As the commercial real estate market in the Dallas-Fort Worth area continues to be one of the top markets in the nation, there is a question for many business owners of whether to opt for new build construction or renovation of existing buildings. Regardless of the type of building, owners and tenants of office, manufacturing, logistics, and retail facilities will see that both methods have their benefits and drawbacks, and the choice ultimately depends on the specific needs and requirements of the project.
New build construction involves designing and constructing a brand-new building from the ground up. This method is ideal for facilities that require unique features or structures that cannot be accommodated in an existing building.
The primary advantage of new build construction is that the building can be designed and constructed to meet the latest standards, both legal and aesthetic. For instance, a new build construction can better incorporate state-of-the-art technology and modern designs, which can significantly improve the functionality and aesthetics of the building. New build construction also offers the opportunity to design and construct a building that meets specific needs, such as high ceilings, large open spaces, or unique architectural features.
However, new build construction also has its drawbacks. One of the main challenges in the Dallas-Fort Worth area is the lack of availability for large new construction projects. The cost of land and the high demand for new commercial spaces make it challenging for developers and business owners to find suitable locations for new build construction. In addition, new build construction can be, but is not automatically, more expensive than renovating or retrofitting an existing building.
Renovation or Retrofit
A renovation or retrofit project involves updating or modifying an existing building to meet modern standards, in addition to the needs of the owner/tenant. This method is ideal for buildings that have good structural integrity and can be upgraded to meet current needs. The primary advantage of renovations or retrofitting is that it can be more cost-effective than new build construction. Renovations and retrofit projects can also save time, as it typically takes less time to modify an existing building than to build a new one.
Renovations and retrofit projects can also offer significant benefits in the Dallas-Fort Worth area, where the availability of large land plots is limited. It allows developers to utilize existing structures and spaces in creative ways, repurposing outdated or underutilized buildings into modern and functional commercial spaces.
However, making changes to an existing building also has its drawbacks. Some buildings may not be suitable for renovations or retrofits, particularly if they have structural issues or outdated designs not suitable for owners or tenants. Retrofitting may also not be able to achieve the same level of modernity and functionality as a new build construction. Other potential drawbacks to renovating or retrofitting existing buildings is the risk of potentially unknown hazards like asbestos, mold, faulty or out-of-code electric, and aged plumbing that could each delay the project for abatement.
The Deciding Factor
In conclusion, both new build construction and renovation/retrofitting have their benefits and drawbacks in the commercial real estate market in the Dallas-Fort Worth area. The choice between the two ultimately depends on the specific needs and requirements the owner or tenant has for the project, as well as the availability of suitable land plots for new build construction. While new build construction can offer unique designs and structures, renovation/retrofitting can provide cost-effective and creative solutions to the challenge of limited land availability. Ultimately, the goal of both methods is to create modern and functional commercial spaces that meet the needs of their occupants and the market demand.
About Bob Moore Construction
Bob Moore Construction is a leading design-build general contractor with over 77 years of industry experience. Founded in 1946, we are based in Grapevine, centrally located in Dallas-Fort Worth, and have extensive expertise in all aspects of commercial, industrial, and multifamily construction. We are committed to providing our clients with exceptional quality, value, and service, and we approach every project with the highest level of professionalism and expertise. With a team of tenured professionals and a proven track record of success, Bob Moore Construction is the ideal partner for your construction project.