If you are new to commercial construction, then you might look at the industry in terms of confusion. There is so much work that needs to be done; however, the question is what is happening behind the scenes of the large construction projects.
So, if you are planning the construction of a commercial property, then this brief guide will take you through the essential steps of successful construction projects.
Keep reading.
General vs. Commercial Construction
The construction process for commercial and general construction projects is different. Regarding general construction, it comprises residential, commercial, federal, and state construction. When it comes to commercial construction, the projects are of different scale and size.
In the USA, the commercial construction industry is among the largest sectors, such as healthcare and government projects. The commercial construction projects include updating, remodeling, and building new projects.
Expansions and renovations are also part of commercial construction projects as a way to ensure that the commercial buildings remain up to date. As commercial buildings age, they require regular maintenance to ensure that everything remains in pristine condition.
Different Types of Commercial Construction
Commercial construction comprises various projects, including commercial and residential projects. For instance, a commercial building might comprise retail stores in one part of the building and residential apartments and offices in another part of the building.
Typically, the projects of commercial construction are based on the scope and purpose of the work. For instance, building a hospital is a large-scale healthcare project, whereas building an office is a small-scale office project.
Here are the different types of commercial construction:
Small-Scale Commercial Projects
Small-scale projects are under five hundred square feet in size and include smaller buildings, such as commercial retail and residential additions.
Medium-Scale Commercial Projects
Medium-scale commercial projects tend to be within 50 thousand square feet and usually comprise a mix of commercial and residential buildings. These projects might include renovations and expansions.
Large-Scale Commercial Projects
Large-scale commercial projects tend to be over 50 thousand square feet in size. These projects include industrial projects with multiple entrances. The large-scale commercial projects include high-rise apartments, such as Walmart, and skyscrapers.
Financial Aspects of Commercial Construction Projects
Finances also play a crucial role in commercial construction projects. The financial aspect indicates the duration of the project and the construction material used for the buildings, such as metal used for metal buildings; speaking of metal, this construction material is one of the most affordable and widely available construction materials on the planet. The cost-effectiveness of this material is unparalleled – not to mention the countless benefits that this material has over other materials.
Nonetheless, speaking of the financial aspect of commercial construction projects, there are various ways to determine the funding of the projects, such as commercial construction loans and commercial mortgage financing.
Nearly all commercial construction projects require some sort of financing, and since it is not advised to invest one’s entire money for construction, you can benefit from construction loans that commercial banks and other financial institutions offer.
The process of applying for a construction loan is as simple as applying for one at your local commercial bank or financial institution.
