Commercial renovations involve many costs. The type of remodellation, scope of the project, and the contractor doing the work all have an influence on the cost. Common expenses incurred during a typical remodel include:

• Equipment
• Furnishings
• Labour
• Mechanical elements

However, these are not the only cost drivers in a standard commercial remodelling project. Other drivers include:

Schedule

The more important it is to finish a job quickly, the more expensive the remodel may be, especially if your contractor is working around the clock. As a commercial property owner, you may prioritize a fast turn-around, especially if business must stop while the remodel is taking place. However, it’s important to take into consideration that this could drive up the cost.

Location

Far away locations require the contractor, workers, and everyone else involved in the project to drive long distances to work and deliver materials. The more remote or difficult to reach a location is, the more expensive the remodel will be.

Complexity

The more complex a job is, the more it will cost. A simple remodel to improve the cosmetic appearance of a commercial space is likely to cost much less than a job that involves replacement of plumbing, electrical, and so on.

Setting a Budget for Your Commercial Remodel

It’s very hard to say how much a commercial remodel will cost. A typical price for a business renovation can be from $400 to $2,000 per square metre. If this is an amount that you’re prepared to spend, then a commercial remodel may be a realistic expense for your business.

• How much can you afford to pay?
• Will you need to finance?
• What’s a realistic cost for the work you want to be done?

To answer these questions, meet with several contractors and get bids from each. Talk to lenders to find out how much you’re approved to borrow and what kind of repayment schedule they’re offering.