Tenant Improvement Projects to Increase Property Value
Tenant improvement projects, also known as leasehold improvement projects, are modifications that are made to a commercial space to meet a tenant’s needs. These modifications can be performed by the building owner or the tenant and can range from small updates to full renovations. Though most of these projects are based on changes to appearance or functionality, some renovations and upgrades can increase the value of your property. As experts in commercial construction projects, the team at Twin Maple Construction has provided some ideas for tenant improvement projects to increase property value.
High-Value Tenant Improvement Projects
Some projects can make your commercial space more attractive to tenants while increasing value. Examples of high-value tenant improvement projects include:
Lighting Upgrades and Design Changes
Upgrading your commercial facilities lighting with high-efficiency LED bulbs can save you money while enhancing lighting. This improved lighting is great for creating a modern look and can make a solid first impression on potential tenants. In addition to bulbs and light fixtures, consider the location of windows and if your facility has enough natural light. A large number of windows and an abundance of natural light is another modern and attractive feature for many tenants and businesses.
Exterior Design and Curb Appeal
The exterior of your commercial facility is the first element that potential tenants see, so it should make a strong and favourable impression. Landscape maintenance, a new coat of paint, and other small projects can make a significant difference for first impressions. Larger projects like signage updates, siding changes, and new landscape features can refresh your facility and increase property value. If your facility looks modern and high quality, business tenants will want to rent it as it will make a good impression on their customers. This allows you to raise rent applicably and have tenants sign a long-term lease.
Common Areas and Interior Design Elements
Renovating any kitchens, bathrooms, or other common spaces in your commercial facility can greatly increase aesthetic appeal and energy efficiency. Modern appliances and bathroom fixtures use less power and water, saving you money while increasing the value of your property. Updating flooring, walls, and ceilings can also increase the appeal of your property and make it more attractive for tenants. This is especially true if your previous floors or ceilings were old or in poor condition.
To learn more about effective tenant improvement projects or our commercial construction solutions, reach out to the team at Twin Maple Construction. Our experts can be reached through our online contact form and will be happy to answer your questions.