When it comes to selling or leasing a commercial property today, the improvements in that property will have a major impact on both buyer and tenant interest. A modern building that is well maintained will therefore have advantages over older buildings when it comes to attracting interest from prospects. Here are some tips from our Newsletter.
I have put together a list of most of the improvements in a commercial building that will be of interest to a property buyer or tenant today. You can add to the list based on your specific property.
So here is the list, and it is not in any specific order. From an agency perspective the list will be very useful when talking to prospects looking at office property.
- Car parking will always be very important today. Most businesses require parking facilities for staff and customers. The amount of car parking needed will vary from property to property and prospect to prospect. It should be said that car parking is a source of income, so remember that fact in any lease situation.
- Available space for occupation will be relevant to the property size and configuration. Expansion and contraction of tenancies will place pressure on available space. Modern buildings can usually handle the adjustment; older buildings not so.
- Floor layout will be variable to the positioning of the common areas, services and amenities. That detail will include ceiling type and height, floor coverings, power, lighting, water, communication systems, and fire safety devices.
- Access to the property should be easy and direct.
- Security in the property will be an individual thing for some tenants based on their business type and hours of operation.
- Air conditioning will be standard during office hours. Some tenants need to extend air conditioning hours of operation. That will then be an extra cost to the tenants.
- Fitout configuration will be relevant today when an existing fitout exists. Get copies of plans and drawings that apply to the fitout. A new tenant may decide to take on parts of an existing fitout.
- As built drawings will apply to the floors and the building. You will need these plans to help the tenants understand how they can build their fitout (subject to all approvals).
- Building configuration both inside and outside of the building will be of interest to prospects. Get copies of the as built drawings to use here.
- Services and amenities will vary from property to property and have impact on special areas such as common areas, toilets, showers, gym, and tea rooms.
Operational outgoings costs are quite important to many tenants today. They want to know that good energy saving devices and a relevant environmental rating applies to the building that they occupy.
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