Every business owner hopes to find the optimal office, industrial or retail space for its employees, customers and business. Sometimes this space is not readily available in the market and this means it is time to develop a new building that meets the specific needs of the business. Because your core business is likely not commercial real estate it is important to have a trusted advisor to walk you through the many variables in the new building process. Development consulting, or helping businesses with a new building project, is one of the services KimbleCo is known for.
Let us explain the ins and outs of this service and why hiring a development consultant might be a good idea for as you think about your next development project.
What is development consulting?
Development consulting provides research, analysis and advising for a new building, whether you want to own or lease. This consulting helps you to understand the pros and cons and return on investment of your new project. These services are often provided to a wide variety of clients, including businesses, real estate investors, landowners, corporate real estate teams and other organizations. Clients hire development consultants to make their vision for the space a reality and to align the project with their goals.
Why should I hire a development consultant for my next commercial real estate project?
There are so many details when developing a new building, many of which may be new to you. If you’re ready to make the decision to develop, you may want to consider hiring a real estate development consultant. Here are three reasons to think about when enlisting these professionals in the process.
Development consultants will advocate on your behalf
By hiring a development consultant, business owners receive an advocate who knows the real estate business and can mitigate risk, help to reduce costs and ultimately deliver a better building. An experienced consultant can also raise the credibility of the project for boards, investors, lenders and the project team by providing industry expertise and effectively managing the project. Then there are the many approvals (i.e. city ordinances, permits and regulations) that are required as you move through the development process. Development consultants are experts at navigating these approvals and will be a sounding board for any questions you may have along the way.
Development consultants offer strategic expertise you may not have
When choosing to develop a new building, it’s important to have a trusted opinion behind your decisions. A development consultant will be your voice of reason and expertise for the many decisions necessary during the development process. They can guide you and make sure that you are preparing for the here-and-now as well as the future growth of your business.
Development consultants provide practical knowledge of building trends, costs and contracts
You are about to make an expensive, important decision. Let an expert in the real estate industry advise you in strategic planning along the way as you develop your new space. Development consultants provide insight into industry trends, how your space can attract and retain talent, cost benchmarking, budget development and expert contract negotiation. And they know the industry players and can help you build the right team for your project.
In our team’s years of experience, we have developed more than 6 million square feet of office, industrial, multi-family and retail space, as well as numerous business parks. This uniquely positions us to provide you with the highest level of expertise – from site and team selection to financial structuring, through project management of the development to a successful outcome.
We have delivered development consulting services to business owners, investors, corporate real estate teams, developers and public-private partnerships – each with a unique set of requirements and goals. We are here to help you in your development journey as well. If you are looking to make that next move, learn more about our development expertise and contact us with any questions you may have.