Even before signing a lease, restaurant projects involve many moving parts. Before you sign a lease, try to involve the entire project team. Team members may include but are not limited to, your broker, architect, and general contractor. By focusing on how the team can work together, the wide range of duties and responsibilities can be managed to ensure the project starts on a successful path. Read on to discover how building a team, due diligence and lease negotiation are all important for getting your project started on the right track.
Build a Team
As mentioned above, a restaurant project is most successful when the entire team is involved from the beginning. Assemble a team including but not limited to your broker, architect, and construction team. By maintaining an open line of communication, and regularly meeting with the team, you can ensure that nothing falls through the cracks. When using the teamwork approach you can discuss any deficiencies and concerns with all team members up front and ask for their input to make sure any potential issues are identified and addressed.
Due diligence is an opportunity to manage risk. By thoroughly evaluating the proposed lease space for code compliance, legalities, deficiencies, and more, you can accurately determine the true cost to design and build a restaurant. Whether you rely on a checklist or rely on the entire team, it’s important that you do your due diligence before proceeding with next steps.
Negotiating a fair lease is crucial because, without the right lease, you start off the process at a financial disadvantage. For example, leasing a space that has existing adequate utilities and HVAC is a favorable scenario. But what if the HVAC system is underpowered or out of date? Landlords will often offer “tenant improvement allowances” to offset the cost of any deficiencies. But who pays if the tenant allowance isn’t enough to cover the required improvements? Consult with your team before you sign a lease. They may be able to offer advice or recommendations that can help you start your project on the right track.
Work With Encore Construction
As a premier commercial general contractor, Encore Construction is proud to provide interior and exterior services in Baltimore, Maryland and beyond. We have an impeccable track record, an impressive portfolio, and an experienced team that is ready to tackle your next big project. Our results speak for themselves, and we’re proud of the work we continue to produce for our clients.
We have offices in Annapolis, MD and Ocean City, MD and we are happy to serve the Washington, DC, Baltimore, Northern, VA, Eastern Shore, MD and surrounding areas. Follow us on Facebook, Twitter, G+, and LinkedIn for news and updates! Do you want to discuss your project with a member of our team? Visit our website, and call us at (410) 573-5050. We look forward to hearing from you!