Commercial buildings can be expensive to maintain and upkeep.
Natural disasters and other unforeseen events can pose a high risk to these buildings.
You must stay on top of your commercial property maintenance so you don't end up with an unusable space in the event of an emergency.
The good news is that a commercial renovation is incredibly common. If you have the money to do so, now may be a great time to give your commercial building the much-needed facelift it deserves.
If you're not sure if it's time for a commercial building renovation, here are the signs to look out for.
1. Water Damage
The first sign of a building renovation is usually water damage. If you've noticed leaks, puddles, or other signs of flooding, this could be the reason you need to redesign your commercial property.
For example, there's a good chance you'll need to replace any flooring that has become damaged by water. It might even be necessary for you to re-wallpaper certain areas of your space or install new lighting fixtures.
2. Roof Concerns
If it's that time of year where you're seeing lots of falling leaves and twigs, you may want to give your commercial roof a quick check-up. Sometimes dirt can build up and damage the structure of the building if it's not cleaned regularly.
For example, if you've noticed that there are holes and tears in your roof, you might want to remove the old ceiling tiles and replace them with new ones. It's also recommended that you update or replace any damaged shingles before winter sets in.
3. Traffic and Safety Concerns
If increased foot traffic or new equipment is endangering your workers, it may be time for a commercial renovation. It could be as simple as an update to the layout of your building, or a complete overhaul of the entire structure.
For example, if you have an old loading dock that has become obsolete, it's probably time to replace it with a new one. Similarly, if your office is so cluttered and disorganized that customers and guests struggle to find their way around the building, it might be time for a commercial renovation as well.
4. Conditioning Issues
Commercial buildings age differently depending on their use and design. If you've been noticing problems with things like ventilation, odour containment, or other conditions that might be impacting your business's success, a commercial renovation may be in order.
For example, if your business deals with chemicals or other hazardous materials, you need to have a commercial ventilation system that sucks up the bad air and vents out the good stuff. In this case, it may be time to update your HVAC as well as your ceiling tiles as part of a commercial renovation.
5. Lease Negotiations
If you're about to renew your commercial lease, it may be a good time to renegotiate and make sure your business is getting the best deal possible. With any luck, you'll also get some renovations thrown in for free.
For example, if your commercial lease is up for renewal in the next year, check to see what kind of concessions you might receive. You could negotiate a rent credit or even reduced rates for renovations.
6. Rebranding
Is your company about to undergo a major rebranding process? If so, it's the perfect time to overhaul your commercial building and make sure it reflects your new image!
For example, if you're switching from a conservative look to something more modern, this is the time to revamp your commercial building and update the entire space. New lighting fixtures, wall colors, and even furniture can all help give your company's image an exciting facelift!
7. Time for Expansion
Perhaps you've outgrown your current space. A renovation could be in order if it seems like you're not able to handle all of your daily operations.
For example, do you have a growing number of employees or customers who are struggling to find room to work? In this case, it may be time for renovations so that more people can fit comfortably inside your commercial building.
Benefits of Commercial Renovation
Here's what you could potentially gain by having a commercial renovation performed on your commercial property.
Improved curb appeal: This will likely lead to more interested home buyers looking at your commercial real estate for sale. Interested buyers often use the exterior condition as one indicator of how well they will care for their new home. This can help increase your sale price if you're willing to put in the work.
More square footage: You might want to increase your square footage by purchasing industrial property for sale at a larger location so you can store more inventory and equipment if necessary, or simply open up space for new opportunities down the road! No matter what your reasons are behind needing commercial real estate for sale, it's likely that an upgrade would help with them somehow.
Increase company's value: A new commercial building will likely increase your company's value, which could help you qualify for more loans or other business investments down the road.
Improve employee morale: Your employees will probably appreciate a modernized building that is more efficient and helps their workdays run smoothly. They might even be happier at work! Not only can better lighting improve employee morale, but it could also improve productivity since they'll be more comfortable.
Improve energy efficiency: Many commercial buildings keep energy costs down, which can help your company save money over time. After all, no business owner wants to pay more than they have to for their office supplies or overhead expenses!
It's Time for a Commercial Renovation
Commercial renovation has the potential to be a serious boon to your company. Whether you're looking for commercial real estate, or simply want to give your current building a makeover, there's no doubt about it: now is the time!
To get started with a quote, contact us today.