We understand why commercial real estate construction might feel overwhelming sometimes. After all, there are many steps involved and managing them requires a strong sense of organization. If you have a commercial construction project and you don’t know how to get it started, here’s a brief overview of the process:
The first step is finding land. Many factors should influence your decision. For example: You should prioritize a location that allows easy access to traffic and find out if there are infrastructural plans for the area. Are there competitors nearby? How do you feel about the neighborhood?
Once you choose the location, you’ll need to approve the project with the city. Regulations vary from place to place, but make sure the zone you picked allows commercial development. Construction has an impact on the environment and people’s lives, so you might be asked to apply for construction, parking, and waste removal permits.
After getting approval, it’s time to think about design and architecture. What’s your vision for the style and main features of the building? Start broad and slowly go into details like colors, walls, materials, etc. This is a critical moment to set your expectations of how the project will look once it’s finished.
The next step in the process is putting your commercial construction project out to bid. Basically, this means that different vendors will compete against each other to get the job. A common mistake here is choosing the company with the lowest bid without analyzing other aspects. Not only should you look for accurate cost estimates, but you should also include qualifications in your decision.
One of the last stages of commercial real estate construction is applying for a building permit, which is slightly different than a construction permit. After the permit is approved, the construction effectively begins. Keep in touch with your contractor and schedule regular visits to inspect the site, so you can get updates on the progress.
Lexstar Construction and Commercial Realty offers a full range of high-quality services, including commercial real estate, development, design, construction, and property management. Contact us through our website or call (701) 367-6766 to talk to Nate Triebwasser.