How to Attract More Tenants to Lease Your Rental Property

Posted on December 14, 2021 by bafcorp20

Commercial vacancy doesn’t do your bottom line any good. Anybody who owns a commercial building or rental property knows that the goal is to have that space leased out, always. If you are a commercial rental property owner who is struggling with drawing in high-quality tenants or long-term leases, you could use some new direction. Now that the end of the year is near, perhaps it is time to set your sights on increasing your commercial building or rental property vacancies for 2022.

Continue reading to learn some real estate tips that may help spark more interest in the local market and attract more tenants to your rental property.

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Rental Property Leasing Tips for Landlords and Commercial Building Owners

If you want to fill up your vacant rental property space as fast as possible, try implementing these tricks of the trade! You can reduce your 2022 rental property vacancy and finish the year with a higher level of success than ever before!

Remember That Price Accuracy is Essential

It is important to price your rental property just right. Although you do not want to attract bad commercial tenants, pricing your rental too high can narrow your potential market substantially. By pricing it too low, not only do you risk a series of unreliable applicants and/or tenants, but you also pose the risk of not covering your overhead costs, which can be even worse.

Do not guesstimate your rental price. You can better value your rental property by doing a little research. Examine the local, comparative market to assess the square footage-to-price ratios, inclusive amenities, and rental histories. Your final rental price should be competitive enough to attract the right pool of tenants, whether commercial or residential.

Refresh Your Listing’s Visual Appeal

Technology is fast-evolving, and photography is no different. If you have not taken recent pictures of your rental property, consider re-doing them with a better degree of photogenic appeal. Take new pictures of your property with enhanced photography services and editing. This approach can make your space look more attractive and modern, and therefore, increase market interest. Adding in a 60-degree virtual tour of your rental space is a wise choice, as this feature is a top-amenity for both commercial and residential applicants.

Do you already have recent pictures on your rental space listing or brochures? Perhaps you need to take new ones to showcase different angles and areas of your rental space. Do not forget to take pictures of any outdoor areas. This approach can help to attract new applicants by providing a different perspective.

Advertise a Leasing Incentive

Many rental properties, both commercial offices and residential, offer an incentive for anyone who signs a long-term lease. Consider adding such incentives to attract, not only more applicants, but the right kind. Incentives that have proven effective for other rental property companies and landlords include:

▷ 1 Month Free Rent
▷ Free Internet or Cable for 1 Year
▷ $100 Gift Cards (Restaurants, Gas, Amazon, etc.)
▷ Free Television Set
▷ Free Reserved Parking for 1 Year

Remodel or Renovate Your Rental Space

You can attract more tenants to your rental property through strategic commercial remodeling. Update the curb appeal, function, flow, and technology of your rental, plus incorporate new additions like outdoor gathering spaces and enhanced security. Additional renovations or additions that are suggested to increase tenant interest in rental properties include more parking space, more natural lighting, pet areas, touchless technologies, renewable energy applications, communal spaces, on-site dining, elevators, escalators, fitness centers, and swimming pools. A seasoned Indiana commercial general contracting company can help you achieve these goals.

Have you decided that a commercial renovation or remodel is the right move for attracting new tenants to your Indiana rental property? Contact BAF Corporation at 317-253-0531 for superior commercial general contracting services for tenant improvements in Indianapolis, Indiana. We serve commercial clients all throughout the state.

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What You Should Know About Signage Rights as a Commercial Tenant

Posted on November 8, 2021 by bafcorp20

Many in the industry would agree that branding is an essential, if not central, element to growing a successful business. One of the most effective and traditional methods of business branding is signage. Having the name and logo outside of your business is a valuable branding approach that influences potential consumers, plus retains the loyalty of your current clients.

But if you do not own your own building, your rights to signage may not be as clear cut as you would expect. As a commercial tenant interested in adding signage for your business, there are some important considerations you must keep in mind before signing a commercial lease or moving forward with signage procurement and installation.

Continue below to learn what you need to know about signage rights for commercial tenants.

