Commercial buildings are an investment, so spending money on the cosmetic appearance and renovating your building is important.
The Fitch Street Plaza located in Welland was scheduled to have the entire 18,000 to 27,000 square-meter parking lot repaved beginning in May of this year. Originally, the project had started on schedule and was running smoothly until a disagreement occurred. The construction company who was originally hired to do the project had a disagreement with their subcontractor, resulting in a termination of the project's contract. This termination also caused an abrupt pause in the project, now causing major delays. The parking lot, which was covered with cracked pavement and potholes is now partially torn up, causing a lot of headache for both retail owners and the plazas patrons. This is not the way that a commercial space should be run or managed.
So, how can you effectively manage your commercial space? Below is a list of a few tips to help run your commercial property smoothly.
Property Management Adds to Success
Commercial real estate for many owners is an investment, and typically an expensive one. In order to receive the largest ROI on your property, it is important to have tenants and successful ones. Typically for many commercial property investors, they will hire an external property manager in order to make sure the facility constantly runs smoothly. Having this individual reduces some level of work that the property owner is required to do, potentially reducing the overall amount of stress that may come with owning a commercial building.
Adding Value to Your Commercial Property
Real estate is an investment. The better maintained a building is, the more likely you are to appeal to businesses or patrons. Just like a home, a commercial building requires work. This work can include minor aesthetics and updates such as light fixtures, textiles or work of this nature. Also, it could include major renovations to improve the structure or surrounding area (i.e parking lot or landscaping). Maintenance and renovations help to add overall value and appeal to your commercial space.
Successful Commercial Real Estate
When investing in commercial real estate, it is important that you take all aspects into consideration and ensure it is a successful investment. Many buyers don't think of all the logistics when contemplating the idea to purchase a commercial space. In order to have a successful commercial space, make sure to properly plan the decision before you decide to purchase.
If you have any questions about commercial real estate, contact me today. I’d be happy to chat with you and answer any questions you may have.
