When you are planning a build out of your commercial property, you want to ensure you make changes which will keep your tenants happy now and in the future. When businesses are seeking new, improved office space, ample space, safety, and cost top the list of factors they are looking for in the new property. To ensure your commercial property is attractive to tenants, it will need to feature all three! The build out experts at Perillo Constructions share these tips on planning your build out to attract tenants and keep them happy well into the future.
Build Outs – Turnkey versus Tenant Improvement
Build out projects are generally funded as turnkey or tenant improvement projects. A tenant improvement build out is one in which the tenant funds a large portion or all of the renovations needed as agreed upon with the landlord. For tenants, this is advantageous because they can make decisions like choosing premium products, contractor selection, and more. With a turnkey project, the landlord uses common tenant needs in the creation of an attractive and ideal space. The landlord fully funds the build out project, often with a pre-signed lease in hand. For tenants, this can mean potential drawbacks if a landlord chooses lower quality materials, and less than reputable contractors to save money on the job. For landlords, the effort to save money can backfire with unhappy tenants, so it is best to choose quality materials and contractors for each build out.
Keeping Tenants Happy in Rental Space
When your tenants are happy in your commercial space, they are more likely to stay in the lease, and keep your property occupied. Let’s explore the top three considerations to include in your build out project and keep your tenants happy.
- Ample Space – Obviously, ample space includes overall square footage, but it is also so much more. Ample, adequate space also means a design which encourages employees to be productive and keeps them satisfied. You’ll want to complete your build out with quality spaces, large and small, where employees can get their jobs done with comfort and ease. The most popular layouts feature collaborative spaces as well as private work areas when confidentiality is needed. Even in a small space, the right design plan can accommodate both.
- The Cost of Rent – The cost of renting/leasing your commercial space is a big factor for many businesses. As the landlord, you want to charge enough to make a profit, but offer a fair price to potential tenants in order to keep your property occupied. The appearance and quality of your commercial property is always a factor in setting your price, but keep in mind, you still won’t be able to charge well over the market value in your location. Knowing what potential tenants want in advance can help you plan a successful build out, one that potential tenants may be willing to pay more for when it is appealing aesthetically and beneficial to their employees productivity.
- A Safe and Healthy Workplace – Health and safety are crucial in your commercial property. How do you ensure a safe and healthy workplace? Chose proven and trustworthy build out experts including general contractor, architect, designer, electricians, plumbers, and more. Ensure, as the build out is completed, that all aspects of the project are done correctly and always safety tested. You will also want to have the property tested for mold, mildew, and other harmful allergens, and have it removed before any tenants occupy the space. Safeguarding the health and safety of your tenants must be a top priority in your build out.
Successful Office Build Outs For Landlords and Tenants
There are lots of significant elements business look for when choosing commercial property to lease, but ample space, overall costs, and health and safety of employees and clients top the list. Perillo Construction offers professional, premium general contracting services to ensure your build out meets those needs and more – always on time and always on budget. Call today!