How To Increase the Value of Your Commercial BuildingDecember 20, 2022 at 1:00 AM
If you own or manage real estate, particularly commercial real estate, it is imperative to identify the factors that can influence its value. Improving the property not only attracts higher quality tenants; it can simultaneously deem the investment as more desirable in the real estate market, attracting buyers and thus potentially sparking a bidding war. A building that is well-maintained will always have better potential for a higher resale value.
The more a building has to offer, the more attention it will get from buyers and renters. It’s not that different from the hotel industry – additional amenities such as complimentary coffee or tea, a gym, a business centre, or concierge services help increase the perceived value of the hotel itself resulting in the higher prices it charges customers. Additional upgrades or facilities in a commercial building works very much in the same way.
When it comes to competing for tenants, other than its location and price, the next item on the list that renters look for is the indoor experience and environment. Are the common areas regularly deep-cleaned and maintained? Are there additional amenities such as a gym and a nice cafeteria? Maybe some free yoga classes and complimentary access to meeting rooms? Offering something different that your tenants can enjoy only in your building can make a huge difference when it comes time for lease renewals and rent increases.
Having a pleasant outdoor experience is equally as important as the indoor experience. Is there a comfortable area outside for occupants to sit and relax? Are there amenities such as playgrounds or outdoor wellness spaces to attract families and children? When was the last time the building was repainted? If the paint on the building looks visibly dull and unattractive, and the concrete supporting the building is showing signs of weather damage, chances are the building is due for a thorough inspection and repaint. Not only do these upgrades help prolong the life of your building (saving you costs in the long run), but it also serves an immediate benefit of making the building look and feel newer and more attractive, hence, increasing its overall market value almost instantaneously.
Inspec Consulting Services Inc. is a recognized leader in the paint and coating industry. We specialize in third-party quality assurance inspections and consultations within the commercial and stratified residential space. Our paint and coating inspectors assume the role of a third-party quality control and assurance expert whose job it is to ensure that all aspects of the project are done according to the written specifications. The inspector then prepares documents for the owner or property management team to ensure that the project is completed with full adherence to the specified industry standards. Every action taken from the Inspec team is focused on the best interests of our clients — the property owners and their management teams. While we understand that "maintenance" is not always sexy, we believe that "saving money" is.