Your property is more than a building — the quality of the facility you’re in has the power to add to or detract from your company culture and employee morale. Whether you are embarking on a new commercial construction project, renovating your existing building, or performing tenant improvements, you have the opportunity to add value to your real estate investment through meaningful and well-executed construction.
Here are five construction considerations that can add value to your property:
Make the exterior of your property look its best.
Give your commercial property an advantage by investing time in landscaping and preparing the outside of your building or space. This can include, but is not limited to, upgraded walkways, improved outdoor lighting, or cleaning up the existing outside structure of your property. Upgraded windows and doors are another improvement that can not only reduce operating costs but will also appeal to potential tenants and customers. The first impression or curb appeal of your property is a major influence on the decisions of a potential customer, buyer, or tenant.
Consider improving your entryway, lobby, and shared spaces.
The spaces in your property that everyone shares have an effect on the way your employees and company view the building. Increasing the size or changing the design of our entryway is beneficial to employee morale but also in attracting potential tenants and customers. Your lobby and shared employee spaces will get many hours of use, and thus must be functional and appealing. Doing what you can to ensure these spaces are modern, comfortable and efficient will be worth your time and investment.
Add space and function through thoughtful planning and value engineering.
Value engineering makes the most of your business’ ideals, goals, and funds in order to maximize your property and space. You can achieve a luxury, first-class look that also maximizes the functionality of your space through value engineering. Work closely with your designers and engineers to take a holistic approach to your project. Consider your company’s values, business goals, and day-to-day operations in order to assess alternative ways to utilize your space and maximize its value and benefits. Hiring a general contractor with expertise in value engineering can save your company money while still achieving your desired end goal.
Increase property value through increased square footage.
If you are able to invest in a larger property, the potential benefits to your company and employees could very well be worth it. Increased space for tenants to use in retail or for renters to live in increases potential customers and allows you to increase rent and revenue. Even if you cannot invest in a larger space, it’s important that your property optimizes the use of the space it has. Installation of custom furniture or fixtures or re-designing a space by moving or getting rid of existing furniture can free up space in your property and increase the usability.
Invest in energy upgrades that will save you money over the long haul.
Potential tenants and buyers care about the energy and water efficiencies of their property or space. Consider the possibilities of using emerging technologies such as solar power, low-flow water saving plumbing, modern insulation, and energy-efficient electrical fixtures. Spending the money on these upgrades during the construction of your property or during its renovation will be worth it in the long run, as it will ultimately decrease expenses and environmental impact. On top of that, there could be tax incentives for investing in these technologies.
Making these general improvements to your property will bring potential increases in revenue. This comes from increased potential space to lease to tenants, the ability to charge a higher lease rate because of upgrades, an increased space for sales in a retail environment, improved flow and productivity in an industrial space, and, most importantly, improved morale and company culture.Want to explore how you could add value to your business through construction? Contact one of our general construction experts today.