How to Add Value to Commercial Real Estate Property

0
98

Commercial properties can be considered a lucrative investment as it creates plenty of opportunities for the owners to make a profit in the future whether you want to use the property for your own business or rent it to others; in both the cases, it is suggested to add some extra values to your commercial property. In the below section, we will take you through a comprehensive guide that will help you to earn more revenue out of the commercial building.

Increase the Rentable Storage

If you are using your commercial real estate as a rentable property, you might already know that the overall square feet of the property and the rentable square feet of the property are not the same things.

If you reduce the excess space from the lobby of your commercial building and organize the hallway arrangements cleverly, you can also increase the number of tenants and earn some extra bucks.

Make Some Structural Changes to Your Property

By adding extra square footage to your commercial space or even the residential places like The Residences At Mandarin Oriental or any other, you can add extra value to the property. Based on the purpose of your property, you can also increase its value by adding an office, parking space, warehouse in your property.

Improving the Security Measures of the Building

Real estate property owners are always suggested to improve the security features of their commercial buildings. For example, they must install alarm systems, CCTV cameras in both the interior and exterior portions of the building. Meanwhile, they must also install sufficient fire extinguishers throughout the building.

Improving the Exterior

You can easily improve the appearance of your commercial building by improving its exterior. The external appearances of your building can significantly influence the value of the overall property. You can increase the value of your property by following the below tips:

  • Make the outdoor area clean
  • Update doors and window system
  • Painting on the exterior will give your property a new look

You can also consider installing a vertical garden. It will improve the aesthetic value of your building and offer environmental benefits.

Improving the Parking Facility

You must also improve the parking facility of your building in order to add value to the commercial property.  For example, installing shades in the parking space is always suggested. It will protect the cars from the scorching sunlight.

Decreasing Expenses

By decreasing the daily expenses of your commercial real estate, you will add some extra value to your property. Most of the businesses think that they can only increase the profit from their commercial building only by raising rents. But they can also increase the margin of profit by decreasing the daily expenses on their property. For example, you can consider using energy-efficient light bulbs and a modern air cooling system to decrease daily expenses.

By following the tips mentioned above, you can add value to your commercial building. The time has come to sign off. If you still need to know anything regarding this, please feel free to mail us. You can also share your insights below in the comment section.