The most significant advantages of the commercial office real estate market are leasing rates and long-term leasing contracts. Indeed, the more desirable the space, the better the leasing rates you will enjoy. A long-term contract secures a steady cash flow and results in fewer administrative hassles, and turnover costs. However, marketing your building with higher rents and long-term contracts will be challenging if your building is aged. In the current real estate market, where companies are more conscious than ever that their office space is a marketing tool to attract their top talent, a building refresh certainly merits thoughtful consideration. When you are preparing your building to be market-ready, you will want to consider these top industry trends to get the most return on your investment: make your interior space bright, open, and attractive, incorporate technology, make your building healthy for tenants, and enhance your outdoor workplace.
A Bright Space
When making your space attractive to new clientele, it is best to bring in as much natural light as possible. Natural light brightens up a room, and will better show the size of your space. Also, natural light will be highly desired to a savvy tenant who understands the health benefits of natural light for their employees and business. There are a couple of ways to bring more light into your space. Adding windows and windowed doors will help to illuminate and give warmth to your space. If beautiful landscaping or city high-rises adorn your views, the window will also serve as the ideal backdrop connecting tenants to their surroundings. Skylights are another great way to let in diffused natural light and brighten the space.
Open Up the Space
It is always best to open your space, making it look as large as possible. Opening the area will allow the potential tenant to envision how they might organize their business within your space – instead of struggling to fit their business into a pre-determined layout. A clear canvas allows tenants to paint their own picture within your building. To open the space, it is recommended removing all furniture, cubicles, and any eyesores.
Make It Attractive
People want to work and stay in, beautiful spaces. Case in point, a hotel stay. A clean, well-maintained hotel certainly feels more comfortable, inviting, and place you want to stay than a shabby hotel with outdated fixtures. The same is true when you are looking for a place to work in. A fresh coat of paint, new appliances, tile, carpet, and a refreshed reception desk and breakroom will set your asset apart from your competition. Your space needs to be beautiful enough to attract the clientele, but not so much that it misaligns with your client’s brand, style, or ability to make their own mark on their space. A clean canvas that is both beautiful and understated is the best approach. We recommend hiring a seasoned designer to help with the design details.
Having a smart building not only saves you money, is good for the environment and its tenants, but it also increases the property value. Technology like IoT (internet of things) and PoE (Power over Ethernet) utilizes automated processes to manage the building’s operations, including the air conditioning, heating, windows, security, and lighting. These technologies increase efficiencies and understand the tenant’s unique preferences for lighting and temperature, which studies show, can help to increase the tenant productivity.
Make It A Healthy Environment
More than ever, tenants are concerned about whether their building is a healthy place to work. Areas you can consider to make your building healthy are airflow, thermal comfort, water quality, noise, lighting, easy to clean high-touch surfaces, and touchless fixtures like faucets, entryways, elevators, and toilets. For more on building healthy, check out: Healthy Buildings.
Enhance Your Outdoor Workplace
Your outdoor amenities are a big draw for attracting clientele and their top talent. An outdoor space provides respite from the day, to socialize, and get fresh air for healthy and productive living. Check out our recent blogs learn more and for tips for making your outdoor space both functional and attractive.
A sellable market-ready interior is achievable by making adjustments in the right places. The advantage of an interior refresh is to ask for higher rental rates and have a steady cash flow with long-term leasing contracts. If you are looking to get your space market-ready, reach out to Sharon de la Cruz. We are here to get you started and take your space to the next level.