Commercial real estate is a lucrative investment business but also a highly competitive one. To survive in today’s aggressive market, landlords must keep innovating to add value to their commercial assets. In order to ensure regular cash flow, it is imperative to devise a sound business strategy before investment and constantly make improvements to the property.
Here are some handy tips that will help you add value to your commercial property and maximize your returns:
Efficient energy management
A good energy management strategy is known to reduce operating expenses and add great value to commercial real estate assets. The initial investment in an efficient HVAC system may be high but the returns on this initiative justify the expenditure. At the same time, an energy monitoring system can eliminate areas of inefficiency to help you realize the highest return on these efforts. Other improvements that can be made at the design stage include proper orientation of the building, right material for the building façade and including large glass windows. Once the building is operational energy-efficient light bulbs and use of solar energy can make it more sustainable.
Make improvements to the property
Improvements can be categorized into two categories- cosmetic improvements or substantial overhaul. Cosmetic improvements entail improving the appearance of the commercial property and include new paint or wallpaper, new décor or landscaping, and new carpeting/flooring. On the other hand, a substantial overhaul is more complex and involves making structural improvements to the property. This may be in the form of changing the façade or renovating the lobby of the building.
Beef up security
Security is a major concern for tenants and occupants and any improvement on this front can add tremendous value to the commercial property. You can create a more secure office environment by installing CCTV cameras in the office building. Other safety measures such as digital entrance, detection devices and installation of a visitor management system lend a positive perception to your commercial property.
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Amenities add personality to your commercial property and make it more attractive and appealing. Some facilities that will be greatly appreciated by tenants include wireless internet, gymnasium or a daycare center in your office building.
By adopting the right strategies, you can enhance the value of your commercial property while significantly reducing operating costs and thereby increasing the net operating income (NOI). At Citadel, we service the requirements of a wide range of clients by offering unique spaces that meet their specific needs. We have the expertise and experience to help you formulate the best strategies that add value to your commercial property. Get in touch today!