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The 5 Factors You Need to Consider When Building A Commercial Property

Business people discussing plans in modern office.

The commercial property market is booming, and the demand for new buildings remains high. A significant investment such as this is something that you should take seriously as it will impact your financial situation and the success of your business.  

Planning, Zoning and Permits

There are many different aspects to consider when it comes to building a commercial property. Planning and zoning is an essential consideration as local councils may have strict regulations about the size of the property, its location and what kind of business you can operate from it.

You will also need to consider obtaining all the necessary permits before working on the property. This means that you will need to ensure that your plans meet all safety standards and adhere to council planning regulations before starting construction.

Getting a permit can be long, so you must start this early in the design stage. Councils won’t approve any plans until they have been through this process first.

How Are You Financing The Build?

It is essential to consider the financial implications of construction before construction begins carefully. Consider what you need to build the property and how much it will cost. As you are financing this project, have a plan in place for how you will pay for it.

If you’re struggling to finance your commercial property, development finance loans are available that will help with the construction process. Speak with a professional about all the options available to find the right one for you.

Building Type

When considering your property, you should find out your needs for it to function as a commercial property. The first thing to consider is the type of building you want to build. Will it be an office building? A shopping mall? A hotel? You also need to factor in how many floors you want to have. For example, if you’re considering a hotel, should it have more than one floor?

If you’re thinking about an office building, consider the layout and if there should be any other features that would benefit employees or customers to make them more comfortable. Do people who come into the office need parking spaces or other amenities? What kind of parking are they looking for? Would they prefer underground parking, so they don’t have to walk long distances in bad weather?

Location

The first thing you need to consider when building a commercial property is the location. It’s a big decision and will significantly affect your business.

It’s crucial to analyse the demographic data before deciding the best location for your property, as this will impact where you can place ads and how much traffic you will see. From analysing where your competitors are located to identifying potential zoning issues, many factors must be considered before settling on a location.

Additionally, it would help make sure that the location is accessible regarding infrastructures such as roads and public transportation. If possible, the site should offer parking and access for those who use mobility aids like wheelchairs or scooters.

Choosing an Architect and Contractor

Choosing an architect and contractor are two factors that will significantly impact the cost of your building.

It’s essential to find the right contractors who can deliver quality work at a fair price for essential interior work, whether for structural steel services, construction, electrical or plumbing. Builders with experience should offer you sound advice on the costs involved. 

Some architects specialise in different buildings, so make sure you find one who is skilled in what you need. For example, if you’re building a retail store, an architect who has experience in designing retail outlets.

PM Today Contributor
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