Even with issues such as inflation and an impending recession, companies and small businesses are still looking for the best real estate for their business operations.
As a result, commercial property is still high in demand. But with some types, such as office spaces, quality is now more important than ever. Furthermore, smart, tech-enabled office spaces are becoming more popular amongst companies, and touchless transactions are also the new status quo for consumers. It's easy to see that building amenities are now key, and the rental market for landlords is more competitive than ever.
Building owners will need to have building and property management improvements that provide good ROI. That way, you will be able to attract and retain tenants to your commercial property and beat the competition!
Tenants are always looking for the best on-site amenities when it comes to commercial properties. Office building amenities are incredibly helpful so they can easily move in and start operations - they'll be able to seal the deal much faster too.
A building owner should consider providing provide essential amenities such as parking areas, high-speed internet, and even F&B options to make your property more valuable and attractive.
Just adding a vending machine won't cut it if you want to improve your building's brand and experience. A well-designed coffee shop that serves great drinks on the premises for example is memorable and can add a lot of value to tenants and guests. Plus it creates the perfect amenity space too.
You can also add a coworking area, which could be open not just for tenants to use but also for the public. It goes towards building a sense of community, which pays dividends when it comes to tenant satisfaction and retention.
Make sure to utilize every single available space in your commercial property. You can use vacant spaces to construct conference rooms. Your tenants can use them and save on CAPEX from construction.
Add plants and seating to your rooftop deck or outdoor space, and you can have an awesome social common area.
If your commercial property has been in your care for a long time, then aesthetic improvement projects should be made to make it more appealing to prospective tenants.
For example, you can repaint the walls of some of your retail spaces based on contemporary trends, or add design elements and facilities that work best for office buildings. Perhaps you might even want to hire a landscaping company to create a beautiful green space on your property.
To make the work environment of your tenants' employees more vibrant and livelier, you can also add some low-maintenance plants as well as art pieces to your commercial building.
Investing in your commercial properts safety systems is important, especially if some of your tenants have round-the-clock operations. Although crime rates vary from one city to another, having proper security measures would allow all your tenants to always feel safe and comfortable.
Ideally, you will need to invest in a 24-hour security system that works with turnstile or ID scanning. You may also want to make sure your fire and intruder alarms still work as they should and maintain brightly lit areas around your property.
Reception services can also provide a hospitality-like environment, especially if the sign-in process can be as smooth and quick as possible (no manual data entry!). Guests can feel more comfortable navigating the place, and tenants can trust that VIP visitors will be in good hands from the moment they visit the building.
Regardless of the kind of commercial property you have, you can be a step ahead of your competition if your building operations, especially those that are customer-facing, are tech-enabled and automated.
Smart workplace technologies for example are incredibly amazing as they can help commercial tenants and employees become more productive in the workplace.
There are different types of smart technology out there that you can get for your commercial property.
Some types that you will find are space booking, visitor management, and access control systems, plus smart devices like smart lighting and sensors.
Tools like these reduce the amount of manpower you need to hire to manage your space (less data entry!), plus add more efficiency since you can gain insight into how much your space gets used, and switch off specific utilities if they're not needed. Plus, they can be an added enjoyment for guests and employees to use too.
The software and hardware doesn’t just have to be for the public or shared facilities in your building. You can also offer these for tenants’ leased space. By offering these future-proof upgrades, your efforts could be very appreciated on their end as they don’t have to worry about sourcing or building these services themselves.
You can even create an extra revenue stream if you’re able to automate processes like access and open some of your facilities to the public for use. You can start offering options such as bookable coworking booths and meeting rooms.
Increasing the value of your property during uncertain times is one of the main challenges in real estate.
But as a property owner, you can first evaluate the amenities or projects that should be prioritized based on your target audience and location, and by doing so, you will be able to attract and retain the right tenants to your commercial property much more quickly.
If smart amenities for your commercial space something you’re interested in, be sure to contact us for a chat today. >> Contact us