There are plenty of commercial investors who want to ensure their projects start off on the right foot.

This is especially true for new commercial construction projects in Philadelphia.

While you may be interested in purchasing a lot or plot of land to use for commercial purposes, executing your construction plan is another task altogether. So how do you plan for new construction for your commercial project? And what are the pitfalls you need to avoid?

Despite the many steps it takes, you can complete new construction for your commercial project successfully, especially if you plan ahead. You can do several things to safeguard your success, but here are the top ten things to focus on before you begin a new commercial construction project.

Find the right area for your market

Knowing your market is only half the battle, especially in commercial construction. Make sure you find an area of your town or city that resonates with your service or product. Check ahead of time to see where your potential client base tends to go and see how you can benefit them by picking a spot in that area.

Review market forecasts

While it’s great to find out where your market tends to spend time, you want to invest at the right time. Review market forecasts with a real estate agent to ensure you’re getting a good deal for your money. You can always adjust your timeline if it looks like you need to wait for the real estate market to level out.

Research codes, incentives and local laws

While you’re shopping around for the perfect location, it’s a good idea to research any laws or regulations in place for your commercial construction project. A simple online search should provide you with plenty of information, but you may want to connect with a construction professional, so you’re sure to cover all your bases.

Create a realistic business plan

You may already have a business plan in place for your new commercial construction investment. If not, now is the time to create your plan. Learn more about the area as well as the highs and lows of your industry, and start to develop a budget to go along with your business plan.

Set a budget

Having enough money to last you through your new construction project is crucial. The last thing you want is to be halfway through your project when you realize you need more funding. This is another reason to start working with a construction professional early on, so you can set a realistic budget and raise funding accordingly.

Find the right location to match your needs

Once you have a business plan in place or know what kind of business will rent your commercial property, it’s time to find the perfect location. Take into account how your potential customer or client base may travel to your business. Ask yourself if they need parking options, bathroom or kitchen options, and so on.

Obtain permits

After you’ve found the right property, it’s time to gather all the appropriate permits to start construction. Contact your local government to learn more about the permit process, especially if you’re new to commercial construction investments.

Secure financing

As mentioned before, ample financing is essential for any construction project. It’s best to work with a financial advisor who has experience in the commercial field, specifically in new construction. They can help you create a budget and even support you in applying for financing to purchase your property.

Work with an architect and project manager

It’s rare that a commercial property comes turn-key ready, and many companies need to adjust existing properties. If you’re managing new construction, it’s even more important to work with an experienced architect and project manager. They will be able to help you plot out your project from start to finish and execute construction effectively.

Purchase the site and begin construction

Once you’ve purchased your site, it’s time to start construction. Be ready for challenges and issues to come up, but have faith in the fact that you’ve done as much due diligence as possible to make your commercial investment a successful one.

If you're curious to learn more about commercial construction in Philadelphia, we here at IBM would be happy to help. Our experienced team can work with you to create a plan for your commercial project and even support you throughout the construction process. Contact us today to learn more!