Investing in commercial real estate can be extremely lucrative if you know what you’re doing. Overlooking certain issues can be ruinous down the line. Consider the trend of capitalizing on employees returning to the office after remote work. You need to ask yourself what you’re looking for in a commercial property that signals it would be a wise investment opportunity that caters to that audience. Now that they need to come back, why should they choose to lease from your space? That’s why we’re here. Read on to learn what features to look for in a commercial space to increase your chances of success.
Parking and Public Transportation Access
While it may seem obvious, it’s important to keep in mind that people will go where it’s easy for them to go. Barriers to access can provoke consumers to patronize establishments with abundant parking or within conveniently close proximity to public transportation. Even if you lease to a highly-rated doctor’s practice, patients won’t appreciate having to circle the parking lot to look for open spaces, potentially making them late for appointments and having to wait around even longer in the office.
In addition, people may not own their own vehicles and, as such, rely on public transportation. If those commercial spaces you’re eyeing aren’t near any routes, you’re ultimately alienating a large base that would impact the success of those spaces.
When you’re looking to lease out office space, some of the biggest eye-catchers are fitness amenities. Many companies and insurance agencies offer fitness incentives, so ease of access to those incentives is a major selling point. After a long day at work, employees don’t want to drive to the gym, then to the store, then back home. If someone you know has a gym in their office building, chances are you’ll hear all about it. This is especially true if you invest in nice equipment, a comfortable place to wash up, and the overall cleanliness of the space.
Employee satisfaction is only becoming more important to companies looking to hire top talent. What’s important to them is ultimately important to you as a commercial real estate investor. The more modern and useful your amenities, the more clientele you’ll entice.
When it comes to leasing out commercial space, most of your suitors won’t want to spend time, energy, and even more money fixing up the features of a place up before they move in. Turn-key units are highly desirable for those conveniences alone. Depending on location and market, if the space is outfitted with amenities potential tenants are looking for, you’ll launch yourself up as a top contender.
Is it a restaurant space? Ensure all lines for things like water and gas are ready for use and that the cooking space is clean. Is it an office space? Make sure nothing is left behind by previous tenants, the space looks and feels clean, and it has quick and easy access to WiFi.
Updated Kitchen or Break Room
There’s not much more off-putting than walking through a modern office space and turning into an outdated kitchen or break room. Even if it’s clean, it can still feel grungy compared to the rest of the space and, as such, unappealing. A kitchen or break room with updated appliances, counter space, and hookups for TV, cable, or high-speed WiFi will draw people in because they can picture themselves having lunch and chatting with a coworker in the office instead of going out to eat every day.
Bringing in lunch as opposed to eating out is a significant cost-saver for employees. So, have a space they want to spend time in. It’s an important element of an office space you’re trying to lease out.
Outdoor Gathering Space
As important as it is to have an inviting interior, an outdoor gathering space is just as big of a selling point. If you’re renting out office space, people don’t want to be cooped up inside all day. They want to stretch their legs, cool off from work stressors, and breathe in some fresh air. If you’re renting out a restaurant space, having a place for patrons to gather outdoors and eat their food, have a drink, or wait until their name is called is critically important. If there’s no space to wait, it increases the chance they’ll simply hop to another place that you aren’t invested in.
The common denominator in these features is that they consider the tenant. What would the tenant want out of these spaces? What would increase their likelihood to move in? The easier it is for them, the easier it is for you. Keep a keen eye out for these features and you’ll be ahead of the game.