Updating your commercial site can help ensure that you maintain a consistent occupancy. If you are thinking of investing in a commercial site, updates can certainly start you off with an improved competitive advantage. Depending on the purpose of your property, certain changes may make more sense than others.
Name Your Property
This adds character, as well as it helps people easily identify the site’s purpose and place in the market. It’s quite significant to your branding efforts, too.
These types of updates can include new paint, wallpaper, flooring/carpeting, and landscaping. More intensive changes can involve changing the structural façade of the building, or renovations to the lobby.
Make it Modern
The property should reflect the most current architectural designs that are seen in neighboring business/industrial/retail/health centers. A few ways to do this are to update the roofing, signage and the lobby. These are what tenants and the public see first. Whatever modernization you make, make sure the change creates more value than it costs.
New amenities will definitely add value to a commercial site. They can range from offering free wireless internet for your tenants, a daycare for parent workers in your office building, a gym facility or a dining facility.
Lower Your Costs
Review the long-term operational history of the commercial site to find out if there are expenses you can minimize. Can the building(s) be more energy-efficient? Consider replacing the light bulbs in the common areas and entryway with LED ones. Can the windows in the lobby or store/office fronts be more insulated to keep the cooling and heating costs down? Not only will this lower your expenses, but a building that is more green will attract like-minded tenants.
At Menlo Commercial Real Estate, we offer the above recommendations to help you see the potential to updating your commercial site. Should you have any questions about this process, or commercial real estate in general, please contact us. We can be reached at 480.659.1777 or by email – firstname.lastname@example.org. We look forward to working with you!