Breathe New Life Into Your Office Building: 5 Tips
Attracting quality tenants can be harder than you think since you have to find a good mix of tenants that complement each other and work seamlessly together. This means typically sticking to one target industry or taking tenants as they approach you and deciding which will fit according to the current climate of the property. Here are just a few tips for breathing new life into your office building in order to attract and retain quality tenants.
Add Shared Amenities
One of the easiest ways to bring in top-notch tenants is to add in private lounges, complimentary WiFi, implement conference rooms that can be booked online and trendy restaurants and cafes. The concept of an office space where employees can work and play in spaces designed specifically for these functions has become a staple in today’s successful modern office. These spaces create experiences for tenants.
Statistics have shown that even though renovations for an office can be costly, there is plenty of value to be gained through the improved tenant retention, higher rents and increased equity due to the renovations.
Focus on Exterior
First impressions are huge and you can really make a bad impression if the exterior has badly maintained landscaping and low-quality finishes. Easy fixes to up the exterior’s look are to replace doors and windows, which can also help lower costs for energy from running the HVAC system, investing in nice landscaping, updating signage and increasing the parking and security for the building.
Offer Building-Wide Fiber-Optic Internet
Access to high-speed internet is crucial for any business to run effectively. Fiber-optic internet offers greater benefits than regular high-speed broadband with faster speeds, increased consistency, and bandwidth. Being able to offer site-wide fiber-optic internet to tenants is a powerful marketing tool. Your tenants can save money on installation and reap the benefits the faster data service can have on the productivity of their business.
Work with Local Businesses
A great way to breathe new life into a building is to work with local business to partner and offer incentives for tenants like discounts and coupons. You can also ask local food truck vendors to visit the office on a certain day or days each week to change up the food options and give local business some extra exposure.
Perform Energy-Efficient Improvements
Landlords are now taking energy-efficient improvements into great consideration when looking for ways to breathe new life into their property. Things like organic rooftop gardens and rooftop wind turbines are great ways to give a workspace an extra “green” touch and can attract tenants who have a strong commitment to social responsibility and the environment. By doing things such as installing double-pane windows or energy-saving windows and upgrading the HVAC system, tenants can save on costs for utility bills. In certain cases, landlords may be eligible for tax credits for certain improvements to commercial buildings.
As a landlord or property manager, it is your job to know what tenants are looking for in an office space. These five tips can help you attract great tenants and keep them in your building.