What’s A Tenant Improvement?
When a landlord or a renter customizes the interior finish of a leased unit, it is known as tenant improvement. In most cases, landlords and tenants work out a budget for a tenant improvement project. As part of the agreement, the allowance is included. It's hard to discover a place that meets your specific needs. As a result, commercial space contracts typically require tenant renovations.
How does Tenant improvement work?
Many commercial leases include tenant upgrades as an incentive for the tenant to sign a longer-term agreement. Tenant improvement projects can have a variety of outcomes. It's a win-win situation for all parties: the tenant gets a financial incentive, and the landlord saves money on the monthly rent. Also, the landlord is in charge of the renovations and enhancements and takes control of the process.
As a landlord, you don't want to deal with the hassle of managing a tenant improvement project. The leaseholder may not know where to begin in many circumstances. That's where a project management firm's skills come in handy. It is critical to work with a project management organization that has previously handled tenant improvement projects.
Why should I choose a project management agency to handle my tenant improvement project?
As a business owner, managing the day-to-day operations of a company can be challenging. Imagine juggling a full-time job and overseeing the construction of your company's headquarters simultaneously. To ensure that the project is completed on time and within budget, working with a certified partner is critical. You will be guided through each stage of the project by a project manager who will do their due diligence to see that all components of the tenant improvement are done on schedule and within budget.
Phases of a tenant improvement project include:
Planning
The project manager will look at the budget and scope during the planning phase. Then, they'll get in touch with the landlord to work out the kinks.
Execution
The project manager is responsible for the following throughout the execution phase:
Management of the construction project
Project vendors, including AV and data cabling, furniture and equipment, security, and signage, were coordinated.
Coordination
Coordination is necessary for the planning and construction process because these components are often outside tenant improvement scope.
Contact us at Matick Construction if your business wants to relocate to a new commercial space or look to upgrade your current location. We'd be happy to discuss your alternatives and begin building a strategy to get your firm and its operations back on track.