As a commercial property owner, your goal is to have as many tenants as possible and make a profit from your monthly rent collections. One simple way to attract more tenants and to increase monthly rental payments is to make improvements to the property. At JMK Property Investment, we manage commercial investment property in Miami Beach.
We know that owners of commercial properties might not live in the Miami area, or they might have many properties that they own throughout the city. We can help you by overseeing any renovations or remodels made to the property. In addition, we have relationships with various contractors in the area and can help get you the best price for the work. When it comes to property improvements, there are a lot of options! Read on to learn about 5 improvements you can make to your commercial investment property.
Renovated Office Space
Is the office space in your building worn and outdated? This is a great place to start improvement projects. Renovate all the office space in your building. It might be a good idea to hire an architect because they have in-depth knowledge about designing offices.
The goal should be to create offices that are visually pleasing and comfortable to work in. Not only will this help secure your current tenants for longer, but this can also be a huge selling factor to new tenants. As you renovate the offices, be sure to provide your tenants another place within the building to work during that time.
Updated Security
Another improvement to make at your commercial property is improved security. This will make current tenants feel safer, while attracting new tenants with the promise of a safe and secure office. First, install a card reader in the parking garage. Employees must swipe their card each time they enter the garage. This ensures that no one outside of the office is entering the garage when they should not be. Second, install card readers on all outside entrances to the building. Before entering the building, employees must again swipe their cards. This allows employees to feel safe knowing that anyone they see inside the building is someone who should be there. You can also place card readers or code locks on the outside of each office door so that the doors to individual offices can be locked at any time.
For further surveillance measures, consider installing cameras in and around the outside of your building to be on the lookout for suspicious visitors and behaviors. Being able to advertise all of these security features at your building will help draw in future tenants.
Exterior Improvements
Exterior improvements are one of the most essential renovations a property investor can make. While it’s not always a good thing to do, tenants often judge a building by its exterior. By maintaining the outward appearance of your building, you are much more likely to attract new tenants.
Make sure that the exterior is clean, freshly painted, and that the windows are frequently cleaned. Experiment with different textures, materials, and lines on the exterior to make it visually pleasing. In addition, update signage on the outside of the building so it looks fresh and modern.
Another great improvement to make on the exterior of the building is updated lighting. An architect will help you with your lighting needs to make sure your building is properly lit with modern, attractive lighting. This is a fantastic way to make your building stand out, even at night.
Landscaping
In addition to updating the exterior of the building, another helpful improvement to make is attractive landscaping for the space around your building. The more green space, the better. Plant trees and flowers and consider creating a courtyard where employees can relax and eat lunch outside. A landscape architect can help beautify the space. Once the landscaping is complete, be sure to hire a landscaper to keep the space watered, pruned, and looking beautiful all year long.
Build a Gym
Anything you can add to a property to promote the health and wellness of tenants and employees is a plus. Adding a gym for employees to your building is a wonderful improvement to make. Not only will your tenants love saving on gym memberships, but this also gives employees a way to work out during their lunch hour. In this gym, include exercise equipment, weights, mats, and a shower. This is also a perfect feature to get future tenants to want to rent in your space.
As an owner of investment property in Miami Beach, property renovations should always be on your mind. This is a good way to get tenants to renew their leases and to attract new tenants to the building. At JMK Property Investment, we can help oversee any renovations and remodels that occur at your property. We can also help you to find contractors at competitive prices.
When deciding what property improvements to make, we recommend five different types: office space renovations, updated security, exterior improvements, landscaping, and a gym for tenants/employees. Each of these will appeal to your current tenants, as well as attract new tenants in the market for office space.
Once the improvements are made, be sure that you advertise them when marketing space in your office! Commercial property improvements are a fantastic way to make your building stand out from other buildings in the area. At JMK Property Investment, we are here for our property owners every step of the way. If you live outside the area, have no fear! We will supervise the entire renovation project from start to finish and will provide you with updates along the way. For more information about JMK Property Investment and the services we provide, contact us today.
