Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If your in the commercial real estate investing arena, you want to understand how to add value to your commercial property to make it as competitive as possible. The following contributed post is entitled, 5 Ways to Add Value to Your Commercial Property.
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Improvements to your commercial property will vary in complexity and cost, and which suit your building depends on the type of business you run. There are changes both big and small you can make to your commercial property that will add value. If you’re thinking about selling your property in the future, consider it an investment. With a more up to date building, you’ll also make a better impression on your clients. Here are five ways to add value to your commercial property.
Maximize energy-efficiency
Maintaining a more efficient and sustainable office will attract both potential buyers and clients. You can achieve this with a few upgrades. Insulation is important, so install eco-friendly windows. Hight Performance Spray Systems can also help to improve your installation. This is the best way to run a more sustainable workplace.
There are many advantages to a well-insulated building, especially in colder climates. You’ll save a lot of money on your heating bills and maximize efficiency, leading to a higher net operating income (NOI). Maintain all mechanical systems to ensure maximum efficiency.
Contemporary amenities
This depends on the type of building and business you run. Think of ways you can boost appeal, from offering trendy food or coffee to converting a roof garden. If you have space you could also convert a room into a gym or cafe. This will increase the appeal to buyers. You’ll also be creating more fun and comfortable space for your employees and clients.
Smart office automation
It’s worth switching to smart office automation if you haven’t already. You’ll be able to control your thermostat, electronic devices, and lighting from your smartphone. There are also plenty of gadgets available to improve your working experience. Check out some of the best smart office products.
Curb appeal
Consider investing in a new sign or revamping your branding in your reception area. This will help to add curb appeal straightaway. Give a lick of paint to any areas that need it. Don’t neglect exteriors such as parking lots. Weigh up your costs of renovation on if and when you want to sell the property.
A nicer looking building will be more attractive to both your employees and clients as well. Security is also a good investment. Install a more up to date security system to increase appeal. Pay attention to this particularly in the parking lot.
Increased occupancy
Increased occupancy in commercial property will add value. Tenants and long-term leases will make the property more desirable. This is because commercial properties are based on cap rates rather than comparable sales, so occupancy really makes a difference. Higher occupancy rates are based on the demand for rental space, so use this to your advantage.
With a few upgrades, you can really boost the value of your commercial property. Whether you’re thinking of selling or want to improve the facilities for your staff, it might be time for some new additions. Bring your commercial property into the 21st century and invest in your future.
