Whether you want to remodel or build out further office space, managing a new construction project is a daunting task. To make things more difficult, 80% of commercial construction contractors reported increasing backlogs with several new projects coming into the space. This means a steady increase in revenue year over year for contractors who play the market right.

Although there is a backlog in projects at this time, there’s still plenty of opportunity for your project to take priority and become profitable. With the right planning and strategy in place, you’ll be renting out a beautiful property space to tenants in no time. Follow these tips to manage your latest project:

Smiling young asian businesswoman using computer working onlineAvoid cutting corners in the planning process

Construction projects need a bit more TLC when it comes to planning right now, especially with the unpredictability of the current economy — and that’s OK.

One area to focus on is budget. Make sure you set a solid but realistic budget that leaves a bit of wiggle room for mistakes and/or project delays.

Understand what bid strategy you’d like to go after, including low-bid selection, qualifications-based selection and best-value selection, because that will change what type of contract professionals you work with.

Clear design vision

Make sure your design vision is clear and everyone on your time understands what the final product should look like. This includes layout, style, paint, finishes and more.

Once your final design is ready, you’ll put together final construction documents to submit for city permitting and to reference during the construction project.

Document everything

Many issues during this type of project stem from a lack of documentation. The right documentation process ensures all contractors are following protocols and fulfilling contract expectations.

If there’s poor documentation, you risk a higher rate of disputes, delays and rising costs. Increased documentation and safety standards have also been shown to decrease construction site injuries and boost worker morale. Try keeping everything organized in a folder that’s easily accessible or on a cloud-based software like Google Drive so you can easily pull out documents on the go throughout the entire project. You never know when you’ll need information on the go or when you’re out of town.

We hope you found these tips helpful. We can help you see an entire commercial space project through until the end with our online resource that helps you create a plan for office changes, relocations and remodels. Learn more here.