How to effectively manage your Tenant Improvement budget
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Every commercial office space remodel comes with a set budget and project deadline. You’ll have a dedicated amount set aside for project planning, outsourcing contractors and, of course, paying yourself.

Managing this project budget alone can be overwhelming, so you’ll need to find ways to reach out for help and keep yourself organized. Follow these tips to help you stay organized:

Become familiar with the cost of labor

The cost of labor is expensive and it’s gone up over the years, which is no surprise to anyone. The inflation rate in 2022 is 9.1% and the cost of construction materials continues to rise, including lumber and steel.

When you’re planning out your renovation project you’ll need to adjust and account for the current inflation rate, even if that means choosing a more affordable design or plan.

If you’re looking for a more modern design, consider choosing sustainable materials that are still durable and aesthetically pleasing. For example, wool carpet is more expensive up front but is more environmentally friendly than plush carpet in areas with heavier foot traffic.

Save a little extra budget for design details

Although it’s easy to spend most of your budget on conventional remodel details like lighting, electricity and water, it’s crucial to save a bit for design details.

For example, if you want to go with a minimalist office design, save space for symmetrical art pieces and clean shelving. If you want a more sophisticated space, consider choosing a ceiling standout design element. You also can create an open concept office with comfy couches and visually appealing wall dividers that allow employees to have visual connections while maintaining boundaries.

Use an online planning tool

If you are struggling to keep track of all of your goals in a paper planner, it’s time to shift to an online planning tool to keep yourself on track.

At Tenant Improvement, you’ll have all the online resources you’ll need to manage your project from start to finish while also connecting with a variety of expert contractors. Plus, if you need a little extra help here and there, you have dozens of online resources to help you manage your project. If you’re not quite feeling comfortable with making business connections yet, simply check out the brainstorm features to help you visualize the space of your dreams. There’s help for spaces in office, retail, industrial and more.

To learn more about Tenant Improvement and explore the website’s full capabilities, click here.