Renovating your commercial space is an excellent way to optimize your business environment and operations. However, undertaking such a project requires careful planning and budgeting. Commercial renovations vary widely in cost depending on factors like the scope of work, materials, location and more. Here’s an overview of how much you can expect to invest in renovating your commercial space.
Size of Your Commercial Space
One of the biggest factors determining renovation costs is the square footage of your office, retail store, restaurant or other commercial area. Larger spaces logically require more time, labour and materials, which translates to higher overall project costs. For reference, small commercial remodels under 1,000 sq ft may range from $50-$150 per square foot. On average, mid-size projects of 1,000 to 3,000 sq ft cost $100-$250 per square foot. For large renovations over 10,000 sq ft, expect to pay $150-$300+ per square foot.
Scope of the Renovation
The specifics of what you want renovated play a major role in pricing. Simple refresh projects like paint, flooring and lighting cost much less than major overhauls of layout and MEP systems. Cosmetic renovations generally run $30-$60 per square foot, while full-scale buildouts average $100-$250 per square foot. Key scopes of work and their typical price ranges include:
- Painting/Wall Repairs: $2-$8 per sq ft
- Flooring: $3-$15 per sq ft
- Lighting: $5-$15 per sq ft
- Plumbing: $15-$40 per sq ft
- HVAC: $30-$60 per sq ft
- Electrical: $15-$35 per sq ft
- Demolition: $5-$15 per sq ft
- Construction/Framing: $15-$40 per sq ft
Design Fees
Most commercial renovations require professional architectural and design services, which average 5-15% of total project costs. These services cover conceptual layouts, production drawings, project management, obtaining permits, and more. Design fees for small renovations often start around $5,000. Larger projects can incur design costs of $15,000- $30,000+.
Location of the Commercial Property
Like real estate, location significantly impacts renovation costs. Labour and material rates vary across cities and regions. Renovation costs per square foot tend to be highest in major metro areas like Toronto, Vancouver, Calgary, and Montreal. Expect to pay 10-25% more for commercial renovations in these prime urban centers compared to surrounding suburbs and rural locales.
Materials and Finishes
The quality of finishes and materials selected also affects overall budgets. Luxury and high-end materials like stone, solid hardwood and ornate lighting add cost compared to standard drywall, laminate floors and simple fixtures. However, upgraded materials can deliver long-term benefits in durability, aesthetics and value.
Additional Cost Factors
Other variables, such as permits, contingency funds, and construction overruns, can increase final costs. Always build in contingencies up to 20% of estimated expenses for unforeseen circumstances. The complexity of the project and contractor rates also impact pricing. Carefully evaluating all these factors will give you an accurate estimate before undertaking a commercial renovation.
Transform Your Business with Commercial Renovation Contractors
Ready to renovate your commercial space? The experts at Alpha Omega Design & Build have extensive experience with commercial renovations across the GTA, including Mississauga. Our specialized commercial renovation contractors provide complete interior renovations to optimize your business environment. We also offer professional commercial interior design services to actualize your brand vision within your space.
Contact us for a consultation now!