One of the most lucrative investments today is commercial buildings for rent. Risky for those not well versed with its nuances or trends. It is important to avoid costly mistakes to ensure a good return on your investment. Here are some dos and don’ts for developers that would like to construct commercial and retail properties. This will ensure that your commercial development can always assume a new function with growing and ever-changing needs and trends of businesses or families that require to rent a property.
Most developers have self-informed ideas of what kind of tenants they want to have. From our experience, we have noted that the vast majority close themselves to other opportunities. We recommend that you be open minded to who your tenant may be.
- Don’t fixate yourself to specific types of business for your development. ‘Hapa nataka supermarket, hapo weka restaurant, pale weka forex’. If you find yourself being this specific, you are bound to encounter surprises. Provide services throughout the building in form of ducts for water reticulation, power supply, ICT, firefighting etc.
- Allocate spaces for services that may be needed by your tenants in the future. Air conditioning, boilers, surfaces for solar and photovoltaic panels etc.
- Avoid protruding beams at all costs. Drop-down beams incapacitate use of internal spaces. Let your engineer and architect work to give you free-flowing spaces.
- For mixed use developments, ensure each use has its own access system. Say if you have a supermarket on the first two floors, and apartments above, the apartments should have their own access.
- Avoid experimenting with new technologies. If you feel strongly about them, then use the supplier’s architect and engineer. Most building professionals are not well versed with new technologies, and if they intend to learn more about them, they will charge you more fees because it is time consuming.
- Engage a Mechanical, Plumbing and Electrical engineer (MEP). If you don’t have one, please prepare yourself for machozi sauté and majonzi stir-fry once your tenant calls you to tell you that their sockets are leaking. The number of developers crying in the closet are more than 50% but they will never tell you since they won’t admit to their mistakes. This MEP engineer will address all issues of water reticulation and fire safety.
- Insure your building. It is what wise developers do. Having an un-insured building is equal to gambling. It is entrenched in the same principles. So, don’t gamble because you may crumble.