Creating a new commercial building for your business is a big decision. Building your own office from the ground up requires a great deal of planning, organizing, and budgeting. To ensure that the office construction process is a success, there are key tips you should follow. The New Jersey office construction team at BE Builds has put them all together for you in this article.
#1 – Set Out Your Financing Strategy
Before you take any other action, it’s essential to understand the costs involved with the project and evaluate the different available financing options. Commercial buildings are a significant investment and the cash flow of your business needs to be preserved and maintained throughout each stage of this process. It’s important to understand the different lending options that are available and how much lenders are prepared to offer your business to see if the project is viable or not, to plan the construction timeline, and to find a good deal.
#2 – Find a Building Design Partner
You have a vision for what you want your office space to be, and a building design specialist has the skills to make that vision a reality. In addition to drawing up plans and blueprints, they also have the expertise to ensure the project and building is up to code, that all the correct permits are in place, that the budget is on track, and that all contractors are on-site and properly coordinated throughout the building process.
#3 – Source a Reliable Construction Team
With such an important project, you need people who know exactly what they are doing – and that means getting a great team of contractors. They should be experienced in commercial building projects, be fully licensed for the state in which the project will take place, and be fully insured for your security. Take your time to research different contracting firms and get multiple bids. It’s the best way to find a team that understands what you want to achieve, has the right network to leverage, and will go the extra mile to make sure things are completed on time, on budget, and to a high standard.
#4 – Plan for Setbacks
Construction projects are notorious for setbacks, so it’s important to have a strategy to manage this risk built into your plans. Bad weather, a supply chain issue, minor changes to building designs, or even a contractor falling ill can derail the best-laid plans. To help minimize these delays, it’s a good idea to work contingencies into your budget and plan, creating a level of flexibility in the schedule itself that helps to keep the project moving forward even if delays occur.
#5 – Plan for Building Material Cost Fluctuations
Building materials fluctuate in cost based on supply and demand. This can be affected by seasonal issues, natural disasters, or even how many construction projects are happening in your area. These fluctuations are very challenging to predict but adding a contingency to your budget based on typical cost overruns is a good way to manage this challenge and create a safety net. It also helps prevent situations where you have to make trade-offs that will negatively impact the final result, such as downgrading the quality of materials or reducing the scope of the project.
In a worst-case scenario, all or a portion of the price increase will be easy to manage, and in the best-case scenario, you come out under budget. Typically, a contingency of 5-10% of the total budget is recommended.
#6 – Keep Detailed Records
Commercial construction projects are very complex, with plenty of moving parts to manage. It’s also a very busy process where you’ll be called on to make hundreds of decisions, large and small, over a period of months. The only way to keep track of everything and protect your interests properly is to have accurate records. Not only will this help smooth the process of ordering materials, paying contractors, and staying on budget, it’s also important for your organization’s accounting processes, tax information, and asset management processes.
#7 – Think Outside the Building
The building is the main focal point of this investment, but it needs a few important extras to make your vision come to life. To make your building fully functional and in line with your brand, be sure to budget for interior design, workstations, built-in technology, office furniture, as well as external landscaping. This will bring your project together, make it a hive of productivity, and settle your business in its new space. It’s what turns a building into a business.
Inclusive Services for Bespoke Commercial Office Buildings
BE Builds is an established leader in innovative commercial office construction services, taking you from design and building to completion through our multidisciplinary team. We know your business is unique, so we don’t take a one-size-fits-all approach – instead, we create and deliver custom office designs that work for your business, industry, and budget. To find out more about our interior office construction and design services, contact us today at: https://bebuilds.com/