Constructing an office building is a huge job. It takes months or years and there is a lot of bureaucratic red tape that you must go through to finally get the doors open for business. There are three things that you should do to make sure that you’ve done the best job you can do for your stakeholders.
1. Make Sure All the Work Is Complete
It’s tempting to pack up all your materials, do a final inspection and call it a day. But consider doing a post-occupancy restoration Massachusetts. This is an inspection of the property after tenants have moved in. You’ll have a better idea if things are functioning properly when they are being used daily than when the building is brand-new and never used.
2. Find the Right Tenants
Are you looking for a tenant that will rent the whole space or is it divided into smaller parcels that you can rent out? This is something to think about before you advertise. You should also think about lease terms. Most commercial leases are long-term but you shouldn’t rule out shorter leases if you want to get someone in quickly and have the money start flowing in.
3. Select a Well-Qualified Building Manager
Managing a commercial property is a lot more work than managing a residential property. There are many more elements to a commercial building, especially one with multiple tenants. Make sure to have a large enough budget to either hire an on-site manager or a professional management company. It may seem like a good idea to save some money by doing it yourself, but it can be a time and money suck in the long term.
Congratulations on finishing constructing your building! Being a commercial building owner can be tough, but also rewarding. Follow the tips above and you will be successful for years to come.