When you own a commercial building, improving the property can increase the value and attract a better quality tenant; a pretty much known fact. So with just a few improvements, the profit increase on the building rentals can rise impressively, and the resell value will go up too. Therefore; below are some ways to improve your commercial building:
- Adding more square footage to your commercial property if needed can increase the demand for tenants. With this, you could add more storage, a conference area and additional office space for rental with the conference room. Also, by having a larger parking area; or even a covered parking area, this could help you get an edge on the competition.
- You can increase the rental space inside. If there’s space which is not being used or there’s wasted space, say an area which is unfinished, it can be converted into profitable space. So a large storage area not being fully used can be cut into smaller spaces and what’s left over, after any needed storage space being taken into account, can be converted into offices.
- Update your doors and windows because this will improve the appearance of your commercial rental property. So if the windows are poorly designed or outdated, update them into more efficient, state of the art windows. This will increase the natural light, cut down on noise and reduce the heating/cooling bill.
- If you give the property a new coat of paint, it will refresh the outside appearance without having to do anything structural. Installing siding is another way to give the building a more updated look too. Plus, if you use a professional landscaping service, this can improve the look of the surrounding area outside the building.
- When redoing the parking area, consider increasing security and the amount of parking spaces. By installing gates and alarm systems additionally it will make prospective tenants and the tenants you already have feel safer. Also, if your area is prone to criminal activity, consider hiring a private guard for the parking area and grounds.
These are just some of the general improvements on your commercial property that you can make.
Tenants are expecting more than ever from a multi-family property when renting than the same gym/game room offer in each apartment dwelling place. Also, the floor after floor of apartment sameness is not renting as tenants want diversification. Further to add to the mix, this is the first time in the rental market where two generations, the baby boomers and the millennials, are in the same urban living area with each having different expectations. So the flow of who’s renting just isn’t just one demographic; or the other, but both. This can be an exciting challenge and great opportunity to developers and landlords of multi-family apartments.
First off, in the construction and remodeling of multi-family dwellings the flavor and look of the neighborhoods should be in the grounds and buildings. Also, encouraging a sense of community in apartment dwellers by adding music jam rooms, swim up bars and sports lounges are just a few things landlords may want to think about. Too, more tenants want to have pets so dog parks and dog areas are becoming more prevalent among tenants wants. In addition, bikes are being ridden more as an alternate way to get around town. So developers who add bike racks to the parking areas are getting good feedback. Additionally, electric car-charging stations are being installed in some areas for those tenants who are green minded,
Developers also need to consider walkable neighborhoods where everything that’s needed is within walking distance of the property if the developers intend to rent out the property they build. This would include places to eat, shopping complexes and catering to the nightlife. Also, those who have developed living spaces within the hub of people’s social lives have seen apartment rentals skyrocket as people look to be close to what’s close to their hearts.
In addition, it’s not just the Generation Z who’s speaking up, but the Baby Boomers too. So Baby Boomers are demanding more as far as expectations, as in more closet space and large master bedrooms as well as high end amenities. Balconies are in demand that are big enough for entertaining and dining outdoors additionally.
The rental scene is changing and landlords and developers need to change along with it to be profitable.