2021 Renovations and Property Improvements to Consider
As the economy and Twin Cities real estate market continue to be affected by the prolonged effects of the pandemic, many property owners are thinking of creative ways to attract tenants to their buildings. While some have put 2021 building renovations on hold, there are several property improvements property owners can make to help them retain current tenants and attract new ones.
COVID-19 Health and Safety Renovations
The smartest improvements you can make to your commercial properties are those that assure tenants that your building is safe to occupy during the pandemic. A very affordable option is to simply advise tenants on how to configure their spaces to accommodate social distancing. Help them rearrange desk space or use your buying power with your vendors to offer low-cost sanitizing and personal protective equipment to your tenants.
You may also make long-term improvements to your building’s HVAC system and communal areas. Consider updating your air distribution system to improve indoor air quality and remove contaminants. In common areas, consider replacing soft furniture with hard surfaces that can be wiped down and disinfected frequently. You may wish to replace your current countertops with antimicrobial options now on the market. Motion-sensor lighting, automatic doors, and cloud-based controls for the AV in shared conference rooms can also keep your tenants safe. All of these improvements are selling points for potential new tenants.
Sustainability and Property Improvements
While health and safety improvements meet an urgent demand, renovating your commercial buildings to be more sustainable will help you attract tenants and save money in the long run. Improving the energy efficiency of your building lowers your heating and cooling costs, keeps building occupants more comfortable, and is a major selling point for green-minded tenants.
Upgrading your building’s HVAC system not only improves air quality, but it can also save you money in the long run. Efficient systems are more cost-effective to run and reduce your heating and cooling bills. So can energy-efficient windows and doors that help stabilize your building’s temperature, keeping it cooler in summer and warmer in winter. Upgrading your lighting to efficient LED bulbs can save you money in maintenance and electricity bills. Plus, the costs of upgrading lighting can be spread out over several years if you tackle one area of your building at a time.
But what about the initial cost of these upgrades? Many building owners and managers are hesitant to make changes that require a large upfront investment. However, with the right planning and budgeting, these upgrades can actually pay for themselves over time.
One way to start is by conducting an energy audit of your building. This will give you a better understanding of where your energy usage is coming from and where you can make improvements. From there, you can create a plan of action for upgrading your systems in a cost-effective manner.
Another option is to look into financing options specifically tailored for energy efficiency upgrades. Some utility companies offer rebates or incentives for making certain energy-efficient upgrades, which can help offset some of the initial costs. Additionally, there are government programs and tax credits available for businesses that invest in energy-efficient upgrades.
Beyond the financial benefits, investing in energy efficiency is also a way to demonstrate your company’s commitment to sustainability and reduce its environmental impact. This can not only attract environmentally conscious customers, but it can also improve employee morale and attract top talent who value working for environmentally responsible companies.
The benefits of energy-efficient upgrades extend beyond just cost savings and environmental impact. With newer systems and equipment, you can often see improved performance and productivity. For example, installing LED lighting can not only save on electricity costs, but it also provides better-quality lighting compared to traditional fluorescent bulbs.
In addition to conducting an energy audit, it’s important to regularly assess your building’s energy usage and look for areas where improvements can be made. This could include upgrading to ENERGY Star-certified equipment, installing motion sensors for lighting, or implementing a building automation system to optimize energy usage.
Not only will these upgrades save you money in the long run, but they also demonstrate your commitment to sustainability and can even improve your company’s overall image. In today’s increasingly environmentally conscious society, consumers are actively seeking out businesses that align with their values. By being proactive in reducing your carbon footprint and promoting energy efficiency, you can attract new customers who prioritize sustainability.
It’s more important than ever to attract and maintain good tenants. Building renovations and improvements are a solid strategy for keeping your building competitive in the leasing market. For more tips on how to attract tenants, contact the Clarity Commercial team today.
For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.
Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.