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Commercial Tenant Signage Rights

If you are a new or potential commercial tenant, it is important to understand that signage rights are not guaranteed. There are some commercial landlords that do not permit signage on the outside of their building or marque, and others that only allow signage within strict design and color restrictions for the purpose of uniformity.

It is also common for commercial landlords to have preexisting agreements with other tenants that impose a restriction of some kind on new tenants’ rights to business signage. In some cases, it is not up to the commercial landlord at all, as local zoning laws can also prohibit signage, or the amount of signage on or around buildings.

Negotiating Business Signage With a Commercial Landlord

Because the rights and perimeters of business signage are more complex for commercial tenants, it is wise to always inquire about business signage before signing a commercial lease. As a commercial tenant, you may be able to negotiate your signage rights if the current lease does not offer what you are looking for.

If you are already in a commercial lease, you can wait until your lease is up for renewal, and then have signage rights added to the lease. It is vital to have your negotiated or amended signage rights spelled out in writing in your lease agreement.

Common Types of Business Signage Arrangements:

► Shared Building Signage

If a commercial building is shared by two tenants in equal ways, a landlord may agree to or permit a shared building signage system. With shared building signage, both commercial tenants can display their business signage on the building’s facade. This is a common signage arrangement in the commercial real estate industry.

► Exclusive Building Signage

In some cases, a commercial landlord will agree to give a tenant exclusive building signage rights. This means that commercial tenant is the only business displayed on the outside of the building. This signage arrangement is most common in commercial buildings that only have one tenant or space for one tenant.

► Exclusive Monument Signage

Many commercial buildings have monument signs on the outside of the parking lot or street. In such leases, it is common for landlords and tenants to adopt an exclusive monument signage arrangement. This would permit the tenant to display their business signage as a stand-alone sign or within the monument signage out front. This is most commonly reserved for key commercial tenants.

Are you looking for a trusted commercial general contractor to help you plan out your upcoming business move or redesign? Contact BAF Corporation at 317-253-0531 for superior commercial general contracting services in Indianapolis, Indiana.We serve commercial and industrial clients all throughout the state.

Who Pays For a Commercial Interior Build-Out?

Posted on November 2, 2021 by bafcorp20

Are you preparing to start a new business and need commercial space? Or are you a current business owner looking to relocate your company? Either way, you will likely be in need of a commercial interior build out. After all, commercial space doesn’t come ready and equipped to support your business’s specific operational needs.

Continue below to learn what you need to know about interior build out tenant improvements, including a financial responsibility breakdown that explains who pays for what.

Commercial Interior Build Out Indianapolis IN 317-253-0531

What is a Commercial Interior Build Out?

Commercial interior build-outs are also referred to in the industry as tenant impr ovements (TI) or commercial leasehold improvements. When you are on the market for a new commercial space, it is very rare to find one that meets all of your needs. From interior design and structure to power fittings, mechanical systems, and more, the majority of commercial spaces require some extent of renovation to personalize the space for the new commercial tenant. This type of commercial renovation is known as an interior build out.

Financial Responsibility Analysis

When it comes to commercial interior build-outs, you might be wondering if the landlord is financially responsible. Since there are many ways for a commercial tenant and landlord to delegate financial responsibility between them in the case of TI improvements, the answer to this inquiry varies depending on many factors.

Here are some possible scenarios on how a commercial interior build-out is financially covered:

If the landlord believes that the new tenant will be a significant asset and bring in more value than other potential tenants, they may cover the entire cost of the interior build out. They may do so by paying the Indiana commercial general contracting company directly or reimbursing the tenant at the completion of the project. Most often, tenants are reimbursed. This protects the landlord from a tenant who changes their mind after the renovations are done.

In another possible scenario, the landlord and tenant might decide to share the leasehold improvement costs a specified ratio. There are a few ways they do this. A landlord can include a tenant improvement allowance in the commercial lease based on square footage, and any renovation costs that exceed that allowance are the tenant’s responsibility. Or the landlord might offer a reduced rent fee or free rent for a specified period of time. These are referred to as rent-concessions.

Are you looking for a qualified and experienced commercial general contractor to deliver an exceptional interior build out within your TI allowance or budget? Contact BAF Corporation at 317-253-0531 for superior commercial remodeling and tenant improvements in Indianapolis, Indiana. We serve clients all throughout the state. Request information or schedule a bid, today.

How to Avoid Leasing to Bad Commercial Tenants

Posted on October 19, 2021 by bafcorp20

Halloween is certainly the time of year for nightmares, but your commercial tenants don’t have to contribute to the seasonal fright. As a commercial real estate owner or property management company, you are bound to be confronted with unqualified applicants. But if you want to avoid leasing to unreliable commercial tenants who have misrepresented themselves on their documents, is important to incorporate certain methodologies into your commercial leasing application process.

Continue reading for some tips that can help you avoid nightmare commercial tenants, plus where to find Central Indiana tenant improvement construction services that will improve your business’s overall success.

Indiana Tenant Improvement Contractors 317-253-0531

Watch Out for Commercial Tenant Fraud

Unfortunately, commercial tenant fraud is all too common. Commercial tenants who commit tenant fraud misrepresent their qualifications or forge documents to present themselves as a qualified applicant for space, such as a retail store, office, or studio. After being approved for the lease, fraudulent commercial tenants often skip out on rent, damage the property, misuse the commercial space, or pose a plethora of tenant challenges and commercial landlord nightmares.

In order to deter commercial tenant fraud and application falsifications, you need to learn how to detect such fraud early on in the leasing and application process. Here are some tips that can help you avoid leasing to a nightmare commercial tenant, while keeping your commercial rental property business profitable:

Do Not Offer Online Application

It is not recommended to use an online application process for commercial leasing, even if you use a third-party platform. Many business application management websites say they will bring in all sorts of qualified commercial tenant applications, but their algorithms are basic and not comprehensive enough to weed out intentional fraud. When it comes to commercial leasing, it is best to always incorporate an in-person application and interview process to ensure that you are leasing to the right tenant.

Do Not Accept Incomplete Applications

There is not much to be said here. If you receive any commercial lease applications that are not filled out completely, shred them without giving them a second thought. An incomplete application is often a telltale sign of commercial tenant fraud. In most cases, applicants fail to complete the application because they are intentionally omitting information to avoid being investigated or denied tenancy.

Always Perform Credit and Reference Checks

Your commercial building or multi-housing property is an important investment that should only be entrusted to those who are dependable and qualified. For this reason, it is important to always perform credit checks and reference checks on all commercial tenant applications. It is common for commercial property owners to ignore references, but this is not a mistake you want to make. References are often more telling than a credit or income check, so be sure you do not skip this step during the commercial tenant screening process.

Advertise Background Checking

It is important to let all of your commercial applicants know that there will be a comprehensive background check during the application process. Advertise this information in the literature that advertises your commercial space openings. This way, tenants know they cannot hide anything or present themselves in a misleading way.

Advertise a Fraud Warning and Declaration

Along with advertising that a background check will be performed on each applicant, it is also important to advertise a fraud warning. A fraud warning will let potential applicants know that there are serious legal penalties and consequences for cheating or misleading their qualifications on their commercial leasing application. This is a great way to thwart commercial tenant fraud. Along with the fraud warning, it is important to include a declaration on the application. A declaration is a statement placed above the signatures of the applicants confirming that all information is accurate to their knowledge.

Require Supplemental Documentation

When you are getting proof of a commercial tenant’s income, it is important to also require supplemental documentation. Ask for more than one type of documentation to prove income when screening a potential commercial tenant.

Verify Identity With a Valid Photo ID

As a commercial building owner or property management company, you want to be sure that you are leasing to the person who is actually filling out the application. It is important to verify a person’s identity by checking their photo ID, or any other authorized identification documents, such as United States passport or military ID. Online applications present all sorts of opportunities for tenants to fraudulently upload their identity or use another person’s identity.

Are you looking for a qualified construction company to perform tenant improvement work to your commercial property? Contact BAF Corporation at 317-253-0531 for professional tenant improvements and remodels in Indianapolis, Indiana. We serve all corporate, commercial, and industrial industries in Central Indiana.

