The time has come. Your property needs renovation. The building and its interior space need to once more be made attractive to clients. And one of your chief concerns is how can you keep your investment down while maximizing your property value. Secondly, you wonder, how can you renovate the existing space to meet the needs of your current tenants as well as the new ones you home to attract. These questions need to be answered before you make the decision to renovate your corporate property.
Assume a Realistic Viewpoint
Before beginning any commercial real estate renovation, look at the surrounding community. In many cases, you’ll seen new and valuable amenities nearby that can help a freshly renovated property attract clientele. Note any popular restaurants, new shops, spas and fitness facilities, public transportation, inspiring green spaces like parks. Each of these means tenants will appreciate the area and will be a draw for the property.
Identify Strengths and Weaknesses
Every corporate property has strengths and weakness and identifying them is key to renovation success. Take a look at the building and determine what its most aesthetically pleasing points were when it was built. Capitalize on the character these strengths provide and make them a focal point in the renovation design. Inside, determine how to fill the spaces with light and make them more welcoming. It may mean taking down walls, raising ceilings, or adding new windows – but it will be worth the investment.
In the same vein, determine which features require updating or need to be completely overhauled. This may mean system controls, lighting, mechanical systems, HVAC units, etc. If you can gain an Energy Star rating along the way, occupants will know they will have lower expenses for utilities than in other commercial properties. You may also want to consider gaining LEED certification by adding sustainable elements to the project. Both Energy Star and LEED building are often high on leasing agents lists of must see properties, while adding return on investment for property owners like you.
Seek Out Economic Development Incentives
Often local and regional economic development incentives are offered for older buildings, so it is always a good idea to seek them out. These can include everything from tax to financing incentives, even property tax deferral.
Curb Appeal Inside and Out
As you plan your renovation, you will want to enhance the exterior curb appeal of your property; as the saying goes “You only have one chance to make a first impression.” And first impressions are vital in real estate. Plan for exterior landscaping and other aesthetic accoutrements that your prospective tenants will find appealing. Keep any signage fresh and attractive and add seasonal flower or landscaping touches to attract potential occupants.
Inside, make sure common areas – elevators, lobbies, restrooms – also get the update they need. This may mean new carpeting, ceiling tiles, hard wood or tile flooring, fresh paint, anything that will give your property a fresh, updated, welcoming feel.
Know Your Target Tenants
Knowing the potential occupants – attorneys, physicians, agency employees, call centers – you desire for your commercial property will help you design for their needs and allow you to deliver whether it means enhanced HVAC, IT, parking, daylighting, open space, and more.
If you have existing occupants, be sure to keep the lines of communication open during the renovation. Utilizing a phased redesign can aid you in getting your renovation done with both current and future tenants in mind. In addition, a multi-step phased plan decreases your financial risk while providing flexibility in your cash flow.
When the time comes to renovate your corporate property, Perillo Construction is available to deliver the expertise you need to get the project done successfully.