For your commercial property to generate more income, you need to add value. While there are many ways to improve your commercial property, you should focus on improvements that will increase your profit and lower your expenses.
Whether you own a new building or are looking to improve an old commercial building, analyse your renovation options carefully. Ideally, you wouldn’t want to overspend on improvements knowing that rental income might not recover improvement costs easily. Unless your commercial property needs a complete structural improvement, these tips will help you to make the most out of your investment:
Select Proper Floors
The commercial flooring in your business is critical in your strategy for attracting potential clients. This is why it should be one of the first areas that you should think of renovating in your commercial premises. A good floor not only makes the workspace look beautiful but also increases productivity and lowers cleaning costs. Consider the primary use of your commercial building before you select the best flooring. The floors that you install should also be durable and easy to clean.
An environmentally-friendly space will be attractive to many companies that want to be associated with being ‘green.’ Besides, many incentives are offered by the government to commercial properties that choose to adopt environmentally-friendly practices. Harnessing the sun’s energy by installing solar panels will not only help you to benefit from government incentives but also help your clients to save money that could have been used in lighting costs. With businesses conscious about cutting down costs, this can be an added advantage when marketing your commercial property.
With Australians spending a considerable chunk of their waking hours in the workplace, creating a friendly environment that encourages work-life balance will add value to your commercial property. Consider adding live plants, creating common spaces, adding rooms for mindfulness, and installing a full-service gym. Not only are amenities essential to the health and well-being of the occupants of your commercial property; they will also improve the value of your office, and some will help you to generate more income. There are many amenities to choose from. Therefore, consider only those that will benefit users and add value to your property.
Increasing the value of your commercial property isn’t just about increasing rent, it is all about adding value so that clients won’t mind paying for it. While at it, make sure that every improvement you add makes commercial sense. For example, if you are installing commercial flooring, make sure to install floors that will last for more than a decade.
You should also consider the amenities in neighbouring commercial properties before choosing what to install in yours. Most people wouldn’t be willing to pay very high fees compared to neighbouring properties because of amenities or improvements. This means that you should only invest enough to make your building stand out from the rest and be able to get clients quickly. If you are unsure of the right improvements to make, always consult an expert.