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 So if the windows are poorly designed or outdated, update them into more efficient, state of the art windows.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.