The common assumption about hiring a Project Manager for tenant improvement projects is that it can add to the cost of the construction or the cost of the lease when in fact, an experienced Project Manager can actually save the tenant more money in the long run.
We’d hear about tenants getting frustrated during the fit-out of their leased space. And more often than not, they’d wish they had hired a Project Manager to have on their side during the project duration. If only, then they could have avoided spending an additional 20 to 30% on unforeseen expenses.
Employing a Project Manager from the onset of any type of project including small or large scale tenant improvements could mean more than just someone overlooking the project; it could mean more of your time on other essential aspects of your business.
What are the Project Manager’s Responsibilities?
Project managers oversee all facets of the construction process which includes developing the design plans, establishing the schedule, and managing the costs of the project. In essence, a Project Manager is the focal point of the operations; they work closely with the architects, engineers, and subcontractors while maintaining an open and transparent line of communication with the tenant and the landlord.
But what does this really mean? When you hire a Project Manager, their responsibility is to protect your interests and ensure that the results are exactly what you paid for. This means filling several different roles and acquiring working knowledge of the different trades involved to ensure the success of your project. A Project Manager can provide a comprehensive budget that is beyond a construction scope. This can include furniture sourcing, IT and security contracting, and even move-in management.
What Can You Expect When Hiring a Project Manager
- Success Planning – aligning the goals of the project with the goals of the tenant and their business
- Leadership – complete management of the project team from vendor negotiations to collaboration with architects, engineers, and subcontractors
- Quality Control – implementation of sound practices by ensuring all documentation including permits, design drawings, and change orders are issued accurately
- Project Tracking – assurance of delivery of the scope of work as per the time and budget proposed
- Risk Management – carefully assess, mitigate, and implement contingency plans
- Deliver Success – investment in the successes of the project and a retrospective review at every stage of the project
Project Managers have a comprehensive understanding of the schedule that entails a TI project. More so, they can implement detailed plans that benchmark key milestones and track the overall progress of the project. Experienced Project Managers are not only skilled with time management, but also handling the resources at hand.
Project Managers can warrant that all subcontractors meet the highest quality of standards when providing services and sourcing materials – simply put, they make sure that no corners are cut to save cost at your expense.
They can serve as your eyes and ears; attending weekly construction meetings and conducting site walk-throughs to ensure that the construction progress follows the plans as documented. And one of the most important, but the often overlooked benefit of employing professional Project Managers is that they can negate the potential issues that may arise during the project.
Knowledgeable Project Managers can develop contingency plans to accommodate unforeseen changes that may cause the project to be over budget or run past delivery date. This saves you, the tenant, from having to personally deal with the issues that will eventually cost you your time and money.