Are you wondering how to best maximize the profitability of your commercial space and boost the value of your office suites simultaneously?
Regardless of whether you have Class A, Class B or Class C commercial property, there are several innovative ways to augment the value of the office suites. Get the most out your investment with the following best practices.
Tip 1: Find ways to increase usable square feet
One of the easiest ways to increase the value of your office suites is by adding more square meters. The best way to do this is to bring in an engineer and see which walls can be knocked out to create the popular open office floor plans. Opening up your property like this can draw businesses looking for co-working space or creative office space.
Tip 2: Invest in ‘smart windows’ for your office suites
Companies are beginning to take the health and well-being of their employees more seriously. We have seen everything from the incorporation of leisure areas with putting greens, to spa centers, and pool rooms in many Class A buildings. However, the latest trend is replacing regular windows with ‘smart apertures’.
These smart windows allow natural light to flood in without scotching employees thanks to the automatic tint feature that prevents excessive light penetration. Value wise, corporates are all too happy to pay 6.1% more rent for office suites that provide access to natural light if it helps with employee productivity.
Tip 3: Audit the energy use of your offices
How energy efficient are your office suites? Tenants appreciate spaces that help them keep their operating costs lower. The first step to becoming more energy efficient is to carry out an audit. This will shed light on areas whose energy efficiency can be improved.
To be audited are heating and cooling systems, lighting options, and appliances in the offices. Investors looking to improve the positioning of their investments, perhaps even move Class C buildings into Class B status should really look into energy audits.
Tip 4: Diversify your office spaces
There are different types of office space that can be had: Creative offices, co-working spaces, flex spaces, executive suites and traditional offices. Today’s businesses are shying away from the conservative traditional office space and looking to more streamlined options like co-working entities.
By reviewing the businesses housed in office suites around yours, you can get an idea about the type of offices tenants are looking for. In addition, by visiting other neighboring offices you will also get an idea as to which type of tenants you want occupying your offices. You might even venture to ask some of the employees what features they like or would like to see in contemporary offices.
Tip 5: Promote sustainability in your office suites management
People are more conscious than ever about the need to look after the environment. Therefore, adopting environmentally-friendly practices for your office suites can increase the value of your property. For starters, you may wish to install solar power, low flow-rate water-saving facilities, and provide recycling opportunities in the office.
According to today’s best practices in corporate and experts speaking on behalf of the World Economic Forum, every business has a mandate to operate more sustainably. Office suites that align with this vision are automatically valued more than those that do not.
Looking for an efficient property manager?
Are you keen to have someone else manage your commercial property? PMI Front Range Colorado offers a range of property management services including tenant screening, property marketing, maintenance, rent collection/deposits, accounting/statements, move-in/out inspections and day-to-day management. Contact us for more information.
