Commercial Property can be a worthwhile investment, whether you occupy it yourself, or lease it out to others. To get the most out of your property, it’s vital that you know how you can enhance it to increase its market value.
Below are 6 strategies you could consider when looking to make the most out of your commercial asset:
1 - Make improvements
Whether these are cosmetic repairs or substantial upgrades, improvements can significantly increase the value of a property. Minor elements such as fresh paint, wallpaper, new décor to communal areas, new landscaping or carpets. You could also make substantial improvements such as a new reception area, new doors, a new toilet facility or a new facia.
2 - Decrease your property costs
Does your building have any legacy operating systems or processes? You could take a look at whether more efficient systems could be put in place instead. Adding sustainable features such as solar panels, energy efficient appliances etc can also help you lower your electricity costs as well as preventing future damage. If done correctly, you can make this change without significantly affecting the operations of the property itself.
3 - Add amenities
Do you have reliable, fast Wi-Fi for your tenants? Conference facilities? Easy access to transportation? Outdoor space? Adding amenities such as these can help make your property a more enjoyable place to be.
4 - Change the property’s intended use
Quite often, changing the use of a commercial property can have a huge impact on the value of a property, especially if you’re looking to potentially sell in the future. Take a look at the location your property is in. Would the area benefit from a building with a different type of use?
5 - Changing your parking situation
Parking is a strength of a commercial property location and aids its value. There might be some land near your commercial property that you can purchase to provide parking for your staff. Alternatively, if you already have a parking facility, you can increase its value by adding additional security features. Install alarm systems, electronic gates, or have a security guard. This will attract more tenants. These safety features can also help lower insurance premiums saving you money.
6 - Increasing your rentable square footage
If you have the space, why not look into adding extra office space, a warehouse, a shop front, some storage, conference or communal areas to increase the overall size. You might have a poorly designed building, or perhaps you have unfinished areas that you can’t rent out. Consider re-designing these areas and creating a more beneficial space to rent.
You don’t have to make all these changes. Sometimes picking a few will have a huge impact on the look and feel of your building, having a positive impact on not only the people working there or tenants, but on potential future buyers too.
If your property is managed by us, and you’re looking to make some changes, get in touch with Simon (firstname.lastname@example.org). He’ll be able to give you some advice and point you in the right direction to start the ball rolling.
Garness Jones is one of the area’s leading Chartered Surveyors. We provide property advice and management to people and companies across Hull and the Humber region. Find out more.
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