Top 4 Commercial Real Estate Trends for 2023

Posted on October 7, 2022 by bafcorp20

The commercial real estate market is constantly changing and evolving. As a result, it can be difficult to keep up with the latest trends. However, understanding precedential and predicted commercial real estate trends can help you make better-informed decisions about your own property investment portfolio. Continue reading to review the top 4 commercial real estate trends for 2023.

Commercial Real Estate Contractors Indianapolis Indiana 317-253-0531

Current and Future Commercial Real Estate Trends

The Rise of Co-Working Spaces

Co-working spaces have been growing in popularity in recent years, and this trend is only set to continue. Co-working spaces provide a flexible and cost-effective way for businesses to operate, and they offer a number of other benefits such as a ready-made community of like-minded professionals.

The Growth of the Proptech Sector

Proptech is a term used to describe the intersection of technology and real estate. This sector is growing rapidly, with new startups and products emerging all the time. Proptech can be used to improve everything from the way properties are marketed and sold, to the way they are managed and maintained.

The Rise of Build-To-Rent

The traditional model of home ownership is changing, with more people opting to rent instead. This shift is being driven by a number of factors, such as the increasing cost of home ownership, the flexibility that renting offers, and the ease with which properties can be found and moved into. As a result of this trend, there is an increasing demand for purpose-built rental properties.

The Increasing Importance of Sustainability

Sustainability is becoming an increasingly important consideration for both businesses and consumers. Property investors and developers who take sustainability into account will be well-positioned to capitalize on this growing trend.

Conclusion

These are just four of the top commercial real estate trends that you should be aware of. Understanding these trends can help you make better-informed decisions about your property investment portfolio. Get help with your commercial real estate procurement and construction plans from a qualified commercial general contracting company in Indiana.

Are you looking for a trusted commercial general contracting company who can turn your new commercial space into exactly what your business needs? Contact BAF Corporation at 317-253-0531 for professional commercial construction management and space planning in Indianapolis, Indiana.

5 Ways to Deal With a Bad Commercial Contractor

Posted on November 23, 2021 by bafcorp20

A commercial contractor provides a much larger scale of remodeling and construction services, making their level of professionalism an essential element to a project’s overall success. Although you don’t want to make the mistake of hiring the wrong general contractor for your commercial construction needs, it does happen more often than you think. Fortunately, there are options for business owners or real estate developers who have hired an unreliable or dodgy contractor.

Continue reading to learn the top 5 avenues for dealing with a bad commercial contractor, as well as who to trust in Central Indiana for superior commercial general contracting services that never fail to exceed your expectations.

Commercial Construction Company 317-253-0531

What To Do if You Hired a Bad Commercial Contractor

Hired a bad commercial contractor? Don’t let them get away with their unethical or unqualified practices. Your commercial construction project is a vital investment that should be nurtured and protected by a seasoned Indiana commercial construction general contractor. Here are your options for dealing with a shady or unprofessional commercial general contractor:

Terminate Them

Is your commercial contractor failing to meet even a basic standard of professionalism and service? If so, simply fire them. You are not obligated to keep the commercial general contractor on if they are not following through with their end of the bargain. To formally fire a commercial general contractor, you will likely need to draw up a document addressing their misconducts and notifying them of the termination. In some cases, a contractor may take a client to court stating that they’ve breached the contract. However, you can produce evidence showing that the contractor was the first party to breach the contract.

Request Arbitration or Mediation

Some commercial general contractor agreements contain binding arbitration clauses. You can request arbitration to discuss and dispute the inadequacies of your general contractor. A qualified independent authority will sit between the two parties, allow each side to present their case, and in the end make a legally-binding decision. Arbitration meetings are generally inexpensive.

If a binding arbitration clause is not included in your commercial general contractor agreement, you can request mediation services through the Better Business Bureau (BBB), which are usually free, or at least very cheap, plus you do not have to be a member; or you can request a similar type of court hearing in your presiding county.

Retain Legal Representation

If the situation evolves into something more complicated, it is recommended to hire a construction lawyer. Such civil litigators specialize in representing clients who have been cheated or conned by general contractors and construction companies. They are well-versed in the local laws and regulations within the construction and building industry, allowing them to find any inconsistencies or vulnerabilities that can be refuted in a contract. You can expect to pay anywhere from 100 and $300 an hour for construction lawyer services. For cases that are larger and more complex, such attorney fees can double or triple.

File in Small Claims Court

If you’re not interested in hiring a civil litigator for your matter, you can represent yourself in Small Claims Court. Generally, it only costs a few dollars to bring a case about in Small Claims Court. During a small claims hearing, both parties will have an opportunity to present their case, and in the end the judge will make a final decision. This recourse is generally reserved for smaller cases valued under $3,000. Successful parties are not likely to be awarded more than a few thousand dollars in Small Claims Court.

Make a Formal Complaint or Review

In all cases, regardless of which avenue you decide to take, you always have the option of making a formal complaint or writing a review online. Formal complaints are usually made within the company accused of misconduct. You may also file a formal complaint with the state’s Contractor Licensing Board. Online written reviews can be done in the comfort of your very own home on your very own computer or cell phone. Consider writing reviews on Angie’s list, Yelp, Google, and similar websites. Just be sure your reviews are truthful to avoid being sued for libel.

Are you looking for a trusted and respectable commercial general contracting company to perform your business remodeling or real estate development projects in Indiana? Contact BAF Corporation at 317-253-0531 for superior commercial construction services in Indianapolis and its surrounding counties.

