If you need a new office space and you are thinking of building a strip mall, you want to make sure that you are making a good financial decision. You want to talk with a construction building expert and your financial advice team, and you want to consider your own business potentially before starting this project. Here is a list of things to talk about when you are consulting with professionals from a company like DuckerFrontier that can help you.
Find a Research Expert
A building and construction professional can help you analyze the situation. They will take into consideration the following types of information:
The experts will evaluate what businesses are currently in the area, what may be moving in or moving out, and if building is the large strip mall or construction project.
Get a Building Quote
A building quote for the project is crucial, and you have to let the commercial builders know that you want this to be as accurate as possible. Pick out a few lots that you want to put the project on, so you have an accurate estimate for the property.
Talk about the size you need your office space to be, what sizes of the other spaces will be the most popular, and what is in the most demand.
Talk with Your Finance Professional
If you are trying to weigh the risks, you want to evaluate your own finances and figure out the costs of the building. This way, you can figure out whether your business can support the strip mall on its own, so you don't have to worry if all other spaces are filled at one time or if this investment carries a lot of risk. Your financial professional should be able to tell you what you could potentially invest and what you would need the return to be.
Charging others rent in a building that you already need is a great way to help get some extra income while you rent your business, and once you are ready to sell your business, you will have this investment property to sell or collect rent on. Talk with the construction evaluation experts in your area to get more information on the risks of the project.