Fri, 22 Jan 2021

What to Look for in a Commercial Development Company

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22 Dec 2020, 01:24 GMT+10

Commercial development, simply put, is any development or structure constructed mainly for the purpose of conducting business. This could include shops, gas stations, restaurants, and office spaces, to name a few. Commercial real estate development is a comprehensive process that relies heavily on consumer demand.

With that in mind, there are some key factors you should keep in mind when choosing a commercial development company. For one, get to know some of the key people involved on most projects: architects, civil engineers, site planners, attorneys, and environmental consultants. Once you have established who is involved in overseeing projects, you can break the process of choosing down into three stages, explored thorough below:

Location Selection

First and foremost, you need to ensure that the commercial development company can help you secure the right location. Remember: you will need to follow a comprehensive list of expectations before moving forward with development, often laid down by the site itself. For example, the location often must meet market demand, satisfy tenant requirements, satisfy lending conditions and regulatory requirements, and must accommodate the consumer. The right commercial development company can help you understand these criteria.

Be sure to research thoroughly to determine if it meets the proper site development requirements. Some of these factors include property size, visibility, demographics, potential access points, and surrounding infrastructure. Along with all of these basic requirements, each individual property also has to meet the needs of the client, which could vary from place to place.

After you have completed this research, contractors have to make sure that legal requirements are satisfied, site investigation reports are done, evaluations on the safety of the surrounding sites are completed, and preliminary budgets are assigned. The right commercial development company will go above and beyond to ensure that you know where to begin with these steps.

Once this is all complete, you can move on to the next phase.

Development of Commercial Property

As mentioned above, every commercial real estate development needs a proper team of skilled laborers. After all the contracts are signed and site plans are created, you need to ensure that the company has a team that is robust enough to take on the project. This often entails an architect and civil engineer; however, depending on the property, you may also need contractors like plumbers and mechanical engineers.

When your team of contractors is established, you'll want to keep the public informed on development updates. The reason for this community outreach is to keep the public updated and improve the community's approval for the duration of the property's development.

Before properties can begin construction, you'll need various zoning approvals from the city, and you must be granted permission from regulatory agencies in the area. After the pre-construction coordination, completed building plan, and finalized budget, construction of the property can commence. The right commercial development company will know just how to kick start the project.

Construction

Above all, the construction period requires intense scheduling and planning. Therefore, you need to make sure that the commercial development company you choose can clearly outline how they plan the typical project. Ask to see a portfolio of past work to get an idea of their process.

Generally speaking, the ideal plan consists of weekly construction calls, pre-construction meetings, and figuring out ways to mobilize the crew to the site in order to start the work. Building construction will include aspects such as framing, roofing and HVAC maintenance. The interior work could include interior electrical, ductwork, insulation, drywall, flooring and ceiling.

When everything is completed, there is typically a construction close-out. This includes punch-lists, equipment testing, start up procedures, and occupancy. It addresses everything performed during construction to ensure that the property is ready to be turned over to a tenant.

Bottomline: The Right Commercial Development Company Has Focus

While choosing the 'right' commercial development company for your business needs may take time, most excellent commercial development companies have a few key things in common: they can readily identify who does what and tell and show you exactly how projects are completed. When searching for the right company, try to emphasize process, strategy, and planning.

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