Indianapolis Commercial General Contracting and Design Build Services — Contact Us Today 317-253-0531

Top Technology Considerations for Multifamily Housing Complexes

Posted on September 10, 2021 by bafcorp20

With the eruption of technology in the latest years, commercial proprietors and real estate developers are left with no choice but to incorporate such innovations into their designs. When it comes to apartments and similar multifamily housing complexes, the same need applies. Continue reading to learn some of the top technology considerations for multifamily housing and apartments, as well as where to get superior commercial general contracting in Central Indiana.

Commercial Real Estate Construction Indianapolis 317-253-0531

Tech Charge of Your Commercial Build

The multi-family housing industry is competitive, making the incorporation of advanced technologies essential as most consumers today demand such technologies. As a commercial proprietor or real estate developer in Indiana, it is your duty to remain competitive by evolving with the changing technologies and innovative advancements available in your industry. Take charge of your commercial build or renovation by incorporating the advancements that take our society to the next level of optimal functioning and safety.

Commercial Tech Advancements to Consider

As for multifamily housing and apartment complexes, some of the top technology advancements to consider include touch-free designs and systems, solar power, Eco-friendly applications, and digital technologies.

Touch-Free Designs

There are various touch-free designs and no-contact systems you can incorporate into your multi housing complex. Popular options include hands-free faucets and soap dispensers, automatic doors, motion detection lighting, voice command technologies, and similar applications.

Solar Power

Solar power in paneling has become a popular option among commercial proprietors and real estate developers for its various energy-efficient benefits and cost savings advantages. Types of solar power applications to consider for your multifamily housing or apartment complex include solar water heating, solar roofing, solar cell systems, photovoltaic systems, and concentrating solar-thermal power (CSP).

Eco-Friendly Applications

One of the most common Eco-friendly applications in the commercial real estate development world is solar-powered technology. Additional types of Eco-friendly applications can include using sustainable materials and renewable resources, as well as green construction, indoor air quality care, and environmentally-conscious plumbing.

Digital Technologies

Some of the most popular digital technology advancements used today in the commercial real estate development industry include virtual tours, 3D imaging, computer-generated modeling, digital advertising, social media listings, data gathering software, and similar virtual technologies.

Are you looking for a qualified commercial general contracting company to manage your commercial building or renovation needs an Indiana? Contact BAF Corporation at 317-253-0531 for trusted commercial construction remodeling in Indianapolis Indiana.

You Should Also Like:

Top Commercial Real Estate Technology Trends Today
How Drone Technology Benefits the Commercial Real Estate Proprietor
Top 3 Technology Trends for Senior Housing Development

Do Not Make These Common Commercial Real Estate Errors

Posted on August 6, 2021 by bafcorp20

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.

Indiana Commercial Real Estate General Contractors 317-253-0531

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.

You Should Also Like:

Why is Commercial Real Estate Market Space Listed as Class A, B or C?
Factors to Consider Before Signing a Commercial Office Lease
What is a Build-to-Suit Commercial Lease?

Top Commercial Real Estate Technology Trends Today

Posted on March 5, 2020 by bafcorp20

Technology has grown so much over the years that, today, it has become ingrained as a regular part of our everyday lives. It helps us to be faster, smarter, and more efficient, all of which saves us both time and money. For these reasons, all sorts of industries are working more and more each year to keep up with the growing technologies and incorporate them in their business’s operations.

One such industry that is seeing monumental success with this is commercial real estate. If you are a commercial real estate proprietor who is interested in learning how incorporating innovative technologies into your design build scheme can render higher success for your business, you are already on the right track toward success.

A good place to start would be to review some of the top commercial real estate technology trends of today. Continue below to get started!

Commercial Real Estate Construction Company 317-253-0531

Current Technological Applications for Commercial Real Estate

There are various technological trends that are changing the world of commercial real estate today. However, choosing the right applications for your design build or remodel is the key to unlocking the benefits they deliver. Not only can better technology increase traffic, enhance security, and improve efficiency, it can also secure higher profitably and long-term success. Right now, the most popular and well-acknowledged technologies in the commercial real estate industry are IoT’s, AI, drones, smart sensors, and even virtual reality.

Internet of Things (IoT)

One of the most impactful technologies introduced to commercial real estate recently is Internet of Things (IoT). Integrating IoT into your building management system can improve your building’s performance and consumer experience. It can automate certain office functions, including analytics, automated marketing, and even client support. Internet of Things (IoT) achieves these tasks by using sensor-generated data to learn and adapt to the environment.

Drones

Drones are not just for recreational use anymore. In the commercial real estate industry, drone technology has a lot to offer both user and proprietor. For the most part, drones are used among owners and stakeholders to collect data for analyzation. However, they are also used among real estate agents to deliver a more realistic user experience for online listings, brochures, social media ads, and websites. Drones can even be used to implement building inspections.

Smart Sensors

If you want a smart commercial building, you need smart sensor technology, which senses and records data on various matters. This type of technology is generally integrated for the purpose of enhancing safety and security. However, it is also used to improve a building’s efficiency by monitoring environmental changes like light, humidity, and temperature, all in real time.

Virtual Reality (VR)

You might think virtual reality technology doesn’t have a place in commercial real estate, but thousands of proprietors would strongly beg to differ. Virtual reality (VR) is being incorporated into many commercial builds for the purpose of improving user experience and increasing traffic. VR mostly comes in the form of virtual tours, which allows clients to clearly view the property as if they are really there, without having to travel. This saves both time and money. VR can also be applied to websites and social media accounts to widen a listing’s audience and potentially gain better leads for leases and sales.

Commercial Real Estate Builders You Can Trust

Contact BAF Corporation at 317-253-0531 for trusted commercial construction and design build services in Indianapolis, Indiana and its surrounding locations. Our skilled and experienced commercial general contractors serve corporate, commercial, and industrial industries in Indianapolis, and throughout Central Indiana. Request free information or to schedule a consultation, anytime.