Like any residential property, commercial buildings go through their share of daily wear and tear, and those effects can be felt over time. Renovating a commercial space is the first step to not only ensuring its structural integrity and the safety of your employees but is key to maximizing your ROI.
Your commercial property is an investment and should always be treated as such. Whether you’re taking on a full reno or going through your list one project at a time, there are key factors to keep in mind as you begin the process.
Follow this guide and experience the full benefits of renovating your commercial property and maximizing your ROI.
Prioritize Your Renovations
Depending on the age of the building, there may be a small or large number of projects on your to-do list. The most important thing before diving in is to prioritize your list so that you can tackle the essential renovations that are going to maximize your overall ROI.
When it comes to identifying essential projects, take a basic look at the interior and exterior of your space. If you notice any glaring issues that should be addressed, put those at the top of the list before making any cosmetic changes.
Projects such as installing new plumbing or looking at roof repair for your business will not only help you and your employees today but will enhance the value of your property for potential buyers or leaseholders.
Balancing Profit Margins
If you’re going to invest time and energy into a renovation, knowing what profits you’re currently making is essential. Understanding how much money certain accounts or products are bringing in will help you make sense of your renovations and how they’ll affect your bottom line.
Safety & Durability
Safety isn’t just important for the structure itself — it’s crucial for your employees and any guests or clients that come through your building. During the renovation process, safety and durability should be two keywords that guide every project.
Working with durable materials like brick and steel can solidify the exterior and foundation of your commercial building, while metal roofing is becoming increasingly common to secure that structure and ensure it’s protected from natural elements and local wildlife.
Commercial renovations offer significant opportunities to improve fire exits, sprinkler systems, entryway security, and other security-related features — and are a major contributor to increasing your return on investment.
Remember the Details
Once you’ve addressed the big-ticket items in your renovation, move on to those finite details that can say a lot about the quality of your building and help enhance your investment return.
Renovations, especially in commercial properties, are a great way to incorporate equipment and amenities that will contribute to your profit margins — enhancing sound systems and adding additional charging outlets are just a few of the small solutions that can make a big difference.
Increasing your energy efficiency is also a great way to not only lower your energy costs, but it will also make your employees and visitors feel more comfortable.