Since the COVID-19 pandemic started, leases from tenants in the logistics and transport industry, especially near Miami International Airport, have increased. The leases range from 10, 000 square feet to 150, 000 square feet, according to The Real Deal.
On 22nd October 2020, the Miami Herald printing plant in Doral was purchased at $11.6 million by an Aventura-based developer. A representative for broker Cushman & Wakefield confirmed that MG3 Group bought the three-story building.
People who know about the deal say the printing plant will likely be rebuilt into a school. However, according to a broker for Cushman & Wakefield, the firm plans to keep the building but enhance the interiors. Florida’s commercial real estate is expected to boom as developers continue investing millions on existing properties like Farmasi in Sweetwater and Copart USA in Homestead. So, if you’re looking at developing an existing industrial building, here’s what you should consider.
Your Renovation Goals
Before renovations can begin, consider your mission or goals. Ask yourself what you want to achieve by remodeling the commercial space. Do you want to enhance the aesthetics or incorporate new technologies without changing the existing structures too much? Review the building’s initial plan to determine if there’s a need for major structural change or call for a specific specialist like an environmental engineer. This move will help you make informed decisions throughout the design and planning phase and every other step in the construction process.
Type of Equipment To Use
Start by listing down the various types of construction equipment required for successful property development. Think about debris removal, site clearing for expansions, and demolitions. And then decide if you’ll be renting compact trucks and other machinery or buying them. When budgeting for gear, be sure to calculate the cost of buying rubber tracks and equipment. You’ll need these accessories for skid steer loaders to enhance productivity and promote safety.
Be Realistic With Your Budget
Creating a budget for commercial renovations is crucial to avoid conflict between project managers, designers, and other contractors. When establishing a budget, all financial decision-makers should agree on a specific amount. It is also reasonable to work with a 10% margin for unexpected costs or errors because commercial remodeling costs tend to overrun. By doing so, you can be certain your project runs smoothly and ends within the set deadline.
Paperwork, site inspections, finding the right contractors, and maintaining site safety are important considerations when renovating commercial buildings. Also, take the time to assess the economic feasibility of your project. This will increase the chances of success throughout your project.