What Essential Features Attract Commercial Tenants To Your Building?
The commercial real estate industry is expected to be worth over $1 trillion in 2022. Yet, commercial property investors must be prepared for the challenges of buying and managing business buildings. Indeed, potential tenants are likely to reach out to their commercial landlords with damaging complaints if elements such as building safety and soundproofing are lacking. Health risks such as a dangerous structure or even the lack of soundproof insulation can lead to legal pursuits if the real estate owner does not properly address them. The commercial lease can be tailored to decide who is in charge of the repair and structural aspects of the building maintenance. However, you could still face legal consequences if you knowingly put a commercial building for rent without informing your tenant about existing health risks.
However, negotiating the repair responsibility between you and your commercial tenant is no guarantee that a tenant will be interested in renting the space in its current state. As more and more entrepreneurs embrace virtual workplaces, it becomes essential for commercial tenants to think outside the box.
Tackle energy waste already
Commercial buildings are responsible for a significant waste of energy. Did you know that the U.S. uses only about 50% of the energy it produces? The rest is wasted, affecting both the environment and the wallet! Therefore, tenants are more likely to consider your premises if you can show them how it could save money on their everyday operating costs. High-quality insulation solutions can prevent losing heat or cool through the walls, roof, and basement areas. Roof maintenance tends to be assigned to the tenant. Yet, using custom steel roofing instead of roof tiles can save your tenant hassles and reduce energy loss too. Similarly, it’s a good idea to consider essential repair works before putting the building on the rental market. Cracks in the walls and leaky sealant around the windows are unlikely to break the bank in terms of costs, but they can already make your building more energy-efficient.
Consider additional services
The real question every commercial landlord wants to ask is: What can I give my tenant that they wouldn’t get at home? The answer can be tricky to find. But commercial landlords must put themselves in their tenants’ shoes. What do businesses need more than anything?
A reliable and fast Internet connection is the most common answer. In a world where everything happens online, landlords need to get in touch with Internet providers to ensure their tenants can get the best possible service. For residential landlords, it can be tricky to discuss advantageous deals when you don’t have full ownership of the building but only a few properties within. Yet, commercial landlords can ensure their building structure is fiber-ready from the start. This will ensure their tenants can find the best supplier. Landlords can even consider negotiating connection prices with preferred providers to guarantee reduced costs.
Other essential services in a post-pandemic environment include sanitized cleaning and a supply of hand gel, which the landlord could manage.
Attracting businesses back into offices is no easy task, and commercial tenants must focus on important choices that will benefit their tenants and ensure long-term occupancy of the building. It is worth making early investments to address energy efficiency and Internet access if they enable you to secure long-term leasing.
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