Finding ways to increase commercial property value is an important focus for building owners. The good news is that this doesn’t have to translate into a complete overhaul. With a few minor improvements, building owners can reduce operational costs and enhance the market value of their commercial property. This enables them to increase rent rates under their ownership, and earn back more profits when the time comes to sell.
Gain Value Through Efficiency
When it comes to energy-efficient solutions in commercial spaces, there’s a bright spot on LED light bulbs. LED systems use significantly less energy than their traditional counterparts and reduce energy bills month-over-month.
Consider the example of the popular convenience store and restaurant chain Sheetz. By installing LED lighting on the interior and exterior of over 130 locations across multiple states, the business saved 45% of energy on interior lighting and 55% on exterior lighting — all the while making facilities more appealing and safer in the eyes of customers.
Keep the Building Safe
When tenants sign a commercial lease, they anticipate that building owners will continuously invest in their safety. This means taking sensible precautions to deter crime on the property, as well as accidents that could cause injuries — whether due to debris or patches of ice in winter.
Just as a security system can increase the value of a home, it can have the same effect on a commercial property. Essentially, tenants want to be safe and they’re willing to pay to guarantee it. An added bonus: The use of cameras and surveillance can lead to lower insurance premiums.
Then, there’s the landscape management side of the safety equation. Hiring a professional landscaper and commercial snow/ice remover (ideally the same business) will keep properties clean and safe throughout the year. The fewer dangers there are on-site, the less potential there is for slips and falls that could result in legal compensation cases.
Make Cosmetic Improvements
It’s been said before that the exterior of a commercial building is its chance to make a good first impression. It’s what visitors and potential tenants will first notice about the business, and what individuals who have never stepped inside the business will take away and tell others about.
One of the simplest ways to send the right message is with proper landscape care. Lawns should be mowed to a healthy length, trees should be pruned to remove dead and weak branches, and surfaces should be clear of leaves and other debris. A maintenance plan that includes these elements will improve the perceived value of a commercial property and enhance overall curb appeal.