Owning commercial property can be a big opportunity. Unlike residential tenants, you have fewer things to worry about, and they pay higher than the normal apartment renter. The problem is that they are much more choosy than residential renters. Considering the competition in rental properties, you really have to offer them something. The best way to do so is to upgrade your property. It is not going to be simple and there are several options available. Here are the potential improvements you can make to your property.
Make The Building Safe
Commercial renters want to know that they are renting space in a solid and safe building. If you want to attract tenants, then you need to ensure that they don’t have to worry about natural disasters in your building.
Hire a safety inspector to go through your entire property to identify any structural problems and safety issues. They will also be able to give you suggestions on what you can do to improve the safety condition of your property. For example, you can shore up your foundations or add better supports. You should also listen to fire safety assessments and implement changes that will protect your tenants from fire.
Maximize The Space
When it comes to commercial tenants, they want as much space as possible. Keep that in mind when you look at your current building interior. If it looks crowded and claustrophobic, then some tenants might potentially pass on it.
Look around for ways to maximize space. For example, if you are thinking of offering office space to tenants, maybe you should consider the loft office space design. This is a minimalist style that favors open spaces, few walls, and high ceilings with exposed ductwork. The design emphasizes space and freedom, which is what many modern companies are looking for.
Increase Energy Efficiency
Your tenants will also be looking for savings in their own way. When they rent from you, the arrangement is that they will be paying all of their utilities. If your property is more energy-efficient than the competition, then you have an advantage. For example, if you include better insulation and temperature controls, your tenants will end up paying lower heating bills. You can also do this with lighting. Add larger windows and have LED lights and you can lower the electrical cost of lighting greatly.
Consider Adding Amenities
Another potential upgrade to your commercial property is to provide it with some special amenities. They provide the tenant with advantages over other locations. For example, you might consider adding a parking lot or a parking garage. This allows for better accessibility and convenience for any office worker in the building.
Another potential upgrade would be to offer gym space. A simple gym for tenants can be a great way to attract some of them. You can even defray some costs by simply having a gym operator open a branch with some rent bonuses. They can set everything up and you still get some rent while they draw others in.
Think Of The Outdoors
Don’t just think of the interior of the rental property. If you have a large area, then consider designating some areas as a green space. This allows tenants a place to relax and have a break from the interior. It also gives them a chance at fresh air. They will also appreciate having a different place to have their breaks at. But to get these results, you’ll want the best possible outdoor place. To get this, you need to hire a commercial landscaping expert to design your grounds. They should also be called in to do the maintenance. It is expensive but it gets results.
Commercial renters usually have thousands of dollars of property in their space. Some might even have millions. If you did your best to secure your building from accidents and disasters, you should also take the time to protect your place from more human threats. Thieves and vandals can enter your property and steal from your tenant. If that does happen, expect them to leave quickly. It is better to invest in guards and locks, as well as more advanced security like cameras and alarms so that you can ensure that tenants feel safe.
Upgrading commercial property is not going to be easy or affordable. You will likely have to pay a lot to implement these changes. But they can be worth it when you have the right tenant. Think of them as long-term investments that will be sure to pay off.