5 Features You Want in a New Commercial Office Space

Posted on September 24, 2021 by bafcorp20

Everyone from business owners and colleagues to staff and personnel want a fun and functional office space. When you are looking to lease new commercial office space in Indiana, focus your attention on the most sought-after amenities to deliver these elements and support the overall success of your business.

Indiana Commercial Office Remodeling and Construction 317-253-0531

Top Office Amenities in Commercial Real Estate

Whether you are looking to attract high-quality corporate tenants to your commercial office space, or you wish to find a new commercial office lease that meets the needs of your company and your staff, shared office amenities are something to consider. Commercial real estate experts suggest that offices with certain types of shared amenities, such as kitchen areas and outdoor workspace, tend to be more productive, and therefore, more successful.

Here are the top 5 office amenities to consider when selecting a new office location:

▶ Kitchen or Cafeteria

Employees have to eat; don’t they? So, when looking for a new commercial office space, keep your eye out for a lease that has (or includes access to) a kitchen or cafeteria. Some office buildings and complexes have on-site cafés, delis, or food trucks available to staff as well. If you cannot find a lease that provides these amenities, look for an office space that has a kitchen area, or that has enough room to construct one. Giving your employees access to a refrigerator, microwave, and coffee maker makes a big difference in terms of daily productivity and overall contentment among staff.

▶ Elevators

Having access to a fast and reliable elevator system is a top advantage for office staff and visitors. This amenity is especially important if you are leasing a commercial office space in a building that has multiple floors. Not only do elevators make it easy to bring things up and down from your office space, but they also play a vital role in assisting disabled persons or people who have trouble commuting on foot. Elevators also make it easier to arrive to work on time.

▶ Outdoor Workspace

Especially in today’s work force, providing employees with outdoor workstations and workspace is proving to be a highly beneficial practice in the commercial real estate industry. Look for office spaces that provide access to outdoor facilities such as rooftop decks, terraces, plazas, patios, outdoor lounge areas, sit-in gardens, and similar areas that allow employees to congregate in the fresh air, whether for work or leisure. It is also strongly encouraged to choose a building that has outdoor Wi-Fi equipped technologies to allow employees to work outside efficiently.

▶ Glass Wall Partitions

Recent studies suggest that employees are more productive and happier all around in an open office setting. Open floor plans are a popular real estate amenity in both the residential and commercial real estate industry. Glass wall partitions are one of the strategies modern-day office designers use to promote a more open feel in the office, while still providing an individual workspace that allows peace and privacy. Glass wall partitions also allow more natural lighting into the office, which has several benefits in itself. Talk to a commercial general contractor these considerations for open floor plan office construction.

▶ Windows

Recent studies suggest that employees are more productive and happier all around when they have window views in the office. In fact, according to a study performed by the esteemed HR advisory and research firm, Future Workplace, the number one office perk that employees really want is access to natural light and outdoor views. Natural lighting can fight off work fatigue, prevent headaches, ease eyestrain, and induce higher level of happiness among staff. Commercial windows are prime office features most requested by employees.

Are you looking for a new commercial office space, or have found one that requires some renovation to meet your company’s needs? Contact BAF Corporation at 317-253-0531 for qualified commercial office remodeling in Indianapolis, Indiana. We serve clients all throughout the state. Request information or schedule a bid, today.

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The Benefits of Natural Light in an Office Setting
Factors to Consider Before Signing a Commercial Office Lease
How to Improve Efficiency Through Innovative Office Design

How to Make the Most of Your Tenant Improvement Allowance

Posted on August 20, 2021 by bafcorp20

When a commercial tenant leases a new office space, it may not be exactly what they envisioned for their business. In fact, this happens quite a bit. For this reason, it is strongly encouraged to ensure that there is some sort of tenant improvement allowance in your commercial lease before making a final commitment. A TI allowance will finance any strategic or aesthetic renovations to improve on the function and overall layout of your office.

