Like many things, a commercial building’s value goes up upon the property getting upgrades. Apart from increased value, though, commercial property upgrades are also right for business because better interiors and façade can help attract potential tenants or customers.
Of course, property upgrades don’t come cheap, which is why it’s crucial to choose the improvements carefully to focus on. You might be tempted to go for a major overhaul only for it not to return added value. Fortunately, property upgrades don’t have to be significant changes all the time. The following mix of major and minor commercial building updates helps increase your property’s value:
1. Exterior updates
Curb appeal is often associated with residential structures, but it also affects the value of commercial properties. The exterior of a commercial property that has received landscaping services, deep-cleaned and painted exterior walls, and other exterior renovations shows that you care about your business and will, therefore, care about your tenants or customers as well.
Apart from landscaping and repainting, other exterior updates include updating your building signage, ensuring your trash bins are emptied regularly, and that there are safe and clean paths for customers.
2. Environmentally-conscious upgrades
It’s more common today both for potential property buyers and regular customers to care about the impact they have on the environment. That is why having an energy-efficient and eco-friendly upgrades are suitable investments for your commercial property.
It’s easy to get these upgrades, as well. From installing energy-efficient light bulbs and solar panel roofs that will not only reduce your carbon footprint but also cut your energy costs to using low-flush toilets and updating your building’s insulation, you have plenty of options.
3. Interior updates
While the exterior of your commercial property can attract tenants or customers, how your interiors look is what will keep them with you.
Start with the entryway, which is the first area people will see of your commercial space. A great lobby does not only look welcoming but is also functional. Make sure you have comfortable seats for guests, as well as clear signs that make it easy to know where to go from there or where to ask for help.
Other high traffic areas, such as hallways and bathrooms, shouldn’t be overlooked, either. These spaces must be well-lit and wide enough to accommodate all sorts of people, including those with disabilities and are in a wheelchair.
If you could, incorporating technology to improve functionality and security also increases your property’s value. Proximity identification cards, programmable thermostats, and biometric-integrated technologies are just a few examples of how technology can improve safety and functionality in commercial buildings.
4. General maintenance
With all the flash of a great exterior, inviting interiors, and eco-friendly practices, you can’t ignore the value of general maintenance. Simply keeping the floors polished and the windows free of grime go a long way into keeping your property in a pristine and high-value condition. What’s more, these maintenance practices ensure that problems are fixed before they become bigger and cost you more.
Whether you rent commercial spaces out or your building is the physical location of your business, it’s considered commercial real estate. It’s an investment that you can take care of and nurture through the upgrades we mentioned above.