Tips for successful tenant improvement
Updated: Aug 8, 2019
One of the best things any property could have is having Tenants Improvement on a regular. If you don't know what is it you can read this first. The best category of tenant improvements to implement is those that not only make your property appear better and keep tenants more contented but also those that increase your revenue thus improving ROI. Tenant improvements can assume several faces and consume useful time for other investments, but if things get better in the long run, then tenant improvements are genuinely worth every money and time.
Most companies value their work space and it is an intrinsic part of how they do business – functionally and culturally. Leasing or buying a new workspace that requires tenant improvements seems like a natural part of the growing or downsizing process but it carries its own set of issues that need to be addressed.
There are several ways to applying tenant improvements in fulfilling your needs. In here, we are going to be providing some tips for Tenant Improvements that can ensure your route to property improvement is made easier.
BUDGET (First and one of the most important steps )
It is important to set your budget objectives before you set your specific design objectives. Explaining to your architect what you can afford can save you time and design fees. Often the architect will create a design that is above any realistic budget should they not be provided with the financial perimeters.
PROGRAM, PROGRAM, PROGRAM
Let’s face it, companies change all the time – some on the edge of a dime and some in a more strategic, structured way. Regardless, you need to understand who your company is today, who it will be in a year and then in 3 years. If there is uncertainty, take that into consideration and maybe sign a shorter duration lease. If there is a strategic growth plan, make sure your space has the required expansion ability and if you find the right space, lock it in for a longer amount of time. Make sure you understand how the people will fit into the space and allow for extra space for employee amenities, circulation space and growth.
UNDERSTAND THE REGULATIONS INVOLVED.
If it is your first time in performing the tenant improvement process, you need to ensure that you know the zoning regulations covering your area. It also important the contractor you elect to work with understands you expect these rules should be followed.
MEET WITH THE CITY EARLY ON
While it may take a little extra time, setting up a pre-submittal meeting with the city agency can be time well spent. Taking a detailed conceptual plan to the building department prior to making a full submittal can save a lot of time and money. Meeting a plan checker at the counter to simply explain what your objectives are with the space and ask if they foresee any issues with your plan, can mean the difference between two plan checks and three, or possibly more.
Ensure you understand the nature of the work to be implemented and all relating details understood before adding your signature to anything. If you have additional changes to make after appending your signature, would cost you more, both in time and money.
IT’S ALL ABOUT THE DETAILS
Walk through the proposed floor plan, scope of work and all the details PRIOR to signing your lease. These details cannot be overstated to how important they are – for timing and for budget. With tenant improvement, any change after the deal is done costs money and time. Even just moving a wall or adding an office can create engineering and building permit nightmares so it is best to have the overall layout set in stone before you start the process. Make sure your architect or your contractor spend at least 1 hour per 6,000 sf with you reviewing the details prior to starting.
MAKE PLANS FOR THE FUTURE
It is essential to think about the present along with your future in respect to your leasing services. If you choose to implement a long list of tenant improvements, you may want to consider the possibility of space them out over the years. Doing this would aid you in recouping some of your investment earlier than planned.
Tenant improvements are quite significant these days, and they do not have to be amongst the things that give you nightmares! Due diligence and persistence will provide you with the needed strength towards achieving a more straightforward process for your tenant improvement.
Are you in need of extra information relating to Tenant improvements or you desire to learn more about making the whole process more accessible and more effective. You can contact us