The commercial real estate industry is anticipated to be worth over $1 trillion by 2022. However, commercial property investors must be prepared for the challenges of buying and managing business buildings. Indeed, prospective tenants are likely to reach out to their commercial landlords with damaging complaints if elements such as building security and soundproofing are missing. Health risks such as a hazardous structure or even an absence of soundproofing can lead to legal pursuits if the real estate owner doesn’t handle it properly. Commercial leases can be adjusted to decide who is responsible for repairs and structural aspects of building maintenance. However, you can still face legal consequences if you knowingly rent out a commercial building without informing your tenants of the health risks involved.
However, negotiating repair responsibilities between you and a commercial tenant is no guarantee that the tenant will have an interest in renting the space in its current condition. As more and more employers embrace the virtual workplace, it is become important for commercial tenants to think outside the box.
Overcome energy waste
Commercial buildings are responsible for significant energy wastage. Did you know that the US only uses about 50% of the energy it produces? The rest is wasted, affecting the environment and wallets! Therefore, tenants are more likely to consider your space if you can show them how it can save money on day-to-day running costs. A high-quality insulation solution can stop heat or cold loss through walls, roofs and basement areas. Roof maintenance tends to be left up to the tenants. Though, using custom steel roof rather than tile can save your tenants hassle and reduce energy loss as well. Similarly, it is a good idea to consider major repair work before putting a building on the rental market. Cracks in walls and leaky sealant around 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 owner wants to ask is: What am I able to give my tenants that they will not get at home? The answers can be hard to find. But commercial landlords must put themselves in the shoes of their tenants. What does a business need more than the rest?
A reliable and fast Internet connection is the most common answer. In a world where everything happens online, landlords must contact the Internet provider to ensure their tenants can get the best service. For residential landlords, it can be difficult to discuss a lucrative deal when you haven’t got full ownership of the building but only own some of the property in it. However, commercial landlords can ensure their building structures are fiber-ready from the start. This will ensure their tenants can find the best supplier. Landlords may even consider negotiating connection rates with preferred providers to guarantee reduced costs.
Other essential services in post-pandemic environments include sanitized cleaning and supplies of hand gel, which can be managed by house owners.
Getting business back into the office is no easy task, and commercial tenants must focus on important choices that will benefit their tenants and ensure long-term building occupancy. It’s a good idea to make an initial investment in energy efficiency and Internet access if it lets you secure a long-term lease.
