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Commercial Transaction Timeline
A question everyone has: How long does a commercial lease or purchase take?
Short answer: Plan for a year.
Long answer: The total timeline – from start to finish – varies pretty drastically based on several factors. So as a business owner, it is best practice to plan for the target move-in date and work backwards from there to ensure there will be plenty of time.
Here is a graphic of an aggressive timeline we put together to better visualize the steps of a transaction.
Again, this timeline is pretty ambitious, and there are several factors which would require more time, such as:
- Simply being a larger organization with multiple decision makers will cause more delays due to more parties and opinions involved.
- Being a larger space will also add to the timeline, because there is ultimately more space to design and build out.
- Requiring more sophisticated or specialized equipment will not only include the additional tasks of working with those vendors and ordering the materials, but typically it will limit the property options available during the search period, and it will increase the amount of specific electrical, plumbing, and/or HVAC installed during the construction process.
- Choosing a property with a drastically different or very unfinished current build out will not only cost more, but it will add more time to the construction period too.
- Most significantly, choosing ground-up construction will add at least twelve months to the construction period, alone, because not only is there simply more construction to do, but there are more permits and approvals required with the municipality.
We hope you found this helpful! If so, feel free to share the downloadable PDF version here.
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I am thrilled to share my experience with Mirlo Real Estate Partners. As an oral surgeon, the thought of handling a commercial real estate transaction and the subsequent buildout of my new office was daunting. However, Mirlo made the entire process seamless and efficient. From the outset, they were attentive to every detail of my requirements. Their knowledge and professionalism were evident as they guided us through each step, ensuring that every aspect of the deal was executed at the highest level. Nick and Remy worked hard to advocate for us and were committed partners in our success. Thanks to their exceptional service, I am now operating in a state-of-the-art facility, perfectly suited for my patients and staff. I wholeheartedly recommend Mirlo Real Estate Partners to anyone looking for a reliable and highly competent commercial real estate partner.
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