As an owner or manager of a commercial property or someone who is interested in purchasing commercial real estate, it’s important to understand how to enhance the value of your property. In commercial real estate, opportunities to add value usually involve enhancing the property’s value and increasing cash flow. Upgrading the property with modern amenities, new landscaping, or cosmetic changes are some ways to boost its value. Keep reading to discover ways to increase the value of your commercial real estate.
Exterior And Interior Renovations
Improving your commercial property’s value is possible with renovations. You can update the building’s layout by refreshing its appearance and rearranging spaces. These renovations can either be cosmetic or substantial rehabilitation of the structure. Assessing your area or bringing in an experienced third party to help you with this task is advisable. Cosmetic changes can include:
– A fresh coat of paint
– New wallpaper
– Fresh decor in common spaces
– New flooring
– Repaved parking lot
– Aesthetically pleasing landscaping designs
Improved Outdoor Spaces
Improving the appearance of office buildings, industrial buildings, and shopping centers can significantly impact their value and increase rental rates. It’s important to consider upgrading the exterior, such as repaving the parking lot or enhancing the lobby, to improve the property’s overall appeal. Investing in aesthetic upgrades can even make a difference in attracting new tenants. With strategic renovations, you can see a positive return on your investment.
If you’re looking for ways to enhance your commercial property, consider updating your outdoor living spaces. This can increase the value of your property and attract potential clients. There are several things you can do to improve your outdoor areas:
– Remove any trash or debris
– Add tables and chairs to create seating areas
– Install walkways or paths to connect outdoor common spaces
– Paint the exterior brick or siding to freshen up the appearance
– Maintain the lawn by mowing it regularly
– Add flowers, greenery, or decorative rocks to common areas and along paths
– Build rooftop terraces to provide additional seating
– Ensure that your commercial roofing is in good condition by scheduling regular inspections and repairs
By sprucing up the outside of your property, you can make small changes that look like significant improvements. The end goal is to create an inviting space where people want to spend time.
Improved Outdoor Spaces Enhanced Security Protection
Tenants want to feel safe and secure when using your facilities. Upgrading to a modern security system is a simple way to help increase commercial property value. Security features you might add or update include:
- Alarm systems
- Code-activated barriers
- Tinted windows
- Keyless entry systems
- Security guard services
These can create value-add by making the property more attractive to tenants and protecting your assets from potential theft and liability. These features can also add value by helping you track who enters your property. Some insurance providers might even offer installation discounts. Overall, security installations can attract customers, promote safety and protect your property from unforeseen financial loss.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.