Our friends at North Dallas Commercial Real Estate Co. recently weighed in with how commercial property remodels differ from deciding on how to renovate a home or garage area. Since these commercial real estate pros specialize in finding office spaces and fixing them up, we figured it wouldn't hurt to get their take. Their recommendations and advice is as follows:
Yes, the commercial property market is recovering, and in areas like Dallas, Atlanta, Charlotte and Phoenix it has never been hotter. Despite this, it's not a situation to enter into lightly and your financing should be in place before attempting to acquire a fixer-upper.
- Time is a consideration - You must know that commercial properties take longer than residential remodels in general. There are more moving pieces and the city will likely get involved, depending on the site.
- Cost is higher - Since commercial projects come with more checks and balances, it's important to note that you won't be able to be as thrifty as compared to a residential assignment.
- Regulations may be an issue - Again, the city or other governing bodies could poke their nose in your project, especially if located in an area of town where commerce is encouraged. Generally, the more foot traffic in the area equates to more rules and red tape to cut through.
- More moving parts - You will likely deal with more contractors and subs when renovating an office building or other commercial structure.
- Technical issues may arise - If adding ethernet or replacing outdated technology, you will likely run into problems. It's best to consult with a real estate professional for advice in this manner.
Yes, the commercial property market is recovering, and in areas like Dallas, Atlanta, Charlotte and Phoenix it has never been hotter. Despite this, it's not a situation to enter into lightly and your financing should be in place before attempting to acquire a fixer-upper.
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