When considering a commercial renovation versus commercial construction, it is important to understand the differences, so you can make the best decision for your business. With commercial projects, the decision often seem endless as property managers and property owners are faced with the choice between a commercial renovation and commercial construction. Accessing your goals, time, and budget will help you determine which is most beneficial for your business.
As the project begins, open discussions with all parties involved are crucial. Topics to be addressed should include a realistic budget for the project, the purpose of the project, issues that may arise, the timeline for the project, and compromises that those involved are willing to consider. Other topics will arise during the discussion allowing everyone to see the project clearly.
Commercial Renovation
One of the biggest differences in renovation and construction is the cost involved. Commercial renovations can often be done with smaller budgets, dependent on the work needed. In most cases a renovation will save both time and money, though in some instances construction is needed. Commercial renovation takes less time, simply because the project is less extensive and allows you to maintain characteristics of the existing property for aesthetic reasons.
Specifically, you will need to address these questions and concerns related to a commercial renovation:
Location of the Property –
Is the property in an area experiencing economic growth? Will the renovation at this location deliver a return on investment ROI)?
The Building History –
What is the history of renovations in the building? Can you access those records? Physically, is the building structurally sound? Does the building offer character and charm that you can’t find in new construction?
Use of the Building –
Will your project require a complete transformation of the building? In other words, will your intended use require drastic changes?
Hazardous Materials –
If hazardous materials are present (asbestos, lead paint, chemicals, etc.,) how will your cost and progress be affected?
System Upgrades –
Building requirements change constantly, meaning new codes are likely in effect. How will your budget and timeline be affected should you be required to bring the building up to code?
Costs –
How much will the renovation cost long-term? Short-term? Will it be worth the cost when completed?
Commercial Construction
Commercial Construction, depending on your goals, may be the most effective plan for your business. Even though construction tends to greater expense, the benefits of complete customization may be well worth the price. If the existing building you are considering is older, materials are sometimes questionable in regard to health and safety. New construction also offers the added benefit of creating an energy efficient environment.
New construction offers benefits as well as challenges like costs and time required to complete the project. Here are some considerations regarding new commercial construction:
Aesthetics –
Will you need to give greater consideration to aesthetics than if you choose an existing building which exudes unique features and character? On the other hand, will you gain a freer hand at design and a more efficient layout in a new building?
Environmental Sustainability –
Which is more environmentally friendly and sustainable – the added benefits of new construction in energy consumption and control or recycling an existing structure?
Modern Technology –
Can you more easily integrate the needed electrical systems for modern technology with new construction?
While there is no right or wrong answer for your business, these factors will get the discussion started on the right path to the best solution for your business. A professional designer, project manager, and contractor can also provide sound advice in helping you meet your goals.