Project Updates and Community Impact
Commercial Real Estate Development: 4 Options to Get You into a New Space
When it’s time to upgrade your office space, the process may seem a bit overwhelming at first. You can spend endless hours making calls and tracking down landlords to try to see what’s out there and may feel like you’re shooting in the dark.
At Dream Design, we want to help take out all the guessing and legwork and simplify the process for you as a “one-stop-development-shop.”
As we build mixed-use developments, we create a mix of several types of options for businesses at all levels, budgets, time frames, and involvement levels.
Whether we’re hearing from an out of town CEO or a mom and pop shop in town, we help to coordinate all the services, permitting, design work, and construction to let you stay focused on your business and still make strides on growing your company and taking this big step.
Here’s a quick look at four options for finding a new space and which businesses may be best suited for each:
1. Commercial Lots for Sale – These lots are “fully improved” and have all the utilities and services on the lots and are ready-to build. If you buy one of these lots, you’re a business who wants to own their property and build everything with their own team on their own timeline.
Buying a commercial lot is perfect for larger companies with a large budget, access to a full design team and at least 6 months to a year of lead time.
2. Remodeling an Existing Property – Remodeling an existing property is taking a current structure and making it work for your business by adding and/or moving walls, adjusting floorplans, adding bathrooms, reworking utilities, making repairs or addressing any interior improvements necessary to get your space open for business. Remodels often have a lower introductory lease rate than newer structures.
An existing property remodel is perfect for small to large businesses looking to get in on a lower lease rate with immediate availability to 6 months lead time.
3. Leasing a Suite in a New Structure – Leasing a suite in new construction can be a similar experience as a remodel as you often get to work the suite to match your business’ needs. The benefits of leasing new rather than leasing existing structures is that everything is in impeccable condition and, depending on how early you enter the process, you may have more freedom to custom tailor the suite to your business. With newer construction, brand new materials, and top of the line elements comes a higher lease price and the potential of paying for more interior finishes.
Leasing a suite in a new structure perfect for small businesses with a larger budget and 6 months to 2 years lead time.
*Options in Rapid City: The Dream Design team has options for leasing a suite in new construction at Buffalo Crossing.
4. Building to Suit and Leasing – Building to suit and leasing the structure is a perfect intermediate option with the best of both worlds. It saves you a substantial cost upfront as you’re not responsible for purchasing the land or the building, gives you the option to fully customize your building, and let’s you have the ease of a new structure with no wear and tear or long list of hiccups and problems. This is usually most feasible for a building 10,000 sqft or larger and may require a 15-20 year lease. Additional financing options may also include a “buy-down” option to save you higher rent in the long term.
Building new to suit and leasing is perfect for a medium to larger sized business who doesn’t want to own, with a larger budget and 9 months or more year lead time.
*Options in Rapid City: The Dream Design team has options a multiple developments for a build to suit and lease option. For more information, contact the team directly to schedule a meeting today.
Hear Great Plains Tribal Chairmen’s Health Board Office CEO Jerilyn Church talk about her experience of Building to Suit and Leasing at Dream Design Project Orchard Meadows below:
#buildtosuit #commercialspaceforlease | #dreamdesign #dreambig
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Dream Design International, Inc.
520 Kansas City Street, Suite 101
Rapid City, SD 57701