If you have been granted a tenant improvement allowance, but it isn’t what you expected, there are some ways you can stretch it out. Continue reading for some tips on how to make the most of your tenant agreement allowance, and who to trust in central Indiana for superior TI commercial construction work.

Tenant Improvements and Remodeling Indiana 317-253-0531

Be a Part of the Process

When discussing your tenant improvement allowance with your landlord or appointed commercial construction company, be sure to negotiate your role in the process. It is important that you remain involved in the entire tenant improvement construction process to ensure that your allowance is being used efficiently. Maintain a role in bid comparisons, contractor selections, construction supervision, and anywhere else that you feel comfortable in order to mitigate additional or unnecessary expenses.

Prioritize All Square Footage

Your commercial office space’s square footage goes wall-to-wall, but your cubic square footage goes from floor-to-ceiling. It is important to use all of your square footage options efficiently and is much as possible. Doing this can help make the most of your tenant improvement allowance. More importantly, your landlord may insist that your tenant improvement allowance applies to only the usable square footage in your office space, but it is actually based on all rentable office space, including areas in your building that are shared with other tenants.

Reuse Materials Efficiently

Before spending even one cent of your TI allowance, first take a look at your overall office space and consider what can be reused after your renovation. There are many types of building features and materials that you may not have to replace, or can be reused without jeopardizing their integrity, such as granite countertops, mirrors, plumbing fixtures, floors, doors, and more. For instance, rather than replacing the hardwood floors in your office space, consider having them refinished or polished instead, which is much cheaper and renders a beautiful outcome.

Discover What’s Hidden

Just like reusing materials to your advantage, it is also wise to take a look underneath some things to see if there is a way to cut back on costs. For instance, underneath that old carpeting could be original hardwood floors. These floors can be restored and re-polished, as mentioned earlier, which is much cheaper than replacing the flooring altogether. In another example, you can remove acoustic tiles from your ceiling to reveal an industrial ceiling, which poses several aesthetic benefits and costs much less than replacing these materials.

Are you ready to get started on your Indiana tenant improvement project, but looking for the right commercial construction company to work with? Contact BAF Corporation at 317-253-0531 for qualified and reputable tenant improvements and remodels in Indianapolis, Indiana. We serve clients all throughout the state.

You Should Also Read:

Who Pays for the Cost of the Tenant Improvements?
4 Tip for Planning a Tenant Occupied Building Renovation
General Tenant Improvements for Commercial Properties

How to Increase Rental Property Income With Commercial Renovation

Posted on July 16, 2021 by bafcorp20

Your rental property is meant for one thing: income. Otherwise, you would just sell it or live in it! But as a rental property owner, you might want to consider a removal or renovation to increase your earnings. Worried this might be out of your budget? You’ll be relieved to discover that there are plenty of ways to execute an update or renovation economically.

Continue reading to learn some advice on how to increase rental property income through smart renovating, and who to call for commercial general contracting in Indianapolis.

Indiana Commercial General Contracting 317-253-0531

Improve Your Bottom Line Through Smart Commercial Remodeling

Repairs and Replacements

Start by looking through your property. Do you see anything that is on its last leg, already broken, or exceedingly outdated? If so, you should fix or replace whatever needs attention. This includes electrical systems, appliances, plumbing, molding, baseboards, paint, doors, windows, locks, lights, patios, porches, decks, and anything else you can lay your eyes or hands on. This step alone can increase your rental income, instantly.

Enhanced Amenities

After making all necessary repairs and replacements, consider adding or updating some existing amenities. For instance, if the current shower head causes poor water pressure, update it to a more modern version. Update other simple plumbing fixtures too, like faucets and even cabinet handles and doorknobs. Other areas to update include light fixtures, lighting, and mirrors.

Larger Renovations

Next, consider the condition of your property. Does it need new flooring? Perhaps the carpets need replaced? Does it have outdated counters or bathrooms? Is the kitchen old or closed-concept? How’s the wall paint? There are likely several areas of improvement that can be conquered through renovations. Many will instantly update and increase the value of your rental property. Renovations can also include door and window replacement, conversions, space additions, and more.

