Whether your business is outgrowing its current location or you’re just starting up a new business, you need a space that fits your needs. To meet your goals, you have two options: renovating an existing building or build a brand new space. Ultimately, your budget may play the biggest role in your decision, but considering the benefits of both construction options is important as well.
The Benefits of New Construction for your Commercial Space
Choosing to build a new commercial space for your business allows you complete freedom over the design and features of the property. Instead of trying to cram your employees into a small cubicle area, you can choose to have separate offices for each individual. Building a new space also allows you to take advantage of the latest advances in energy efficiency to help you save on your utility bills. Opting for a new commercial space also saves you from dealing with surprises that are sometimes found during the renovations of existing commercial properties, such as asbestos or other harmful materials.
The Benefits of Renovating an Existing Building
If you don’t have a long list of must-have features for your commercial space, finding an existing property might be your best option. Commercial renovation of existing space can help you finish your project in a shorter time frame compared to constructing a new building. This is especially true if you don’t need to use the building while it’s under renovation. If you need to occupy the space during a renovation, the job might take a little longer. See our tips on Staying Open for Business During a Commercial Renovation.
Breaking Down Commercial Renovation Costs
The cost differences between a commercial renovation and a new construction usually play the biggest role in the decision-making process.
The choices business owners have are:
- Renovating an existing building.
- Buy a new building and renovate the space to accommodate their needs.
- Engage in ground-up construction.
The least expensive is to renovate your existing building. But if you have clearly outgrown your space, then the next two options may be similar in price.
Ground up construction requires multiple steps that renovations do not, including demolition. However, some factors may change your total cost. For example, if you build an energy-efficient property, you’ll save money over an older building with poor insulation and drafty windows.
A new building may also have fewer large and costly commercial building maintenance needs than an older building, helping you save additional money. On the other hand, you can add significant upgrades to an existing building by splitting up renovations into smaller projects to avoid spending a large amount of money at once.
If you look at the cost of buying an existing building with renovations and compare that with the cost of new construction, the numbers might not be as far apart as you think.
Making Your Final Decision
Although there is no easy way to make a decision between commercial remodeling or building a new commercial space, a thorough examination of your needs and your budget can help you get started. If your budget is your biggest concern, renovation is probably the best choice for you. With a larger budget and a longer list of necessary features, however, choosing a new commercial construction may be a more attractive option.
CBF Contracting, Inc is a commercial construction company serving the western Pennsylvania area. Since 1978, we’ve been helping businesses get the space they need to grow their success. Contact us today at 814-745-3000 for help with your future commercial construction projects.