As a commercial real estate owner, you are surely aware that your property is an asset but knowing that is not enough. Your commercial property must lookappealing in every possible way.
This means you need to be ready to make all the necessary renovations to ensure your property has a positive impact during viewings.
In this article we will cover how you can get your property ready and make it appealing to commercial tenants.
Safety & security
First impressions certainly matter, but they are rarely the decisive factor for commercial property tenants or investors.
Safety and security are the most important considerations of any property renovation project, and should come before aesthetics, layout, or design.
Think about it this way: tenants want an asset, not a liability. Don’t be tempted to overlook safety and security or to take shortcuts – this will backfire sooner rather than later.
It’s true that employers have a duty of care towards their staff, but compliance with workplace safety law is not only the employer’s responsibility.
As a landlord, you should also ensure you are taking every precaution with regards to safety. Do this and tenants will see you as someone who is proactive, reliable, and knowledgeable. In short, someone they want to do business with!
Some renovation aspects you may want to consider include:
- Having a working fire escape.
- Improving lighting in staircases and corridors.
- Have licensed contractors check that electric and plumbing systems are in order.
- Upgrading your alarm or CCTV systems.
- The property’s exterior: What’s the condition of the garbage dumpsters? If you have a parking lot, does it look secure? Are there any loose sidewalk slabs? Who’s responsible for getting them fixed, is it the city or the business owner?
- Back to basics: What’s the condition of the premises’ roof, floors, walls, and foundations? Can you invest in any renovations that improve insulation or weatherization? This will increase the value of your property and offer higher returns in the long term.
Moving to new commercial premises costs time and money, so prospective tenants will want to ensure that the property they choose fits their needs in the long term.
When renovating the interior, use flexibility and adaptability as the guiding principles. Make sure your property caters to growth plans and does not present obstacles in the form of walls or office partitions.
Before you renovate, ask yourself this: will new tenants be able to use this space to build their brand and put their own stamp on it?
To furnish or not to furnish
Clean and open space is the name of the game, but what about furniture? This largely depends on the type of tenants you are targeting.
If you are marketing your property to a specific business sector, it makes sense to invest in the type of furniture and add-ons that are highly sought after among tenants in that sector– this will require research beforehand!
On the other hand, if you want to appeal to as many different businesses as you can, a blank canvas is the best approach.
This will allow tenants to rework and transform the space as they wish. Irrespective of which type of tenant you are targeting, make it easy for them to visualize the space in their own terms.
Property renovations can attract the right tenants if they turn your property into a well-rounded, sound, safe, and adaptable space.
By turning renovations into an opportunity to improve the curb appeal of your commercial property and create a positive impression, leads to a higher likelihood of successful viewings. Find more tips on how to get the most of your viewings.
By Bruce Hakutizwi, USA and International Accounts Manager for BusinessesForSale.com, the world’s largest online marketplace for buying and selling small and medium size businesses. Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers.