The real estate market has experienced a number of peaks and valleys due to changes in the national economy. The changing trends have forced investors and developers to alter the paths they follow when developing new corporate real estate projects and determining their company's investment strategy.
The best way to develop new projects is to plan ahead and do all your research before green lighting any project. The following steps map out the best way to get a head start on your next corporate real estate project.
Financial Research
Examine the current market trends and compare that data with historical information. Use this data to forecast the needs of the real estate market you are interested in financing.
Land
Investigate the land options available for your project. The cost and location of existing structures and appropriately zoned property should be evaluated. Land in preferred locations can be evaluated if the cost of zoning changes is not prohibitive.
Financing
Any corporate real estate project will require funding. This funding can come from investors, rolling revenue or financing. Meetings with investors and loan application pre-approval processes should be held to determine the financing versatility.
Project Team
Review portfolios and gather recommendations about individuals that you want to work on your project. Consider such aspects as quality of work, schedule availability and cost comparison. The project team can consist of multiple individuals to include architects, engineers, contractors, furniture dealers and of course, a tenant representative.
Versatility
Review all regulations for new construction and existing construction. Determine ways to build or retrofit structures in order to shift space requirements for potential tenants. Fire protection and security systems should interface seamlessly and be developed to meet and exceed standards to cut costs of future remodels.
All of the steps listed above can be part of the corporate real estate project planning phase or implementation phase. Regardless of when you choose to investigate and streamline your project, you must continuously record details about your project that will help build a long-term sustainable picture of the project scope and financial implications.
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