For investors in commercial properties, being able to command higher rental rates results in a greater potential for profit. But what can be done to the property that will command a higher price? In this article we’ll go over four commercial renovations that add value to your property.
The environment is high on the minds of many people these days. This isn’t always just altruistic thinking either since eco-friendly buildings are usually significantly cheaper to run. Appeal to both the environmentally and financially conscious by upgrading your property to be more efficient in its use of water, energy and light. By investing in technologies that reduce environmental impact, energy use and running costs you’ll have a property that appeals to a wider range of clientele.
Curb appeal isn’t limited to just the residential sector. First impressions of your building will affect both your own clients and theirs. You’ll have an advantage and be able to charge higher rates if your building looks cleaner, fresher and newer than those of your competitors. This can be done by painting, landscaping, cleaning and repairing your building’s facade. Increasing your curb appeal will also increase your income.
People want to feel safe at their place of work. They also want to know that their tools of the trade and other equipment are also secure. Having the proper security measures in place will allow your tenants to feel protected and safe. These measures could range from alarm systems combined with proper lighting and protective gates and shutters to regular security guard patrols. You’ll have a tough time attracting tenants if they feel the safety of their person or property are at risk.
When a potential tenant visits your property they want to see their vision of the business, not yours. For this reason it’s important to present a space that’s versatile and has the ability to refined to meet whatever needs the client envisions. Presenting a clean, undesignated space with multi-purpose potential will be most attractive to a potential tenant.