As a commercial proprietor, it is likely that your number one objective is to increase your bottom line. So, when it comes to procuring new commercial real estate, it is important to make the right decisions in order to protect your investment and your future success as a developer. Continue below to learn the top commercial real estate mistakes that you want to avoid at all costs, and who to trust for turnkey commercial construction and general contracting in central Indiana.
Commercial Real Estate Mistakes to Avoid
When acquiring new commercial real estate, you want to do all that you can to get the best deal and the best space possible. One way to get on this path of success is to ensure you are avoiding these common commercial real estate mistakes:
Doing it Alone
You have been a successful commercial proprietor because you know when it’s necessary to delegate duties and when to incorporate other useful minds and hands into your operations. When it comes to commercial real estate, the same theory applies. You don’t want to fly solo with commercial real estate procurement and development. Consult with a Central Indiana commercial construction team for personalized advice on obtaining the best possible space and deal for your company or business objectives. Also consider consulting with tenant brokers, financial advisors, accountants, and other professionals who can ensure you are equipped with the right knowledge to make the best decisions for your business.
Ignoring the Law
Although you might not mean to ignore the law, it is very common for commercial proprietors and developers to forget check the local laws and building codes in their area. Don’t make this common mistake. Instead, work with your commercial contracting team to educate yourself on all of the local zoning laws, building regulations, and building codes. After all, you don’t want to sign a commercial lease only to find out later that your industry is not permitted to operate in that particular building or space. Keep in mind that just because a landlord is willing to rent to a commercial tenant does not mean that your company can operate there. Not all landlords are up-to-date on all of the changing laws, amendments, and rewordings of local building regulations and ordinances. So, it is up to you to do your due diligence and team up with a trusted Indiana commercial construction company to avoid this common error.
Signing the Lease Too Quickly
When procuring new commercial real estate, you never want to sign the commercial lease As-Is. It is important to always have a commercial lease reviewed by an attorney as well as a trusted central Indiana commercial construction management team to ensure that you are getting the best deal possible. Keep in mind that the first version of any commercial lease is a working document and will always be in favor of the landlord. So, be repaired to negotiate some additional terms and conditions into your lease; you have the right to do this. Be sure to review relevant beneficial clauses, such as subletting rights or the right of first refusal.
Forgetting to Check the Local Infrastructure
A common mistake made among commercial proprietors who are obtaining new real estate is forgetting to check the local infrastructure. For instance, you don’t want to get stuck signing a commercial lease or purchasing a commercial space only to find out later that there’s not enough parking outside for your staff or guests. Mistakes like these could have a major impact on your bottom line. Be sure to check out the local traffic patterns, available public transportation options, highway exits, local retailers and restaurants, and anything else that will have an impact on your customers, clients, or employees.
Have you just acquired new commercial real estate, or interested in finding a new commercial space? Contact BAF Corporation at 317-253-0531 for superior commercial construction services in Indianapolis, Indiana. From space planning and permitting to pre-construction, remodeling, build-outs, conversions, and much more, we are a full-service commercial construction company serving clients all throughout the state.
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