When businesses look at commercial property to rent, they focus mainly on location and size. As a commercial landlord, it’s easy to overlook the aesthetics of the property, especially as business tenants will often transform a space themselves to suit their needs. But levelling up your portfolio can reap benefits by creating more desirable properties and in turn, higher paying tenants.
Today’s commercial tenants are savvy and expect more for their money, particularly if you’re renting out office space. A basic building with minimal features simply won’t cut it with both employers and employees expecting breakout spaces, smart yet functional designs and attractive features which translate to a better working environment and a welcoming place to invite clients.
Six Reasons Why You Should Consider A Refurbishment
You might be asking yourself how much does a refurbishment really add? Well, the answer is quite a lot! While it is an investment it’s also a worthwhile one for many reasons:
1. Higher Rents And Capital Value
Modernising office space not only means you can command a higher rent, it can also increase the overall value of the property. Features, furnishings and décor are all assets which will impact the premium businesses are prepared to pay.
2. Attracts Better Tenants
Businesses searching for office space increasingly want an integrated solution that not only looks smart but provides the latest tech – wireless
3. Increasing Available Rental Space = Increase In Monthly Income
If you have a large building or space such as a warehouse, transforming it into individual workspaces or co-working areas will enable you to rent to multiple tenants rather than just one. Not only can this augment your monthly rental income it can also cushion any gaps in income when a tenancy comes to an end. Essentially, you’re not putting all your eggs in one basket.
4. Improved Energy Efficiency
From April 2023 all new commercial contracts are required to have an EPC rating of C or above and B or above from 2030. Refurbishment will provide you with the opportunity to meet those standards by upgrading to LED lighting, installing energy efficient heating and ensuring sufficient roof insulation. Improving your EPC rating could also improve your chances of successful mortgage or loan applications.
5. Improved Tenant Retention
Refurbishment enables landlords to strengthen relationships with existing tenants by installing the facilities they want. It also reduces tenant churn – if the office space they’re in is a great one with a conscientious landlord who is sympathetic to their business needs, they’re far more likely to renew a lease rather than move elsewhere.
6. Future-Proof Your Portfolio
Office redesign services can help you add smart technology, collaborative workspaces and clever designs which will adapt to changing work trends and appeal to progressive businesses. It will also help you stay competitive and relevant in an ever-changing commercial property market.
Elevate your commercial property portfolio by getting in touch with Creative Office & Commercial Interiors today.
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