Ground-up development is the construction of a real estate asset completely from scratch. The starting point is either raw, undeveloped land or the complete tear-down of any existing structure.
This is one of two general types of construction projects. The other is a renovation, in which contractors rebuild some of the structure’s components, but leaves some or most structural elements intact.
Benefits of ground-up development
Given the choice between the two, property renovation will almost always be the lower-cost option. It will also generally take less time, not just to build the structure, but also to obtain all the permits.
Even so, any number of reasons can lead to a rational decision to pick ground-up development. Ground-up construction gives you unlimited flexibility. Another benefit to commercial building construction is you can build out your new building in phases. As your business grows more, so can your building.