Whether you own a retail, office, or industrial property in Northeast Ohio, there is a good chance that your future commercial tenants will require some alterations to the space to meet their business needs. Tenant improvements are an important component of commercial property management in terms of both attracting and retaining quality tenants.
Typically, these renovations are paid for by the property owner according to a previously agreed upon tenant improvement allowance. Once that allowance has been met, the tenant is responsible for paying for any additional improvements to the property.
Tenant improvements can also effectively boost your property value by making it more appealing to both the current tenant utilizing the space, as well as future investors who may be interested in purchasing the space in the future. Below, learn about the commercial tenant improvements that offer the highest ROI and the best chance to increase your property value.
As a Northeast Ohio commercial property owner, when your business tenant succeeds, you succeed. Curb appeal improvements are a win-win for both parties, as they can help attract new customers and revenue for the business, and allow you to negotiate higher rents or more favorable lease terms as a result.
A fresh coat of paint to the building’s exterior, new landscaping, restriping the parking lot, or installing more modern windows can all work together to dramatically improve your property’s curb appeal. These types of tenant improvements will not only help your retail, office, or multi-family housing tenant succeed, they can also go a long way towards improving your property value over time.
Building improvements that increase your current tenant’s experience while “wowing” future investors will offer the best return on your investment dollar. Look for the opportunity to invest in contemporary amenities such as a fitness center, outdoor meeting or relaxation space, or trendy coffee or dining area.
Does your building have an unused rooftop? Transform this dead space into an urban rooftop garden, perfect for hosting important clients, employee happy hours, or lunch breaks. Your tenant will benefit from the ability to offer top-class perks to their employees, and you will enjoy a healthy lasting boost to your property value.
Tenant improvements that make your commercial property more eco-friendly can go a long way towards maximizing your ROI. For many businesses, sustainability is an important part of brand identity and/or social responsibility efforts. Investing in “green” lighting, heating and cooling, and appliances can also help tenants save a lot of money on monthly utilities.
Examples of tenant improvements that put energy conservation at the forefront include installing LED lighting, improving the building’s natural lighting, and designing living walls to help purify air and recycle water. Work together with your tenant to agree upon eco-friendly improvements that will enhance the aesthetics of the space and offer cost-saving benefits.
Cushman & Wakefield | CRESCO Real Estate offers a complete suite of property management solutions and services designed to support your investment goals in Northeast Ohio.
Contact us at 216.520.1200 or by filling out our contact form for more information.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.