Have you thought about compliance?
A compliance audit is important in order to make sure the refurbished property meets all federal, state and local building regulations relating to such matters as safety, fire hazards, fire exits, access, the use of compliant materials and many others. Your potential tenant or buyer may require this.
What about a change of direction?
It is worth considering a change of use prior to the commencement of improvements. For example, by building additional interior walls, a space can be transformed from an open factory floor to a practical office complex or even a hostel. The correct change of usage can result in increased rents and an improved return on investment.