more money-per-square foot of your existing commercial buildings? It sounds like a tenant improvement project is on the horizon. Here is an important checklist to consider to maximize the value of your tenant improvement project, whether you work with Rubicon Contractors or not.
Assess the Market
Contact a commercial real estate broker in your area. What do competing properties sell or rent for per-square-foot? Take a building tour or two to understand what the buildout quality and amenities are of your competing properties. This step will help you figure out what you need to do to your property and how much it can potentially increase your value or rental income.
Consider New Amenities
Whether it’s the installation of something like EV chargers in your parking lots or new, energy efficient LED lighting in the parking lot – there are lots of opportunities for tenant improvement projects to bring new amenities. You can use these types of amenities as selling points with existing tenants and it can give you an edge over competing listings for future tenants renting commercial space. You might even find local, state or national incentives for certain amenities in the form of tax credits or grant programs.
Create a Specific Scope of Work
This is key, especially if you are doing a tenant improvement project of a space that is already rented out. Make sure that your tenant knows exactly what is and what isn’t going to be done. Make sure that you and your contractor have a written scope of work so that the finished project is exactly what you’re looking for.
Be Aware of Local Permits and Building Codes
If you’re taking on a tenant improvement project without the help of a general contractor, make sure that you’re aware of what permits will need to be pulled. Consider meeting with someone from your city or municipality’s code enforcement team to make sure that there are no surprises. It might even benefit you to bring this topic up with your contractor if you are working with a professional, to make sure that they are also doing things by the book. Don’t have a general contractor but want someone to guide you through the permitting process? Rubicon can consult on the project and handle all the red tape for you.
As always, Rubicon Contractors is here to support you with your tenant improvement project. Let’s talk about the scope of work, your needs and how we can help keep you on-budget and on-time!
