7 Cost-Effective Ways to Increase the Value of Your Workspace
Commercial real estate can be a lucrative investment, whether you plan on using the property for your own business operations or renting it out to tenants. If you do own commercial property, you should periodically think about what steps you can take to increase its value. Even simple enhancements can help you reduce overhead, improve efficiency, increase employee satisfaction, attract new tenants, and justify higher rents. And, of course, if you ever decide to sell your property, any improvements you make will only help maximize your asking price.
Despite what you may be thinking, office enhancements do not have to be expensive or complicated. In fact, here are seven easy ways you can increase the value of your workspace on a budget.
- Keep it Clean: The cheapest way to increase the value of your commercial space is to keep a well-maintained property at all times. Make sure there’s no trash or litter on the premises. If there’s paint chipping off the building, be sure to repaint it quickly. Also, consider investing in professional landscaping. Professional landscaping can significantly enhance the outside appearance of your property at a reasonable cost. Simple upkeep like this will improve how your property is perceived by tenants, clients, and potential buyers.
- Add Amenities: Adding amenities like an eat-in kitchen, an upscale bathroom, or a paved outdoor patio area are ways to improve the appearance of your workspace, add charm, and enhance the property’s value at a reasonable price. You’ll see the return on your investment in increased rents or a higher selling price.
- Stay Safe and Secure: An often overlooked way to add value to a workspace is to strengthen security around the property. Adding gates, alarm systems, and even security guards can lower insurance premiums and make the property more attractive to tenants and potential buyers.
- Go Green: Everyone wants an environmentally-friendly workspace these days, and there’s so much you can do to create a green office depending on your budget. You can install solar panels or simply switch to high-efficiency lighting. You can choose to use only energy-efficient appliances in your workspace or put in water-saving faucets and toilets in the bathroom. Not only can these tips save you money on utility bills, but they may make you eligible for tax incentives, or even a prestigious LEED certification.
- Paint Possibilities: A fresh coat of paint can turn a drab, outdated office to one that’s clean, fresh, and vibrant. It’s a simple, inexpensive update that everyone will notice. Talk to the experts at Spray Finishes. They know all about painting workspaces, warehouses, storefronts, and many other amenities in the commercial workspace.
- Flooring Fix: If you’re satisfied with the color of your walls, then look down at your floors. How’s the carpet looking? Replacing the carpet is a relatively inexpensive way to improve the entire office. Or perhaps you want to avoid carpeting. Refinishing wood floors adds class and sophistication to any office. Laying down some colorful tile is also a good choice.
- Provide Parking: If your workspace does not have on-site parking, then the value of your property can be reduced by 15% to 35%. Look around your building and talk to professional pavers to see what possibilities for parking exist on your property. If you absolutely cannot add parking on your property, then talk to a private parking garage about a possible discounted group rate for your employees.
Spray Finishes, a division of Stone Services, has been in the electrostatic spray painting business since 1938. They specialize in on-site painting, and also have a 10,000 square foot shop for large off-site jobs. Spray Finishes’ friendly and knowledgeable staff is ready to serve you at any of their five tristate area locations, including New York, New Jersey, Connecticut, Long Island, and Westchester. Contact Spray Finishes today for an estimate on your next painting project.