The commercial property market is among the hardest hit by the recent crisis. As more businesses let their employees work from home, demand for commercial spaces is on a serious decline. That decline, however, will soon turn into a steep rise, according to industry experts. After all, businesses will have to resume operations soon.
The commercial property market is about to enjoy a spike in demand, and there is no better time to prepare your spaces than right now. There are multiple ways to make your commercial property more attractive to potential tenants, but in this article, we are going to focus on the 5 changes you can make to produce the biggest impact.
Get an EICR
Getting an Electrical Inspection Condition Report, or EICR, is one of the first things you want to do when you are trying to increase the appeal of your commercial property. An EICR is a report generated at the end of a thorough electrical inspection. This lets you assure potential tenants that the building’s electrical system is safe for use.
While you are at it, you can also take steps to improve the property’s energy efficiency. You can, for instance, switch to LED bulbs and strips to reduce energy consumption by a substantial margin. Improving insulation and adding window treatments further increases the energy efficiency of your commercial property by a substantial margin.
More on Utilities
Speaking of taking steps to improve energy efficiency, taking a broader look at other utilities supporting the building is also a good thing to do. Checking the central heating system and making sure that radiators are working properly are great steps to take if you are just getting started. You can also make sure that the water is running and other support systems are in place.
With water, in particular, you now have the option to switch water supplier. Business Stream was the first commercial retailer when the market was first deregulated in Scotland back in 2008, and they expanded to serve the England when the market deregulated there too. Nowadays there are a whole range of retailers to choose from. Look for one who provides a good service and offers water efficiency advice as standard – your tenants will thank you for it if there’s a helpful and reliable provider in place when they move in.
Boost Kerb Appeal
There are two things you need to boost the kerb appeal of your commercial property substantially: parking spaces and green areas. Parking spaces are particularly important for commercial properties because tenants usually check for the available parking space when trying to decide on which space to rent or lease.
Adding green areas to the outdoor portion of the property, on the other hand, can help improve the overall ambiance of the space. Businesses are shying away from properties that appear cold and sterile, and are now actively looking for commercial spaces that have warmth, natural touches, and that start-up look to it.
Add Public Amenities
If you are renting out commercial spaces in blocks rather than as a whole property, you should also consider adding public amenities that are available to all tenants. The public amenities can be anything from a gym to an entertainment room and a library; anything that matches the needs of your target market.
Before deciding which amenities to get, however, you have to know the potential tenants you want to target well enough to understand their needs. If you are targeting new start-ups, for instance, having an on-site gym or interior designed for young workers will certainly make your property more valuable in the eyes of tenants.
Divide and Conquer
Last but not least, consider dividing the commercial spaces you have available into smaller blocks that small businesses can utilise. You may come across clients that need to rent a large space for their teams, but the majority of businesses today are going for small but efficient (and effective) spaces that they can fully maximise.
Be flexible when arranging the layout of your commercial space. While you want to divide spaces into smaller areas because they are easier to rent out, you still want to be accommodating enough for larger clients. Create a space that can be adapted to the needs of your tenants, and you will have no trouble pulling away from the market.
As mentioned at the beginning of the article, there is no better time to start making investments towards your commercial property than right now. The five tips and tricks we covered in this article will help you tackle common issues and prepare for your commercial property for a competitive market. Tenants will love the extra efforts you put in too.
One last tip as a bonus: don’t forget to cover the basics. You still need to make sure that the sprinklers are working and that there are enough fire escapes on the premises. Covering the basics, combined with the previous tips and tricks, will place you – and your commercial property – ahead of the market and completely ready for the upcoming demand surge.