When you start a business or move your company into a new location, it is important to find a space that fits your unique needs. It ultimately raises a major question — should you create a space from the ground up or retrofit an existing property? Before you make this big decision, consider these key factors.
What is retrofitting?
Retrofitting involves remodeling an existing structure to accommodate your business. Whether the building is an old home, an abandoned warehouse, or part of a strip mall, you will need to hire commercial contractors to make a number of alterations to “fit” your business into it. Alterations may include such simple changes as new flooring or windows or bigger remodeling tasks like knocking down walls or installing a new roof. (Just remember that the lifespan of the new roof may be reduced by 20% if it’s installed on top of the existing roof.)
Things to consider
Before making your decision, ask yourself the following questions to determine your business facility needs:
- What sort of equipment do you need for your business?
- What does the building need to have in order to house the equipment?
- Is an existing building cost-efficient?
- Will an existing building be compliant with your industry’s (and the community’s) regulations?
Benefits of retrofitting
- Retrofitting can reduce construction costs since the foundation has already been built.
- An existing building may already have supply chain connections.
- Retrofitting may be a quicker process.
Benefits of building from scratch
- Building from the ground up gives you more flexibility to design a layout that meets your business’s individual needs.
- You can be more selective in terms of materials and practices. For instance, you may choose to invest in environmentally friendly solutions like solar panels, which will help you limit your energy use.
- When you create a brand new space, you have the option to build in stages as your company grows.
Both methods of construction require careful planning, budgeting, and the hiring of a commercial construction company to design and build the ideal space for your business. If you have any additional questions, consult a team of experienced commercial contractors to learn more about the differences between retrofitting and building from the ground up.