First Steps Toward Building Your Own Commercial Space

Have you been leasing a space to run your business? Are you ready to build a commercial space of your own that better suits your team’s needs and better accommodates your services or equipment? If you’re ready to take your business to the next level, we have some expert tips to help you navigate the commercial building construction process efficiently.

We know it can be daunting. How do you figure out which contractors, designers, architects, engineers, and suppliers to use? Where do you begin with your finances? Before you get too caught up in the details, start with these foundational steps that will set you up for success. Here are four key actions to take before beginning your project.

1. Speak with a Financial Advisor

One of the most important steps of the building process is understanding your finances and determining a realistic budget. Your budget impacts every decision you make moving forward. While it's easy to assume that financing a commercial property is similar to financing a home,  there are some stark differences—such as the different funding sources available to businesses.

To ensure financial readiness, speak with a financial expert. An advisor can help you determine how much you can afford, how much you can borrow, and if your finances are in good shape before you begin construction.

After you speak with a financial advisor, ask yourself these key questions:

• What land can I afford?

• How many square feet can I afford to build?

• What additional features can I include within my budget?

• How much should I allocate for unexpected costs?

• What is my relationship with my bank or commercial broker? (The sooner you clarify this, the better!)

2. Identify Your Needs

Why do you want to leave your current space and build your own? What is your existing space missing? Identifying these gaps will give you the confidence and direction when discussing your project with a builder. Make two lists: must-haves and nice-to-haves. This will help keep your priorities clear.

Then, consider your team size and projected business growth and ask yourself:

• Where do I see my business in five years? Ten years?
• How is my industry evolving, and what future needs should I anticipate?
  
  
  

3. Select the Right Location

Before choosing a location for your commercial building, think about how much space you’ll need—both inside and outside of your building. Consider:

• Land affordability: Compare land costs in different areas.
• Client accessibility: Choose a location that's convenient for your customers.
• Employee attraction: A prime location can help you recruit and retain top talent. 

If you don’t know where to start looking for land, a reputable building company can provide recommendations based on your business's needs.

Read “12 Things to Keep in Mind When Designing Your Commercial Building” for more key factors to consider when selecting land.

4. Choose the Right Building Partner

Building a new commercial space is a significant investment. Instead of choosing just any builder, find a partner who will guide you through the entire process, from planning to completion. Partnering with the right team can make your experience smoother and more rewarding.

The best building partner is one with experience working in your community. Ask for recommendations and reviews from others who have worked with local builders. Look for a company that values relationships and prioritizes customer service; this will allow for better communication, more respect, and fewer misunderstandings throughout the process. Also make sure the builder you choose uses high quality materials (at affordable prices) and the best building techniques.

Ready to take the first steps toward building your own commercial space? Contact the experts at Pro-Line today for a consultation! We can help you plan your project, find the right location, and connect you with the best resources to bring your vision to life.

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