tenant improvement are customized alterations that a commercial building owner makes to their rental areas as part of a rental arrangement so as to configure the space for the requirements of that particular tenant. In other words, if your Salt Lake City tenant needs accommodations for their space, commercial contractors will make improvements for them!
Who pays for commercial tenant improvements? If a tenant requests and improvement, it’s up to the owner of the building to pay for the job. For example, if you’re renting your office space out to someone in Salt Lake City and they need additional office space, then you would contact a company like Silicon Slopes Commercial Construction, and they would fix both you and your tenant right up.
The most common practice is that the landlord pays for the tenant’s industrial leasehold improvements with a tenant improvement allowance, and if the price of improvements surpasses that tenant improvement allowance, you pay the gap. It’s typically expressed at a per-square-foot or complete dollar sum, and this number is decided upon during lease negotiations. Landlords do not need to offer you any type of TI allowance, particularly if the lease market is strong, but it has become a favorite enticement for leasing space in recent years. Most landlords are flexible and will work with you to add TI overages bundled into the monthly rental cost even if the allowance is surpassed. It is advised that you ask your Salt Lake City landlord if this is a possibility when planning ahead. This eliminates the need for one to come up with extra money for improvements within the allowance in the lease initiation time.
Examples of TI’s include additional bathrooms, conference rooms, etc. The ability to request a tenant improvement as the tenant is common, for many lease costs include the ability to do so.
Recognizing what a TI is and what sorts of improvements can be found is very important to know as you consider lease space for your small business and team. Every company has specific needs, and TI’s enable them to personalize a lease space to meet certain requirements. A few cases of TI’s include adding walled offices, a break room or kitchen, another bathroom, conference rooms, drop ceilings, and painting. Matters like dental chairs and cabinets, medical procedure tables, and business-specific lighting are not contained in a TI allowance, so you will need to include them in your list of expenses if moving into a distance.
If you’re in Salt Lake City and own a commercial property and have some tenants requesting changes to be made to their space, you may be interested in tenant improvement. Give Silicon Slopes Commercial Construction a call today.
Silicon Slopes Commercial Construction is your go-to for your tenant improvement needs in the Salt Lake City area.