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CRE construction and relocation projects are one of the biggest investments a company can make. Without an experienced resource to oversee the entire project, costs will exceed even the most well-developed budgets. Bringing in an experienced resource, like Relofant, that has the industry experience and expertise can protect your project from the risk of cost overruns.

Some of the Best Ways to Save Money on Your Next Project

1. Ensure You Have a Detailed Construction Scope During Lease Negotiations: Oftentimes, either the turnkey scope of work that the Landlord has agreed to deliver does not account for the vision the tenant had in mind or the tenant improvement dollars negotiated are not sufficient for the actual work required to build out the new space. Ultimately, this difference in costs, which only becomes apparent months after the Lease is signed, is a large out-of-pocket expense to the tenant.

2. Develop Well-Drafted RFPs: Bringing in the many vendors required for the project without a detailed list of requirements creates an environment where the vendor is enabled to sell the features of their products rather than evaluate your needs and match a product or service that fits your requirements. Having a well-drafted RFP will enable you to get the most bang for your buck. 

3. Identify and Eliminate Scope Overlaps: Typically each vendor works in isolation and oftentimes their scope will include redundant services. Being aware of each vendor’s responsibility will ensure that no two vendors will include the same scope of work in their pricing – eliminating double payments. 

4. Include the Technology and Furniture Vendors in Design Development Efforts: To avoid costly change orders during the construction phase, it is necessary to involve the vendor experts in the design development earlier than the current standard process calls for. Not only will you save money, but you’ll also occupy your space sooner.

5. Complete a Page Turn Review Meeting Prior to Permit Submission: Before submitting the Construction Documents for permit, you can prevent future Change Orders by simply having the architect walk you through each room and page of the plans to uncover any missed requirements.

6. Host a Pre-Drywall Walk with the Design Team: Identifying issues related to the layout and infrastructure prior to the drywall being hung is a best practice to adhere to. Corrections and changes are far less expensive before drywall is installed. 

7. Complete a Contents Purge Prior to Requesting Move Pricing: Providing the move vendor with a comprehensive inventory matrix and walking them through a purged and organized space will allow them to accurately estimate the cost of your move, and in turn you will receive a more competitive move quote.

8. Plan Decommissioning Work Well In-Advance: Starting the decommissioning work immediately upon completion of the move event will minimize the amount of time you need to stay in the origin space and allow you capitalize on some of the same vendors. The ability to subsequently complete the decommissioning scope with the same vendors will shorten the project’s duration and cut down costs of additional bids. 

Although these are only a few of the dozens of ways to minimize the financial burden and save money on your next CRE project, we hope that these insights will change the way you approach it.

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