Will a Tenant Improvement Result in Better Resale Value for My Business & Commercial Property?
If you own a commercial property and the business that is run out of it, making improvements to the property can certainly improve its value, as well as keep your future tenants satisfied so they are more likely to stay. You may even be able to charge more rent.
However, you have to make the right tenant improvements to get these benefits. Here are some of the best improvements you can make to your commercial property to get the best returns:
Good lighting can dramatically improve the look and feel of a space. Yet lighting is often overlooked as both a design element and a potential improvement.
Of course, you can put in more lighting, and improve the lighting fixtures that are in the space. Your goal should be to provide as much light as possible, to have stylish lighting fixtures, and to save tenants money on energy usage with LED and other energy-efficient lights. But you should think beyond the artificial lights and look at ways you can also improve natural light, such as improving the flow of the room or investing in larger windows.
Finishes are the outer surface of just about any item in your property, such as the flooring, the walls, or the countertops. If the floor has a dull or damaged finish, for example, clients will notice that right away and think poorly of the business. Therefore, the business would not want to continue operating out of that space for fear of losing customers or damaging its reputation.
You should invest in updating the finishes on everything that needs it. This can include sanding and staining or sealing the hardwood floors, cleaning the tile or refreshing the grout, polishing the granite, filling cracks around the trim, or even replacing outlets and covers. These may seem like small details to you, but they make a big impact on the impression that both tenants and their clients have of the space. You can get a big return for not a lot of money here.
Every property should be designed to be easily accessible by those with disabilities or physical limitations. If you own an older building or one that was not made fully accessible, you should contact a commercial remodeling contractor to make the necessary improvements.
You should consider accessibility a must, not an option. Businesses will demand it since they will be held accountable if their customers find it difficult to get into their building or to make their way around it. Talk with your contractor about checking off all the bases, including the entryway, walkways, elevators, bathrooms, and more.
Never underestimate the value of curb appeal for any property. The first thing that potential tenants will see is the outside of your building, as will it be the first thing that their potential customers see. The building and the grounds have to make a great first impression.
Hire a commercial remodeling company in Phoenix to improve your property’s exterior, such as cleaning the brick, replacing the siding, or giving the stucco a new coat of paint. Then talk with a landscaper about improving the design for the plants, shrubs, and flower beds. You may also consider adding outdoor lighting, retaining walls, patios, and other hardscaping.
Whether you are thinking you want to sell your Phoenix business along with your Commercial Property or you just want to improve it to try and get better rents from a buyer who wants to rent from you rather than purchase the property, it is important that you make your property the best it can be. Talk with a commercial remodeling company about these and other improvements you can make to get the best return on your investment. An experienced Phoenix business broker can give you invaluable advice about what improvements to invest in given the current market.
Valcon General is a top-rated commercial remodeling company in Phoenix that can help you improve your commercial property for top value. We specialize in commercial remodeling, and an experienced commercial remodeling contractor from our team can analyze your property and give you suggestions for the best improvements to get the biggest returns. Contact us today to discuss your project with a commercial remodeling contractor or to start brainstorming ideas together.
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