Leases expire, tenants move on, and you’re looking at a large-scale retail building that isn’t generating income. You have to find a business interested in leasing that huge empty building, but your bottom line can’t wait. Whether you’re a landlord or developer, you need an affordable commercial renovation solution for that large retail building into a multi-tenant space with long-term returns. It’s time to covert that massive space into a multi-tenant building that quickly pays back on your investment.
Multiple Building Potential
By the time a big, single-tenant retail property empties out, it’s ready for renovations. Even if your building housed several operations, it still has plenty of room for improvements that attract new tenants. This is an opportunity to do more than upgrade existing interiors. Commercial construction renovation companies that specialize in building multi-tenant space from the ground up also know how to convert that massive square footage into multiple storefronts that restore the site’s profitability. Breaking up over-sized retail space opens up its potential to generate income by multiplying your prospective tenant base. The building needs improvement, to expand on that initial plan with something that’s easier to lease to a wider market.
Build for Specific Tenants
Businesses come in different sizes, but they often share common square-footage requirements. Commercial renovation contractors are an excellent source of information for calculating tenant expectations. Most mid-sized retail operations need between 6,000 and 8,000 square feet of floor space. Smaller businesses look for an average of 1,500 square feet while fast-food restaurants operate in the 3,500-square foot range. An experienced commercial contractor knows the numbers, so let him guide your decisions. Once you’ve made the conversion to multi-tenant space, market the upgrade by announcing openings through your website, blog and emails. If you build it, they’re more likely to come when they know it’s filling up with new tenants.
Save With Design Build Strategies
That big, empty building represents a sizable investment, so you want to keep the conversion process as cost-effective as possible. Breaking up all the square footage into a multi-tenant space pays off more quickly with a design and build construction approach to the project. By implementing the design build construction model, you streamline the construction process because your contractor handles everything from pre-planning to job closeout. You’re assured of complete oversight by one firm that coordinates architects, engineers, vendors and subcontractors. The design build strategy assure the best pricing, solid scheduling and quality control. Multi-tenant conversions are big jobs, and they need the talents of a professional commercial office renovation contractor who holds down costs with a design and build project delivery system.
Additional reading for multi-tenant space:
- Staying Open for Business During a Commercial Renovation
- 5 Tips for Preparing for a Retail Commercial Renovation
- Commercial Construction Renovation – Is it time to Renovate?
Big box stores won’t vanish from the landscape anytime soon, but you don’t have to be trapped by an empty building. Our team at CBF Contracting is happy to share strategies for converting your retail building into a profitable multi-tenant location. Give us a call at 814-745-3000 for more information about our money-saving design build process, and let us break up that big box into something that fits your financial future.