If your business is successful, it will grow. Growth leads to corporate expansion, and expansion could mean future construction of your business property. The question is what action you should take in each phase of your growth. Should you build new and relocate, should you remodel the current property you have, or should you expand your current property? Below we explore the benefits of each option and when the appropriate time is to consider each.
Factors to Consider in Commercial Building Construction
If your company is still unsure which direction you should go with a company growth, here are a few factors for you to consider when choosing between new construction, renovation, or facility expansion.
● Financial Strength. Where you stand financially can play a significant role in what type of project you can afford.
● Project Cost. Although it would seem that expanding your current property or building a new structure would be expensive, remodeling may cost you more depending on your needs.
● Your Building’s Current Condition. If your current facility is aging or needs major repairs, you may want to consider improvements needed before deciding whether to renovate or move.
● A Sense of Urgency. How urgent are your business needs? Can you afford to wait six months to two years for a new building or do you need a solution right away?
● Location. How much land do you own and can you afford to expand or add on to your current facility? Is relocation an option? If you are in a confined space, then you may have to rethink your choices.
The Benefits of New Construction
As a general contractor, we see the benefits of new construction for business owners across Minnesota. Some of these benefits include:
● Creative options. Choose your locations, size, floor plan, and features.
● A new facility breathes new life into your business. It’s a springboard for success.
● Revitalize your brand. New buildings are seen as a symbol of growth and stability.
TruStone Financial is an example of a company that chose to build new, to replace an existing 40-year-old branch nearby.
The Benefits of Building Renovation
Staying in your current location and remodeling your existing facility also has a unique set of benefits:
● Remodeling is typically less time-consuming. We can complete construction more efficiently.
● Remodeling can be a more cost-effective solution for company growth.
● You don’t have to move. If your company is in a prime location, renovation can give you a fresh start while retaining your current property.
Shingobee worked with Kroll Ontrack to remodel and refresh 186,000 square feet of interior office space in a short timeframe.
The Benefits of Building Expansion
Expanding your current building gives you the benefits of relocation and remodeling, but without the restrictions or cost burden associated with each. For instance:
● Expansion gives you more space to run your business without moving.
● Moderate expense. While it may be more expensive than remodeling, it will probably be less costly than a new building construction project.
● You can still redesign your current facility and modernize the entire design in a way that is fresh and cohesive.
Shingobee has recently worked with a number of financial clients who have chosen to expand and remodel.
Schedule Your Commercial Construction Project for 2018
If you are considering relocating, remodeling, or expanding to your company’s facility, contact Shingobee Builders today. We provide a wide range of services for company owners in Minneapolis, St. Paul, St. Cloud, and throughout Minnesota. We specialize in hospitality construction, retail building construction, and office building construction. To schedule an initial consultation, call us at 763-479-1300, or you can message us at firstname.lastname@example.org.