3 Ways to Raise the Value of Commercial Property for Rent

Commercial property for rent can be a blessing and a curse. When everything is in great shape and people are looking to rent, everything is great. When things need to be repaired or your property sits vacant, it can be hard to see the silver lining. Property is an investment and commercial property is no exception. For the proactive landlord, there are smart ways to increase the value and increase the revenue of commercial property for rent. 

A New Bathroom Goes A Long Way
Depending on how your commercial space is being used, you need to consider the traffic that it sees. Periodically you need to replace things that experience normal wear and tear. Carpeting, paint, and plenty of other things need to be replaced here and there. Improving things like bathrooms, kitchens, and light fixtures can make a huge difference in the impression your property gives and increase the value. Consider removing carpet and replacing it with hardwood or bamboo flooring to increase the appeal and use flooring that wears less. Whatever improvements you make, provided they make sense for the space and its intended use, will increase the value of your property. 

Efficiency Means Everyone Wins
Upgrading your property will increase the value of your property. When you upgrade appliances to more efficient appliances, you’re not only updating your property, but you’re also making it more appealing to potential tenants who would be paying the utility bills. Natural and green energy often appeals to younger and more progressive tenants. Rooftop solar panels are generally a great use of otherwise unused space. As if that wasn’t enough incentive, it’s also beneficial to the environment. Newer and more efficient appliances like air conditioners or geothermal water heaters use less energy and cost less to operate. In North Carolina, the state provides incentives to businesses and commercial properties for rent that make strides to be greener.

Increase Capacity
Shared office spaces are becoming a widely used resource for small businesses. Property owners can increase their revenue and the value of their property just by reconsidering how the space can be used. Commercial property for rent can be expensive for a small business of 8 employees, but when a few of those businesses share the expense of the building, it becomes considerably more affordable. Adding or moving a few walls can drastically change the way a space can be used. An unfinished basement is just additional rental space that hasn’t realized its potential.

Investing in commercial property for rent is a great opportunity for investment, but like any investment, there are risks involved. Being a proactive and open-minded landlord has undeniable benefits when it comes to controlling the value of your property. There will always be factors that are out of your control, so it’s important to manage the factors that you can to get the most out of your investment.