Commercial properties are often seen as the way to go when it comes to creating wealth through the real estate market. Not only do they typically have higher rates of return than residential properties, but it is often seen as easier to put on your “business” persona when dealing with commercial tenants than with families and private individuals.
With that said, owning and operating commercial properties takes a lot of work to keep them at the forefront of a competitive commercial real estate market. Commercial properties are often subject to more wear and tear than residential properties and must be frequently renovated to stay in good condition and ahead of the latest trends. This is essential in attracting high-quality tenants and receiving top dollar for the space come time to sell.
For more on this topic, keep reading for a detailed breakdown of how regular renovation can add value to commercial real estate properties.
Increased Safety
One of the most important reasons to renovate a commercial building is to improve safety. Commercial buildings are under increased threat of lawsuit and liability over private residences, and tenants will be willing to pay extra for the latest safety features. For example, replacing old, outdated sprinkler systems with new, state-of-the-art systems can help protect people and property in the event of a fire.
Furthermore, structural improvements that reduce the risk of an accident are also highly valuable. Investing in commercial glass railings can improve the safety of stairwells and elevated walkways, reducing the risk of accidents and falls. Adding non-slip coatings to concrete and terrazzo floors is another excellent idea along this line.
Improved Energy Efficiency
Another important consideration is energy efficiency. As energy costs continue to rise, it’s more important than ever for commercial buildings to be as energy-efficient as possible. In addition, rising consumer conscientiousness and tightening government regulations make green buildings necessary in the modern commercial real estate landscape.
There are a number of ways to improve energy efficiency, such as upgrading to energy-efficient lighting, installing new insulation, and replacing old windows and doors with more energy-efficient models. Open interiors are also a trending concept, as they promote natural light flow and increase HVAC efficiency. Not only will these types of renovations help to reduce energy costs, but they will make your building more appealing to environmentally conscious tenants.
More Customization Options
Modern commercial buildings must be highly versatile, as they often house various businesses looking to offset the cost of rising rents by sharing space.
Therefore, by renovating your building to include more customization options, you can make it more appealing to a broader range of tenants. For example, installing demountable glass partitions can help reconfigure space quickly and efficiently while permitting natural light flow. This makes them a favorite material for commercial buildings with open interiors and can be a major advantage for businesses that need to adapt their space to meet changing needs.
In addition, sound mitigation features, such as acoustic ceiling clouds and sound-absorbing wall panels, are a great idea for improving customization in a commercial space, as they can add sound-absorbing mass without the need for restrictive barriers.
Better Curb Appeal
Curb appeal is important for any property, but it’s especially important for commercial buildings. After all, the first impression that potential tenants, employees, and customers have of your building will likely be based on its curb appeal. If your building is outdated or in poor condition, it will be easy for observers to write it off immediately.
Therefore, it is crucial for your building to maximize its appeal to passersby. While basic landscaping and functional exterior spaces are some of the first ideas that come to mind regarding curb appeal, don’t neglect the roof and cladding. For example, installing glass rainscreen cladding can modernize the building’s façade while also helping sustainability efforts.
It is also important to check the condition of sidewalks and parking lots, as these take major priority in commercial areas that will receive a lot of traffic.
Higher ADA Compliance
The Americans with Disabilities Act (ADA) requires that commercial buildings be accessible to people with disabilities. By renovating your building to meet ADA standards, you can avoid costly lawsuits and make your building more welcoming to people with disabilities. There are a number of ways to improve ADA compliance, such as installing ramps and elevators, widening doorways, and providing accessible restrooms.
Renovate Your Commercial Building for Higher Value
Renovating a commercial building can be a major undertaking, but it can also be a wise investment. By making the right renovations, you can improve the safety, energy efficiency, versatility, curb appeal, and ADA compliance of your building. For more ideas on the most value-adding renovations for commercial properties, check out the resources at SVN Dunn Commercial for the latest in the industry!
Author Bio:
Sam Willis is a freelance writer who loves sharing his knowledge and expertise in residential and commercial real estate, as well as engineering and construction. He lives in Atlanta, Georgia, where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource site.