How to save money on retail space renovations
When looking for commercial real estate in the Park Slope neighborhood of New York, it's important to factor in the cost of renovations. Many times, the "ideal" retail space for your business isn't move-in ready or set up exactly for your needs after signing a commercial lease.
To stick to your budget and open your new business with a design and functionality that will help you grow, here are five tips to reduce costs when renovating commercial real estate space for your shop or restaurant!
1. Partner with a project manager (right away)
You might think you're saving money by taking a stab at DIY renovations for your new retail space—but in most cases, business owners waste both time and money without a project manager on board to oversee renovations.
This individual can help you get an accurate estimate of how much the project will cost, as well as help manage the process, so you stay on track financially. Whether you've owned a business before or you're starting a new business in a new location, you have more important things to do than track down contractors, manage build-out budgets, and keep this project on track.
In addition, the right project manager helps you find the resources you need—including a contractor—save money, and avoid costly mistakes that can exceed your budget and delay opening the doors for business.
2. Shop around for contractors
Don't just go with the first company you find. Get estimates from multiple contractors and work with your project manager to compare numbers and find the best fit for your needs and budget. Your project manager may already have a good crew they rely on for commercial property projects like yours!
3. Reduce hard wiring by choosing wireless options
In many commercial spaces, the wiring is already in place for computers, printers, and other bulky electronics. However, rather than installing new wiring and adding to your renovation budget, consider going wireless with your technology needs.
This can be a great way to save money and keep your retail space looking sleek and modern for your Park Slope clients or customers. Many shop owners, restaurants, and healthcare practices can operate efficiently and cost-effectively without using wiring for phones, payment systems, ordering systems, and more!
4. Don’t overspend on furniture, displays, and final touches
When it comes to furniture, displays, and other finishing touches and design for your commercial space, it's important to remember that you don't have to spend a fortune to make a statement.
Remember that traffic through your shop or restaurant can damage pricey furniture or finishing touches to your space. Expensive pieces might not look nice for very long and can be a costly way to complete your space with items that must be replaced soon after opening your new business.
While cheap furniture might not last very long, find ways to achieve the look and feel you want for your business with sturdy, affordable, and aesthetically pleasing decor.
There are many affordable options available that will give you the atmosphere you want without breaking the bank. Talk to your project manager about ways to achieve the look you want without overspending on high-priced components.
5. Consider "cost-effective engineering" when renovating commercial properties
If you're looking for ways to save money on commercial renovations, "value engineering" is a great option. This approach assesses all aspects of the project—from materials to labor—to find ways to reduce costs without sacrificing quality or function.
This might mean using more affordable materials (like lower-cost flooring) that still give you the look you want or finding less expensive ways to achieve the same goal. Value engineering is a great way to get the most bang for your buck when renovating commercial real estate!
Much like expensive furniture or decor, top-of-the-line counters, flooring, and other materials probably won't help you make more money in the location you choose after searching for "retail space for rent near me." Improve your bottom line from the start by choosing affordable materials that will last a long time and show off your space (without the high price tag).
Verada connects business owners to the best Park Slope commercial real estate spaces
When it comes to finding the available space in commercial real estate, it's important to have a partner you can trust. At Verada, we work with business owners like you to connect them to the best commercial spaces in their areas.
We understand that finding the perfect spot for your business involves more than just location—it's also about matching your business needs with the right type of property in a community that can help you thrive. With our help, you can find retail space for rent near me that has everything you need to grow your business!
Verada helps business owners who want to find the perfect commercial properties and landlord partnerships for their needs. Reach out soon to learn more about our approach to building better communities in the Park Slope and Manhattan areas!
Download a free copy of our “Guide to Choosing Your Next Retail Space” for more expert insights!
You might also like...
Retail space in the Upper East Side: what does the future look like?
Retail spaces in Manhattan and the Upper East Side have been bowled over by the 2020 and 2021 surges in COVID-19 cases. Having a high-impact ...
Understanding retail space possibilities in SoHo and NoHo, post-rezoning
Many retail spaces in the SoHo and NoHo areas have had to fight restrictive zoning for a long time, applying for special permissions, including ...
4 questions to ask a potential commercial real estate broker
If you're a retail business owner looking for commercial space, finding the right broker is key. The right broker can make all the difference in ...