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8 Ways to Increase the Value of your Commercial Property

Your commercial property is an asset that only retains or increases its value with proper upkeep and periodic upgrades. You want your property to stand out from the competition and increase revenue for you by staying ahead of the trends. 

What can you do to increase the value of your commercial property? Here are eight actionable strategies commercial property owners can use.

  1. Be Flexible with Fit-Outs
  2. Offer Amenities
  3. Give the Exterior a Facelift
  4. Make the Property Accessible
  5. Increase Security
  6. Renegotiate Leases
  7. Know the Market
  8. Hire the Right Property Management Team

1. Be Flexible with Fit-Outs

No commercial property tenant is the same. Each has its own brand that it wants to draw attention to, and with that comes different needs and business goals. Whether you provide space reconfiguration services or the tenant does that, try to be open-minded, flexible, and accommodating.

2. Offer Amenities

Many companies now offer various amenities at their properties to accommodate the varied workforce. Some properties include electric vehicle charging stations, while others have installed outdoor playgrounds and picnic areas. One of the latest trends is an onsite daycare facility. A fitness center is another valued amenity.

3. Give the Exterior a Facelift

Taking care of your property isn’t simply mowing the lawn and plowing the snow. The exterior of the building is the first impression. Increase curb appeal by washing windows, making repairs, putting on a fresh coat of paint, and landscaping.

4. Make the Property Accessible

One of the biggest pet peeves for many potential tenants and customers is not having a handicapped-accessible property and building. Commercial properties must adhere to the Americans with Disabilities Act (ADA) standards for accessible design. Providing parking, ramps, handrails, elevators, and bathrooms for persons with special needs is non-negotiable for a successful property.

5. Increase Security

Your tenants want to feel that they and their inventory are safe and secure. Parking lot gates, outdoor lighting, alarms, and even security guards can enhance the experience of your property occupants and visitors.

6. Renegotiate Leases

Raising rents when leases are up for renewal can instantly increase the value of the property by providing more cash flow. While that might cause some tenants to seek other spaces, it can attract higher-end tenants.

7. Know the Market

Understanding the community that your property is in can make it easier for you to improve the value of the property. This is especially important if your property is located in an area that is in a state of economic and demographic transition so that you can stay on track with neighborhood trends.

8. Hire the Right Property Management Team

A property management specialist understands market trends and fluctuations. This is generally a team of creative thinkers and doers. Their advice can often increase property values and ensure that income is stable. They also take on the task of dealing directly with tenants, building maintenance, and upkeep issues.

Closing Out: Increasing the Value of Your Commercial Property 

Taking steps to improve the value of your commercial property will help you unlock its full potential in the real estate market.

Construction, maintenance, and exterior services help increase your property’s value. U&S Companies is a Michigan-based commercial generator contractor that works with local property owners to complete projects to help maintain your property. Call us for a quote.

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