Developing a new commercial building is a huge commitment for both you and the people you will rely on to get the job done.
While you are exploring the different aspects of this undertaking, we have created a list of 5 things you must consider before constructing a commercial building.
1. Evaluating Building Type & Location
Consider what type of commercial real estate you want to develop. Each type of building comes with its own set of needs and standards, whether it’s Retail, Industrial, Residential, Hotel, Office, Gym, or other specialty building such as a Movie Theater.
Choose a location that is zoned for commercial development. You may want to consider a location that allows for easy traffic access. Find out about other local businesses in the area which might attract your customers or harbor potential competition. There may be other developmental and infrastructural plans for that area which could affect your commercial investment positively or negatively. Researching this is crucial to deciding on your location.
2. Planning, Zoning, & Permitting
Each type of commercial building comes with its own set of necessities. Be sure to account for how customers and visitors will approach and use your building. Have the building designed to accommodate employees, customers, and all of the unique needs your business might have.
Consider your use of technology and modern amenities. Particularly in residential buildings, tenants are demanding more accommodations, such as high speed wireless internet, in-wall USB ports, bike storage and proximity car sharing, dry cleaning and laundry services; child care and pet spaces; a spa or massage room; a wellness center (beyond the traditional fitness center) for community activities like yoga and aerobics; even a wine cellar. What will you require in your new commercial building?
Once you have considered your location & building type, you must ensure that you’ve done everything correctly in terms of zoning laws and permits. Doing this as early as possible is the most important step before beginning construction. Certain places may have restrictions on height, floors, color, etc.. A construction management company can help you with all aspects of planning, including contacting the local zoning office and ensuring that your project complies with all of the local area’s requirements.
3. Budgeting and Financing
When deciding to construct a commercial property for business use, you must be careful to make sure your money spent returns a profit. To help you avoid such misfortunes and make this job easier on your end, you can hire a financial consultant to guide you. March Construction offers Value Engineering: a creative, organized approach and design process which optimizes the cost and performance of your commercial building project. We can create a list detailing the expenses that will be incurred in constructing the building, from big expenses such as cement, equipment rentals, and wages to small expenses. It is important to consider maintaining an extra 10% of the allocated budget as a reserve in order to meet any unforeseen expenses that may arise.
4. Selecting an Architect & Contractor
Business owners should consider how much time they want to personally devote to their project. Many businesses lose customers during a construction project because their management teams are more focused on the new building and less on their regular work performance. Hiring a construction management team for your project is a great solution for this.
Some people might consider skipping this step, especially when facing high costs. While you might think you are saving money, you actually lose more in the long run because of factors that professionals are keeping tabs on, such as efficient use of space.
March constructs LEED-certified buildings to save energy, use space efficiently, and reduce waste in multi-residential buildings. We know that sustainable design and construction are a win-win-win: for the tenants, the landlords, and the environment.
5. Getting to Know The Team
When contacting your project professionals, be sure to thoroughly explain what your needs are in terms of budget, timeline, and building requirements. Acquaint yourself fully with the main people who you put in charge of your project: Architects, designers, and project managers. You will be working with them for many months or even years. Maintaining good communication with them will help everyone involved to deliver your project with all needs met.
At March Associates, we listen closely to our clients and provide flexible, creative, workable solutions. With our customer-first attitude, we’ve built lasting, trusting relationships with our clients—as well as great buildings.
Ready to Take the First Step?
Building in the tri-state area and the east coast for 30+ years, March Construction can design, manage and build your project from start to finish. March offers consulting services, construction management, design/build services, general contracting, project management, site development, and more. Choosing March means you have unfettered access to the company’s principals, owner Louis D. March Jr and Vice President Todd Laubach, who will keep an eye on your project to its completion.
ENR lists March Construction as one of the Top 400 contractors nationwide. With efficient planning and strict adherence to schedules throughout the entire process, March Construction has consistently completed its projects on time, on budget, while always maintaining the highest standards. This push for excellence is why the majority of its business is awarded on negotiated terms or through referrals, and result in a consistent group of Triple-A clients.
Article By Briana Samman
Marketing Associate at March Construction
Give us a call at (973)-904-0213 to speak to someone now about how March can help with your next commercial project.
You can also drop by our office located in Wayne, NJ. We are open from 9AM-5PM Monday through Friday (March Construction 601 Hamburg Turnpike Wayne, NJ 07470)
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Briana J. Samman, Marketing Associate at March Construction creates content for March's online & print marketing including graphic design, web design, technical writing & editing, social media, and photography.