Economic recessions can halt production and negatively impact anyone, especially property owners. However, a recession doesn’t have to be a stagnant time or one where there is a loss on investments. Recessions are a great time to invest in, and add value to, commercial properties.
Adding value to your investment means addressing areas that need improvements. It’s important to consider every aspect of the property, including whether your commercial property is poorly managed, as well as whether there are surface updates to make to increase the financial value.
In a buyer’s market details matter. If tenants mention their Landlord has a slow response time when an issue arises, consider dedicating an employee to this specific property or adding a welcome reception/area to the property to service all the tenants. This would be effective in a large office multi-tenant property. The extra value and improved customer service will more than make up for the cost of hiring an extra employee. Adding amenities, such as gyms, café’s, outside lunch break areas and a walking path in industrial parks, flex space properties, or remote office space investment property can also add value.
Take time to evaluate curb appeal during a recession. Updating the exterior of your commercial property to include rooftop patios is a great way to increase property value without making a large investment. Landscaping and lawn services that improve your property’s appearance may seem unnecessary, but the extra effort to improve your property’s grounds can go a long way.
As many companies re-evaluate remote work options for employees, flex spaces are becoming more popular options for many business owners. Tenants often look for properties that can be used for a diverse array of jobs. Large conference rooms, small meeting spaces, or hard wall office floor plans all accommodate contemporary work zones and make your office property more attractive to tenants looking to expand their company.
Details such as ample parking, easy highway access, and restaurants nearby all set your property apart from your competition. You can’t control everything, however, as you look to add value to your commercial spaces consider the details.
Internet connectivity and wireless access are also big factors to consider when updating your property. You want to make sure your building doesn’t have any wifi dead zones and high-speed internet is accessible wherever you are in the building. The modern world runs on the internet and technology so you want your commercial property to work with contemporary workforce demands.
Do you need a broker to guide you as you look to invest in the best commercial property for your long term goals? Ullian Realty in Melbourne, FL has memberships in SIOR and CCIM. Our team knows Florida’s Space Coast personally because we live and work here. Contact us to learn more about our properties and how the Ullian Process will always help you make the best investments.
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