Generally speaking, tenant improvements refer to the changes made to the interior of a commercial or industrial property by its owner, in order to effectively accommodate the needs of tenants. This includes floor and wall coverings, as well as fire protection and security. The bearer of each portion of the final costs of tenant improvements will be negotiated between the lessor and the lessee. The costs will be normally documented in the lease agreement. Nevertheless, there are lots of rising questions over the matter, and below we are going to try to answer a few of the most important of them.
Should Tenants Use Project Managers?
One of the most burning matters that rises when it comes to tenants using tenant improvement allowances is that of using project managers during the build-out process.
Tenants also have the option of enabling their landlords to build their space – this solution will, needless to say, save them from a lot of hassle.
The first TIA arrangement will let tenants know about the negotiated improvement allowance and the fact that they can personally make the necessary or desired improvements to the property. The landlords will therefore have little interference with the process. The problem is, unless they work as handymen or construction workers, most tenants do not possess any specialized construction management capabilities for in-house work. This is why they should seriously consider working together with project managers with experience in the field. For example, a brief local locksmith near me search online and a few background checks should bring you face to face with a few reliable commercial locksmiths. Authorized and experienced locksmith companies will not only assess the lock and key needs of a property, but they can also manage the process of putting all of these changes into practice.
If you need to protect valuable assets and confidential information in a recently rented space, you will definitely want to do everything in your power to keep everything safe. Security is critical, and the best go-to people who can help you get started are expert locksmiths who are licensed, insured, and authorized, and have a lot of hands-on experience in their line of work.
You can personally get in touch with a reliable crew like the guys at Authorized Locksmiths and schedule a free assessment meeting. Get a sense of the changes and improvements you could bring to the space – including fresh lock installation, lock re-keying, master key cutting, wired or wireless alarm system installations, and get started.
You can also ask your landlord to assume control of the process and the costs involved, unless there are any unforeseen changes that you will want to have put in place. The landlord will do all the locksmithing required work, turning the property into a genuine fortress. Then, they will finally turn the key to the tenant, who will pay directly or indirectly. Landlords will almost always struggle to pass the construction expenses onto the tenant in the form of higher rent.
Generally speaking, tenants are prone to enjoy substantial benefits should they take control over the build-out and improvements. But if you only need minor touch-ups, you can have your landlord take over.