There are many options for building value into your Phoenix Commercial Property. Having a great looking building that is functional, energy-efficient, and cost-reducing can make all the difference in the appeal of a property.
Here are some suggestions that we at the Menlo Group Phoenix can offer for building value into your Phoenix Commercial Property:
- Add More Space. Expanding the square footage can increase the value of any commercial property. Depending on the property’s purpose, you might think about adding more space for additional offices, warehouse/storage, storefront, conference room, or employee break room.
- Spruce Up the Exterior. Renovating the outside of a property enhances the “curb appeal”. Make sure to select updated materials, but also consider the surrounding buildings and the aesthetic style of the area.
- Update Signage. While you’re at it, you might as well update or upgrade the property’s signage. Make sure your new sign is adequately sized compared to the building or to competing signs. Strategic placement of a sign is also important. You don’t want current or future landscaping growth to cover your sign.
- Go Green. Environmentally conscious consumers will appreciate the installation of solar panels, energy-efficient appliances, and energy-conserving windows as they are not only eco-friendly, but they will also lower overhead costs. http://home.howstuffworks.com/home-improvement/construction/green/10-green-advances-commercial-building.htm#page=1
- Increase Security. Features like alarm systems, gates, and shutters are attractive to tenants and they help lower your insurance premium.
- Attract Tenants. If the property in question is currently vacant, offer move-in specials to attract new tenants. Discounted first-month rent, a low deposit amount, or a short-term lease are all ways to entice potential new tenants. Or, you can offer a referral program to tenants of your other properties that might include a finder’s fee or one month of discounted rent.
However you decide to increase the value of your Phoenix Commercial Property, think about the kind of place that appeals to you. Chances are, there are tenants out there who will see the value in your thinking…and in your property.