Commercial buildings for investment don’t have a value if they don’t generate an income. (that is except for future development value or land value) To improve the likelihood of attracting tenants or possible purchasers to occupy then the following upgrades should be considered.
First impression is one of the most important ingredients that can be applied to anything including property. It is a major influencer in many buyer’s decisions to purchase or take a lease. There many buildings built in the fifties and sixties that do not compete well with more recent buildings. To upgrade a façade, change the entrance, landscape the forecourt can change this perception with immediate results. Give your commercial building an advantage by investing the time in cleaning, landscaping and prepping the exterior of your building. This may include a fresh coat of paint or a deep clean, a newly poured or rebuilt walkway, upgraded lighting, or even changing the whole façade to create a completely.
Upgrade your building’s signage. This is typically the first thing that people will see as they approach or enter your building. A sign that is difficult to read, hidden by bushes and other landscaping elements or needs a repair can decrease the value of your property. Keep signage up to date and relevant. Make signage simple and attractive. Naming your property may also add character and desirability.
Economically sustainable features are most important with all buildings as climate change becomes more and more on peoples minds. New buyers care about the environmental impact of their potential new commercial building in terms of energy and water efficiencies, as well as environmental footprint. Investigate the possibilities to utilize emerging commercial technologies like solar power, recycled building materials for any upgrades or renovations, and low flow water-saving plumbing fixtures, increased insulation, and even energy efficient light bulbs. The key is to invest in technologies and ideas that ultimately decrease running expenses and environmental impact. There may even be tax incentives and or grants available when investing in green technologies.