5 Reasons to Renovate Your Commercial Building

Many business owners are renovating their commercial building to make it more competitive in today’s dynamic marketplace. It’s also a less costly alternative to relocation, especially when you are in a desirable location and don’t need additional square footage. Many older buildings have a lot of wasted space from inefficient floor plans that restrict traffic flow and limit growth to outdated décor and amenities that make the building look less appealing. Also, outdated HVAC units, plumbing, and light fixtures not only waste energy and water but increase operational costs. Renovating a commercial building can increase property value, maximize available space, and improve efficiencies that will make it more attractive to tenants, occupants, visitors, and guests with a significant improvement to the bottom-line.

Increase Property Value

Renovating a commercial building is the best way to increase its property value, according to commercial real estate experts. It also brings in higher rents from tenants. Even if you don’t need a complete remodel, making strategic improvements, increasing curb appeal, and upgrading amenities can increase its value and provide a significant return on investment.

Improve Operational Efficiency

Renovating your commercial building, whether it is an office building, restaurant, hotel, or any other commercial structure, can maximize available space to improve operational efficiencies. A complete renovation can relocate entrances and exits to improve traffic flow, add windows to bring in more natural lighting, remove walls to reconfigure the floor plan, and other improvements that will accommodate your current and future business growth.

Make it More Appealing

If it’s been more than ten years since your last renovation, your commercial building probably looks outdated. It is even more evident when other business establishments have recently undergone renovations. Just like customers prefer to patronize establishments that look clean and modern, employees prefer to work in office spaces that are bright, uncluttered, and airy. Updating the flooring, doors, windows, paint colors, and landscaping are some of the ways to make your building more attractive both inside and out.

Install Energy-Efficient Fixtures

Installing energy-efficient fixtures that will allow it to better compete with more environmentally friendly buildings is another reason to business owners renovating commercial buildings. Installing energy-saving HVAC units, LED lights, windows, insulation, along with other green improvements, will save up to 30 percent or more on energy and water costs. It will also reduce the carbon footprint and improve the health of the neighborhood.

Upgrade Amenities

While the type of amenity upgrades will largely depend on the type of commercial space, the most desirable amenities are those that appeal to today’s modern, socially connected environment. Amenities like updated food and beverage options, plug-in units for mobile devices, open and contemporary lobbies with comfortable furnishings, wi-fi, fitness centers, and easy access to parking are some of the most desirable amenities that tenants and occupants want.