Lease Consultant -- Remodel Space | |||||||||||||||||||||||||||
Construction is almost always required to customize office space. The length of a construction project is usually underestimated. Creating a timeline is key to guiding you through the entire process of designing and building out space. Although all project durations are dependant on the area of the space, consider the rule of thumb that a "typical" project takes about seven months, but may range anywhere from 4-12... months for completion. We recommend starting your leasing process a year before your current lease expires. This will allow time for extensive customization of your space. Remodeling TimelineIf you are building out space that is over 10,000 square feet, it is cost-effective to employ a construction manager or a general contractor to supervise the build-out process. The project manager will develop a realistic timeline and oversee all construction matters. Build-out for space over 10,000 square feet often takes between five and seven months. Remodeling Costs
An effective way to hire a contractor is to obtain recommendations from
your advisor and architect. Once you have a selection of reputable contractors
and a preliminary construction plan, you should issue a request
for a proposal (RFP) to the contractors. It is important to ask how
many jobs a contractor usually works on at one time, and how many he expects to have at the time you will start.
During the lease negotiation process, a cash allowance is negotiated with the landlord for construction costs. The landlord is only interested in paying for the hard costs, or the costs that improve the premises physically. It is common for a landlord to limit the soft costs to less than 10% of the cash allowance. The section of the lease that outlines the cash allowances for construction is called a workletter. |