Commercial construction involves the building and selling or renting of structures like warehouses, retail centers, offices, and industrial buildings. According to IBISWorld, Canada’s commercial building construction industry has a market size of $34 billion. Commercial buildings can be extremely profitable to managers, developers, and business owners. However, you can only reap the benefits if you execute your project correctly. Below are four things to consider before starting your commercial construction project.
- Building type and location
You can develop various types of commercial real estate, each with its unique set of standards and needs. The common categories of commercial buildings include hotels, offices, gyms, retails, industrial, and specialty buildings like movie theatres. Also, select a location specifically for commercial construction. This location must permit easy traffic access to attract many people. Furthermore, research other businesses in your preferred location that might attract your target consumers. There may be other infrastructural and developmental projects in the area that could influence your investment positively or negatively. Therefore, researching is essential to deciding on your location.
- Budgeting and financing
It is undoubtedly prudent to ensure that your money returns a profit when constructing commercial buildings for business use. You can hire a financial consultant to assist with budgeting and financing for the best results. This consultant should ideally be familiar with value engineering principles, so you can spend as little on your project as possible without sacrificing functionality. Also, they can help you create a list detailing all costs that will be incurred in the construction project, from huge expenses such as cement, wages, and waterproofing supplies to small costs. However, remember to maintain an additional 10% of your allocated budget as an emergency reserve to fund any unforeseen expenses that may pop up during construction.
- Zoning laws and permits
Zoning laws control the use of land in Canada and other countries. They decide how land is used, where buildings and other structures should be located, and the types of buildings permitted on the land in your community. These laws also specify building heights and densities, parking requirements, and lot sizes and dimensions. It is vital for your commercial construction project idea to comply with these zoning laws to obtain a building permit. Therefore, check out your preferred location’s specific zoning laws before starting the project. A great construction management company can assist you with contacting the local zoning office. Also, they can help ensure that your project is in line with the local area’s requirements.
- Assembling the right team
Construction teams can make or break projects, so hiring the right crew is crucial to guarantee success. You need a reliable and skilled architect for your project, so conduct extensive research before choosing one from any of the over 7,200 architecture companies in Canada. Similarly, hire a trustworthy contractor who is licensed, experienced, and has exceptional character. Many experts recommend thoroughly explaining your needs concerning building requirements, timelines, and budgets after assembling your project professionals. Also, remember to acquaint yourself with these professionals since you will be working with them for several months or years.