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Three Essentials For A Great Tenant Build Out

By Features Desk

Tuesday, December 4, 2018.

When looking to lease premises for your business, it is highly unlikely that you will find exactly what you need right off the bat. In most cases, you will find a space that could be what you need - but you’ll need to make changes to the property to ensure a perfect fit.

The process of adapting an existing space to assist with your business’ specific needs is known as a tenant build-out. If you require a build-out to suit your business, this need should be incorporated into your overall lease agreement, with both you and the landlord sharing the costs for the necessary work.

If you are considering leasing a space that would require a build-out in order to ensure the space is suitable for your company, then you’ll be pleased to know the process can be relatively simple to manage. To help you achieve a smooth and hassle-free build-out, below, we’ve put together three essentials you’ll need to keep in mind at all times…

Budget prioritization

Before you begin inspecting the space and deciding the work you need to be completed, work with your landlord to establish an overall budget.

It may sound odd to set a budget before you even begin planning the project. However, by establishing a budget beforehand, you can be sure that all of your research and plans are always feasible; there’s no risk of planning a renovation or construction and then subsequently discovering it’s out of your financial reach. Your first budget does not need to be concrete, but a general idea of upper limits is beneficial.

Cost division clarity

As mentioned, the vast majority of tenant build-outs will be financed by both the tenant and landlord. This sounds simple and mutually-beneficial, but it can also be a source of tension and disruption - and especially if you rely on verbal agreements as to who is responsible for which costs.

Unfortunately, disagreements over the division of costs can greatly upset a build-out process, so it’s important to ensure you’re on the same page at all times. The best way of achieving this is to get everything in writing; if your landlord says they will meet a particular cost, ask them to write this commitment down and sign the page - and, of course, you should do the same regarding work you will be financing.

Pixabay (CC0 Licence)

Perfect planning

When you have a budget agreed and the costs divided and noted, you’ll undoubtedly be keen to put your ideas into action and start the build-out as soon as possible.

However, it’s at this point that many tenant build-outs are derailed. Many business owners find that their keenness to begin can often mean it’s all-too-easy to lose track of a budget, overlook zoning requirements, or fail to account for the limitations of the space available. As a result, it’s best to bring in experts such as Cochran Engineering to help formulate a strategic plan that allows you to set out your next steps with utmost precision. Only with effective planning will you be able to ensure you are able to make the most of the space, while also avoiding costly mistakes that you may later come to regret.

In conclusion

By ensuring you have the three essentials described above in place, you should find that your tenant build-out proceeds with minimal disruption and maximum efficiency. Before you know it, you’ll be moving into your new premises and embracing the next phase of your business’ life, with your customized space effortlessly aiding in your quest to achieve lasting business success.

Three Essentials For A Great Tenant Build Out

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