Health and Safety

Consider renovating to incorporate some innovative modifications that will reduce the spread of germs and bacteria. Some current, popular options include copper surfaces, automatic doors, and other kinds of touch-free options like hand soap dispensers, automatic hand sanitizer dispensers, ionized air conditioning technology, recycling shoots and compactors, and even solar energy applications.

Are you interested in commercial remodeling services for your office or business in Indiana? Contact BAF Corporation at 317-253-0531 for Indianapolis Indiana commercial general contracting construction you can trust. We serve Indianapolis, and all of Central Indiana.

You Should Also Read:

General Tenant Improvements for Commercial Properties
6 Building Features That Corporate Tenants are Looking For
4 Tip for Planning a Tenant Occupied Building Renovation

What is a Commercial Lease Abstract?

Posted on June 29, 2021 by bafcorp20

If you have ever signed a contract before, you know that they are incredibly long and complicated pieces of literature that are virtually impossible to understand without a thorough comprehension of real estate law and liability. For this reason, when signing a commercial lease agreement, it is common to request a lease abstract.

Continue reading to learn what a commercial lease abstract is, and what should be included in one before making a commitment.

Indianapolis Indiana Commercial Office 317-253-0531

Commercial Lease Agreements and Abstracts

It is unrealistic to fully read through and understand every element of a commercial lease agreement. Commercial lease abstracts play an important role in a tenant’s ability to understand what contractual agreement they are signing into, and what is expected of them during their occupation. Basically, a lease abstract is a summary of all the primary and important aspects of the lease agreement.

Sort of like CliffsNotes for a book you forgot to read in college, a lease abstract covers the basics of the contract and informs you of all the vital facts you need to know, and in a language you can understand. Lease abstracts are constructed to be free of confusing industry jargon, and allow a potential corporate or commercial tenant to fully understand the liability and responsibilities they are taking on if they choose to enter into the lease.

What Should Be Included in a Lease Abstract?

Although a summary of the full contract, a lease abstract will (and should) contain a lot of information. The basic information it should have includes:

☑ Tenant’s Full Name
☑ Total Cost of Rent
☑ Square Footage of the Rental Space
☑ Lease Start/End Date
☑ First Rent Payment Due Date
☑ Premises Specifications
☑ Authorized Use of the Premises
☑ Parking Space/Requirements
☑ Accountable Party for Repairs and Maintenance
☑ Co-Tenancy/Sub-Leasing Terms
☑ Expansion/Build-Out Rights
☑ Tenant Improvement Allowances
☑ Assignability and Exclusivity (if the lease can be transferred)
☑ Estoppel

Are you looking for a trusted commercial management team who can help you find the right commercial office space or warehouse? Contact BAF Corporation at 317-253-0531 to learn more about tenant improvement construction and space planning services in Indianapolis, Indiana.

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Top Considerations for Commercial Ramps and Stair Lifts

Posted on June 18, 2021 by bafcorp20

Whether your business provides a service that caters to the senior community, or simply has a large senior citizen following, it is it wise for you to consider improving the ease and accessibility of your commercial property with elderly and disabled individuals in mind. As a business owner, it is your responsibility to make sure your clients and customers are safe, and specialized safety ramps and stair lifts can provide this security for geriatric and disable citizens.

Continue reading for helpful information and recommendations regarding public ramps and stair lifts.

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Handicap-Assisted Equipment For Commercial Properties

Commercial stair lifts, step lifts, ramps, and other handicap-assisted equipment are important for those with mobility issues, and make navigating a commercial property easier, safer, and more convenient for the elderly and disabled. Not only does it prevent accidents, but it also reduces the risk of your company facing potential injury lawsuits.

Commercial Stair Lifts

Stair lifts can be fitted to any size or type of interior or exterior stairwell, making them an easy choice for commercial properties. This includes staircases that are straight, curved, spiral, helical, long, short, wide and narrow. With a range like this, any commercial property or premises can be renovated with stair lifts. Whether inside or outside, they provide a safe and secure means of moving up and down difficult inclines.

