Whether you’re looking to increase the value of your commercial property to boost occupancy, prepare to sell, or just upgrade to fit the changing needs of your current tenants, there are plenty of options available. Working with the right construction professionals can help guide you in the right direction, but these are some top tips owners should consider when they’re thinking of adding value to their property.
Upfit for Energy-Efficiency
While new commercial construction is generally more energy-efficient, these properties come with a steep price tag. Adding features to existing commercial property (like solar power panels, upgraded HVAC systems, and LED lighting) can offer energy savings to current and prospective tenants and make the listing more appealing when it hits the market. Other renovations can include better insulation, low-flow plumbing systems and fixtures, and recycled construction material for additions and remodels. Profit margins widen when the overall cost of maintenance and operations drop.
Repurpose the Space
Have your tenants’ business needs changed? Was your property recently rezoned? Is your local community evolving to serve a growing industry? Remodel your commercial property to be more universal, allowing the space to shift based on tenants’ needs or giving new buyers a “blank slate” for flexibility. Knock down walls, change the interior footprint, and invest in a deep clean that helps transform the space. You don’t have to add square footage to completely change how your commercial property looks, or how it can be used going forward.
Consider Curb Appeal
What a potential tenant or investor sees as they drive up to your commercial property leaves a lasting impression — don’t overlook the importance of keeping up with curb appeal. Make maintenance a regular habit; landscaping, repairs, and updated exterior paint can offer huge ROI. Additions like lighting or new walkways are also low-cost upgrades that will pay off when it comes time to sell your commercial property. New building signage offers a fresh and modern look to the exterior as well, giving tenants and employees a renewed sense of pride in their workplace.
Secure the Structure
Get in touch with a commercial construction firm to come and evaluate your property for structural damage or signs of degradation. A thorough assessment will reveal any issues that need repairs, and ensure that the frame of the building is holding up. A qualified team will also look for signs of foundation or roof damage that need to be addressed before they become much bigger (and more expensive) repairs. This inspection is crucial for commercial property owners looking to sell, but it’s also a good way to avoid any business disruptions for current tenants that may have to temporarily close or relocate during construction.
Add Some Amenities
Making your commercial property more functional by adding amenities is a surefire way to increase its value. Some examples: daycare spaces are great for office buildings, outdoor courtyards can offer a peaceful respite for healthcare facilities, additional loading docks improve productivity for warehouses, and playgrounds are perfect for schools and educational facilities. These are marketable additions that help your property stand out from the competition, whether you’re a landlord or an owner looking to sell.
Don’t Overlook the Little Things
Small improvements can turn out to offer big value, so don’t underestimate smaller projects. How does your property’s parking lot look these days? Resurfaced and/or expanded parking lots can be quite appealing for retail businesses who want to up their customer service game. Upgrade exterior lighting and add a security camera system to improve safety and security, and potentially lower liability insurance premiums. Improve internet infrastructure to facilitate fiber capabilities if it’s available in your area. All of these little things will add up, exponentially improving the value of your commercial property.
Commercial real estate property can offer a lucrative channel for income, whether as a landlord or an investor who “flips” purchases for a profit. The right upgrades can justify raised rental prices and increased market value — both of which lead to a bigger bottom line. The success of your project depends heavily on the commercial construction team you choose to do the work.
When looking to improve the value of commercial property, it is critical to have a construction company that can properly react to needed updates and changes and provide the best, most efficient outcome. G. S. & S. Construction specializes in the fast track method of Construction And Building Services — let our team of design-build experts make your vision a reality and help get the most value out of your upgrades.