Five Renovations that Will Set Your Commercial Properties Apart from Others
If you own commercial real estate, it can be hard to prioritize what renovations will bring in new renters and also keep your current tenants happy. If you have a budget for upcoming renovations, there are a few upgrades that might go further with tenants than others. By prioritizing some renovations over others, you can upgrade the look of commercial properties quickly and maximize your spending. Here are five commercial renovations that can have the most benefit and make your properties more sought after.
1. Common Area Upgrades
While your commercial tenants might be mostly concerned with their rental space, upgrading common areas can make a lot difference when it comes to the overall feel of a building or commercial space. When new tenants are shopping around, the rental value of your commercial property will be assessed on all fronts. Areas such as courtyards and lobbies can be great renovation projects that can be a benefit for both new and existing tenants. Adding in new technology such as key cards and public wifi can help keep tenants, clients, or customers happy as well.
2. Upgrading Security Features
If you will be doing renovations to upgrade any electrical work within your commercial space, a great addition might be updated security systems. As a commercial property owner, having upgraded security cameras and new security software attached to properties will not only be a benefit to you, but also to your tenants. If businesses feel safe and secure in their commercial space, they will be more likely to renew their leases and can also attract new tenants with word of mouth. Up-to-date security features that other properties might not be up to speed with is a simple and practical renovation.
3. Keeping up on Landscaping
While you might want to focus your building upgrades on the interior or facade of your building, landscaping can go a long way to make your properties look well taken care of and more attractive to potential tenants. If you can focus on local plants and drought-resistant landscaping, this won’t require too much landscaping upkeep over time. If you do pick a landscaping overhaul that might require regular maintenance, be sure to set up a landscaping schedule for your building through contractors to keep your properties looking their best.
4. Exterior Building Upgrades
While keeping tenants safe and having a secured commercial property is a priority, the look of buildings can go a long way when it comes to bringing in the right tenants. Be sure to look around your community and see what new upgrades other commercial properties are incorporating. Whether your space is more of a behind-the-scenes warehouse space or more public retail, fitting in with it’s surroundings is important. Remodeling the exterior of your buildings might be a superficial renovation that can go a long way in providing a modern feel.
5. Accessibility Upgrades
If your commercial properties are hard to find, it might also be hard for you to find the right tenants. If you have a renovation budget to spend and your buildings themselves are in good shape, you might want to put some effort into upgrading the accessibility of your space. This might include better signage, easier entry points, and upgraded parking access. Even out-of-the-way warehouse spaces can be upgraded with signage to help those who aren’t necessarily at the commercial space daily. This can include potential tenants, clients, customers, or contract employees.
Commercial properties can be a great source of income for property owners, but sometimes putting back some of this income into renovations is a necessity. If you can be smart when it comes to upgrades, you can maximize your current space with updates that will keep current tenants happy and attract new tenants. Common spaces can be easy to fix, but these types renovations can also go a long way when it comes to updating commercial spaces overall. Contact us to help get going with renovations you are hoping to incorporate into your commercial space.