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It costs between $200 and $1,000 per square foot to build a commercial property. Whether you want to build a warehouse or a mixed-use space, it’s going to cost a lot of money.
A simple 1,000 square foot space could cost between $200,000 and $1 million. Most commercial real estate spaces are much larger than that.
A 10,000 square foot building is about average commercial real estate. That will set you back between $2 million and $10 million.
Are there affordable construction options for a commercial property? There are, and you won’t have to compromise on quality.
Keep reading to discover affordable construction ideas for your next commercial real estate project.
1. Know the Types of Commercial Buildings
The type of construction has a significant impact on the cost of commercial real estate construction. Your project can use frame construction.
That uses wood and other combustible materials to build the frame. It’s used in residential construction, but there are some commercial applications because it’s less expensive than other types of real estate construction.
Light, non-combustible buildings are made of aluminum or other types of metal. This type of construction is used to build sheds and other small commercial buildings.
Jointed masonry structures are built with masonry as load-bearing walls. This makes the building stable in the event of an earthquake or fire.
You can choose which structure fits the purpose of the commercial property and the budget.
2. Use Technology
Automation gets used in just about every industry, including construction. Buildings won’t get built by robots.
Technology and automation can take care of repetitive tasks. That makes commercial construction more efficient.
It also cuts down on waste. Productivity and efficiency levels are better with technology than without it.
3. Modular Construction
Modular construction is a method that uses prefabricated modular units that attach to each other. Modular buildings are cost-effective and immune to weather delays and other construction issues.
They’re a commercial construction method that lets you build affordably without compromising on quality. They’re used to construct medical buildings, offices, and churches.
In most commercial real estate construction projects, builders worked with two separate teams. There was the design team and a team of builders.
Having two separate teams added to the cost of construction. It also made construction challenging because you’d have to keep the lines of communication open between all teams.
The trend today is to use the design-build method of commercial construction. You use a single team to design and build the project.
This keeps costs in line and streamlines the entire project.
Affordable Construction Ideas for Commercial Real Estate
Commercial real estate is expensive to build, but these affordable construction ideas show you that it doesn’t have to be.
You can use methods like modular construction or design-build for your project. Utilize technology and do everything you can to eliminate waste.
Explore your options and you’ll lower the costs of your commercial real estate project. Visit the blog for the latest real estate news and insights.