With simple joysticks and buttons, they are also easy to understand and operate. Stair lifts are battery-powered, so they do not require an electric power source, saving money and energy. And with long-lasting battery life and weather-resistant designs, stair lifts are relatively low maintenance. They do require recharging to prevent accidental shut-downs, mid-operation.

Commercial Ramps

Ramps are another helpful addition to consider. They are meant to provide safety and convenience for those in wheelchairs, or for those with mobility problems. Access ramps are a quick and inexpensive way to cater to the elderly and disabled community while still remaining in compliance with the state regulations for disabled access. And they are convenient for any property since they can be installed both indoors and outdoors.

Commercial Step Lifts

Step lifts are another option that provide the same purpose as the others, but for small rise wheelchair access. Step lifts are powered by electricity and designed to lift wheelchairs up to 3 meters off the ground. In the case of a power failure, they are manufactured with a safety mechanism that automatically lowers the lift. Primarily used for public access, step lifts are a popular choice for properties since they are not overbearing in an aesthetic sense. They can provide safety and accessibility without jeopardizing the property’s décor and design.

Do you have questions about ADA compliancy or handicap-assist commercial remodeling? Contact BAF Corporation at 317-253-0531 to speak with a seasoned Indianapolis Indiana commercial general contractor, today.

You Should Also Read:

Ascertaining the Need for ADA Compliance Upgrades in a Commercial Remodel
Modern Wheelchair Accessibility Options for Commercial Properties
Primary Elements of Commercial ADA Bathroom Compliance

Are All Tenant Improvement Allowances the Same?

Posted on April 5, 2021 by bafcorp20

It is a common misconception that all tenant improvement allowances mean the same thing. If you hear $35 per square foot, that does not mean that your final cost will be exactly that. What you end up spending on your tenant improvement overall is the real number. Continue reading to learn more about TI allowances, including how they can differ in value depending on certain factors.

Indiana Tenant Improvement Commercial Construction 317-253-0531

TI Allowance May Vary Depending On Your Needs and Preferences

Unless you are granted a flat tenant improvement allowance, which is when the landlord agrees to build out your TI project at no cost to you, there are some additional expenditures you might incur when everything is said and done. Are you planning for a dark shell or vanilla shell turnout? Are you open to reusing and repurposing existing materials? Do you envision an open or closed floor plan? Does your commercial building provide an amenity package for things like restrooms, lockers, food, or common areas? All of these factors can influence the value of your tenant improvement allowance.

Dark Shells Versus Vanilla Shells

When you are remodeling a tenant occupied commercial space, the most basic options you will have to choose from are dark or grey shell turnout, or vanilla shell turnout. A vanilla shell TI package generally delivers your basic, smooth aesthetic. This includes drywalling of all demising walls (partition walls that separate one tenant-occupied space from another, or from a building’s common areas), ceiling, lighting, a number of electrical outlets, essential plumbing, HVAC work, and in some cases, bathrooms. A grey or dark shell TI construction remodel will look a lot different, mostly because they only include the construction of electrician and plumbing stubs, and only on the demising walls of the space.

Reusing Existing Materials to Cut Costs

When you are remodeling a tenant-occupied space, you can almost always expect to incur demolition costs. But in some cases, existing materials that are in good condition can be reused or repurposed in the new space, and still done so up to commercial building codes. Materials like plumbing, metal framing, ductwork, lighting fixtures, and even interior doors can all be reused, and therefore, cut your TI costs.

Building Amenity Packages

Adding restrooms, food courts, kitchens, and break areas to a tenant improvement project is a big expense. If your building comes with an amenity package, such as shared restrooms, cafeterias, break areas, and similar public or communal facilities, you can potential lower your TI build-out expenses, or even allocate the budget towards something else in your TI project.

Are you interested in learning how you can meet all of your business objectives with a successful tenant improvement project? Contact BAF Corporation at 317-253-0531 to learn how we deliver organized and professional tenant improvement remodels in Indianapolis, Indiana.

You Should Also Read:

4 Tip for Planning a Tenant Occupied Building Renovation
Who Pays for the Cost of the Tenant Improvements?
6 Building Features That Corporate Tenants are Looking For