What are Tenant Improvements?
Tenant improvements are custom modifications made to buildings that help improve the cosmetic appearance and functionality of your business. These alterations are usually made by a licensed, qualified contractor and is requested by a building owner or lessee. Most of the commercial sites we work on are medical or dental offices, warehouses or retail space. A majority of the changes often include renovating or redesigning:
- Walls, floors and ceilings
- Lighting and electrical applications
- HVAC (heating ventilation air conditioning)
- Disability access
While tenant improvements are sometimes minor, the condition of the space and the lessee’s needs will most affect the extent to which improvements are made. And typically, you’ll work with your project manager and landlord to determine in your lease negotiations the design, labor, time-frame, and who pays for what. Every lease agreement should contain some sort of “Improvements and Alterations” clause, which is where you’ll want to double check for specific enumerations.
Benefits of Tenant Improvements
Tenant improvements provide many benefits to business owners that can help with the functionality of your office and can even improve with productivity and efficiency. So, take a look below to see how a commercial build out could benefit your business!
Enhance Your Business’s Image
One of the biggest and most notable benefits of restoring your office, warehouse or retail space is that it’ll elevate your company’s image. Because new businesses are popping up everywhere in Reno, it’s important that your company stands out from your competition. And revamping your space can help you do exactly that. Keep in mind that many clients and customers are going to base their first impressions of your business on what they see. So, by having an elegant, updated business space, you’re showing potential customers and clients that you’re professional and take your business seriously. This will help your clients feel more comfortable working with you and will ensure their confidence in your company’s abilities to provide quality services.
Accommodate Your Needs
Most leasehold improvements are done on existing commercial spaces, which in their original condition, may not be well-suited for your type of business. For example, if you’re turning an old clothing store into a dental office now, then you’ll likely have to install additional plumbing resources, build separate rooms that allow for more privacy, and much more. Fortunately, by making tenant improvements, you can design the pre-existing building to accommodate all of your business needs. This will help your business function more efficiently allowing you to be more productive and profitable. One of the best things about tenant improvements, is your ability to make changes specifically for your needs or wants.
Attract and Keep Quality Employees
Not only is your company competing for business with other companies in your industry, but you’re also competing for quality employees. For people who are in a specialized field, such as the medical field, it can be difficult to attract and keep quality employees. However, having a high-tech, and up-to-date workspace can entice the best professionals to work for you instead of your competition. Employees nowadays place high value on the quality of their work environment, and you’ll have more success keeping good employees if your workspace reflects that of a sophisticated business.
Connect with Stryker Construction!
If you’re considering using a tenant improvement allowance for your dental office, medical office, warehouse, retail space, or any other commercial office build out let us know! We’d be happy to help you enhance your business and at the very least, we can lend you some additional information and educate you further regarding your options. So, connect with us today!