Construction is a broad term that encompasses many different industries. One of the most popular types of construction is commercial construction. Commercial construction involves building or renovating buildings used for business, such as offices, stores, restaurants, and hotels. There are three parts to this process: design, bidding, and construction itself. This article will go in-depth into what it takes to be involved in commercial construction!
–Design: the first part of a commercial building is design. This process involves architects and engineers who draw blueprints for each project and a marketing team that helps companies visualize their vision. Designers come out with three designs to choose from after receiving all client or business owner requirements. Once one design has been selected, it is passes to the next step!
–Bidding: Bidding starts once a design is approved. The bidding process usually involves three or four construction companies who are asked if they can complete this project for the given price and time frame. Each company will submit its proposal in writing that details how long it will take and how much it will cost. After all, bids have been submitted, and the client chooses which company they want to work with!
–Construction: The construction process involves a team of workers assigned different tasks such as building walls or installing windows. This is also where general contractors come into play, who oversee these projects from start to finish. The construction process can take anywhere from a few weeks to several months, depending on the size and scope of each project!
Common Types of Commercial Construction Projects
Medical facilities: These types of projects usually involve building a new hospital or renovating an existing one. The most crucial part is ensuring that the layout and design accommodate all patients, staff members, and equipment necessary for each department!
Retail Stores: Retail construction of stores can range anywhere from small corner shops to huge mega-malls with hundreds of different storefronts. These projects can take anywhere from a few months to several years!
Office Space: Office spaces are usually designed for a company as they have to fit the needs of all their employees. These types of projects involve making sure that the new office has enough space and furniture for everyone!
Hotels & Lodging: Hotels vary in size, design, and price depending on what is going into them. Some might be small with only a few rooms, while others are enormous resorts that have hundreds of different rooms!
Restaurants & Bars: Restaurants can range in size as well. Most restaurants will include an eating area for customers and a kitchen to cook food in. However, some places like fast-food chains may have a kitchen area.
Shopping Centers: Shopping centers are becoming more popular thanks to the rise of online shopping! Many have different stores that sell a variety of items for people to purchase. These retail construction projects involve building the structure itself and laying down sidewalks and driveways so customers can come in and out quickly.
Industrial Buildings: Industrial buildings are used for housing large equipment or factories that produce different goods. They usually contain massive rooms and wide-open spaces, along with multiple floors in some cases!
Residential construction is a lot different from commercial construction. Residential buildings are typically smaller and have fewer requirements compared to their larger counterparts!
Residential Buildings: These projects involve building a home for families or individuals who want a place to live in. They can be as small as one-bedroom apartments or span across multiple floors with hundreds of rooms!
What Is A Commercial Construction Loan?
A construction loan, also known as a hard money loan, is only available for commercial property. This type of lending option will not be offered to residential homeowners!
-Construction loans are considered riskier than traditional mortgages because the buyer doesn’t guarantee that they’ll get their money back until after the project has been completed. Since construction loans are considered a more risky venture, they come with higher interest rates for those who qualify.
To apply for one of these types of financing options, you will need the following:
-Your credit report and score
-A list of assets that can be used as collateral, such as your home or car! In addition, some lenders may require you to have a minimum amount of equity in your home or car, depending on which one you’re using for collateral.
-Proof that the property is being improved, such as blueprints and cost estimates from an architect! Some lenders might also require photos of what work has been completed before they will release any funds.
Construction loans can typically be approved within a few days, depending on the lender you choose!
What Is Commercial Management In Construction?
Commercial management in construction is an essential part of any build. Without it, things will fall apart quickly!
To have good commercial management from start to finish, you’ll need the following:
-A planner and scheduler who can keep track of all tasks and ensure that deadlines are met on time! These people also need to be able to communicate with the client and all contractors involved to get a better picture of where things stand during each phase.
-Someone who can keep track of costs, ensure that budgets are met, and make sure no one overspend! They will also need a good understanding of different construction-related laws to know when something is going wrong and when it isn’t.
-A foreman who can make sure everyone is working safely and that all tools are accounted for! They also need to identify potential hazards before anyone gets hurt, which includes making sure the workspace itself is safe enough for people to stand in without worrying about slipping or falling off of a ladder.
A project manager who can ensure that all tools, materials, and staff are organized to make sense for the job is done! They also need to have good communication skills so they’re able to speak with different people from different backgrounds while still getting their point across without causing any offense. The last thing you want is someone getting upset because they didn’t understand something meant during a meeting!
-A quality control manager who can inspect the completed project and ensure that it is up to snuff before writing a final report! Once this has been done, your commercial management in construction will be finished, and you’ll have yourself a new building ready for use soon enough.
What Is A Construction Management Company?
A CM company or construction management firm is an organization contracted to manage a construction project. They are responsible for overseeing all tasks involved in creating a building, home, or other structure from start to finish, which means they’re one of the essential parts of any large-scale commercial development!
Commercial and retail construction is an exciting industry that involves many different processes, skillsets, and people. We have all that you require to have a successful construction project!
We can help you with planning and scheduling so that all deadlines are met on time. We also know the best ways to communicate with everyone involved, from clients, foremen, and contractors. Our company knows how to keep costs down without sacrificing the safety or quality of materials used for your commercial development. Feel free to contact us today to learn more!