If you’re the owner or manager of an aging property, you understand how challenging it can be to remain competitive – especially when newer, flashier buildings pop up in the neighborhood. Still, it isn’t time to throw in the towel; your building has good bones, a good location, and the makings for a truly special commercial space.
All it needs is a little revitalization. Renovating, remodeling or repurposing parts of your commercial property can be an opportunity not just to add new revenue streams, but also to push the envelope in terms of aesthetics, design, functionality, and value to the community.
For a commercial property you can be proud of – one that works for you and its occupants and users – consider the following four steps.
Make A Grand Entrance
You know what they say: first impressions matter. When prospective leasers tour your building, the first thing they are likely to see after the parking lot (more on that in a moment) is the entrance.
A lot can happen during that first impression. A prospective tenant should be able to envision their business thriving in the space – they should picture greeting clients at the door or shaking the hands of new hires in the foyer. A lackluster entrance, therefore, can repel a tenant before they get a chance to know what else you offer.
Think brightness and “wow factor.” Add plenty of lighting to the entrance, as well as striking artwork, an accent wall, or a central feature like a fountain.
Rethink Your Parking Lot
The parking lot doesn’t have to be a dead space. It can be an opportunity to add culture, boost appearances, and add passive income.
To get started, partner with a parking management company. The largest parking network in North America (and the best one for property owners) is REEF, an Accredited Parking Organization (APO). REEF parking solutions allow you to add revenue streams without overhead costs, leveraging cutting-edge technology to attract users and help you make data-driven business decisions.
Also good news for property owners/managers looking to revitalize their properties: REEF recently unveiled plans to transform parking facilities into multipurpose hubs. They are adding delivery-only kitchens, micro-healthcare clinics, and other modular applications to parking lots. These hubs can help revitalize your commercial space while providing value to the surrounding community.
Recently, MIT released a study with the headline: “For businesses, going green brings in greenbacks.” If you can excuse the wordplay, the study goes on to demonstrate how businesses adopting sustainable practices gain a competitive edge in the marketplace.
Certainly, the same is true for the commercial real estate industry. Because several businesses are turning toward sustainable practices, they expect the same from their office spaces.
There are several steps you can take toward a green building: LED lighting, low-flow bathroom appliances, passive solar designs, microgrids, smart HVAC systems, and more. For more information, read Deloitte’s breakdown of sustainability in commercial real estate.
Essentially, it all boils down to first impressions and lasting impact. Develop positive first impressions with a new entryway and thriving parking lot. And cultivate a positive lasting impression with a multipurpose neighborhood hub and green renovations.
If you are interested in even more lifestyle-related articles and information from us here at Bit Rebels, then we have a lot to choose from.