The real estate market is competitive – particularly when it comes to commercial real estate. Whether you’re ready to sell or lease your property right now or you’re just looking to the future, you want to increase the value of your office or other building as much as possible – especially if you can do so without investing too much up front. Take advantage of these simple and affordable improvements to make your property more desirable and therefore more valuable.
Inspect, repair and update electrical systems
Technology has changed dramatically over the last couple of decades. In many cases, the way the electrical system is set up in older buildings may not be adequate to meet the needs of today’s Internet-powered businesses. Faulty wiring can lead to frequent power outages and other problems, so make sure you have an appropriate electrical distribution system .
Some electrical problems can be fixed cheaply, but others might require extensive updates. If you do need to upgrade your whole system, don’t stop just at the minimum requirements for businesses today – think about what businesses might want to be in the building, and whether electrical systems would meet their needs.
According to Energy Star, the single largest operating expense for commercial properties is energy use. It accounts for nearly a third of the average operating budget. Additionally, energy creation and consumption account for around 20 percent of the greenhouse gas emissions in the United States each year. Finding ways to make your property more energy efficient has a dual purpose. Not only does it add to the property value when it comes time to sell, but it will also save you money today by reducing energy costs.
People love extras. Adding amenities such as a daycare center or workout room to a business complex makes them appear more high-end and desirable. Although commercial real estate brokers recommend adding amenities as a way to boost your property’s value, make sure that the up-front investment will pay off based on historical performance in similar cases. Because of the cost, adding amenities can be one of the riskier methods of increasing value, but if you choose wisely, the payoffs can be huge.
Your commercial property is likely one of your biggest investments. It only makes sense to do everything you can to improve its value and help you get the most you can from it, now and in the future. Spend time researching what other nearby buildings have sold for and what those owners did or did not do to improve the value. The lessons learned from other property owners can help you make the right choices to attract the right tenants or buyers.
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