Given the age of many buildings in and around Boston, capital improvements are key to competing in the market and maintaining property value. As you explore different renovation plans, what should you focus on? Here are a few building renovations that transform commercial real estate properties in ways that improve the bottom line of real estate investors.
Architecture and curb appeal are in high demand these days. Buildings can create buzz and attract public attention, which can be beneficial to both building owners and tenants. Dramatic features can be something as simple as a unique staircase or artistic foyer wall. It can be related to an overall renovation theme or the involvement of well-known artists. Thinking creatively and outside of the box can help you include a feature that is truly unique.
Honor Existing Building Style
Making old buildings more modern does not necessarily require eliminating everything that is old in it. Any improvements made should still fit with the existing architecture and style of the building. Otherwise, it might appear odd or out of place. For instance, you can repair and showcase brick interior walls instead of covering them up. Brick, when blended with certain modern materials and accent colors can offer warmth and charm not found in purely modern designs.
Embrace Societal Change
Building renovations that transform commercial real estate properties often embrace societal changes. Businesses operations and consumers behavior have changed dramatically over the years. How might your building layout, décor, and features predict and adapt to these changes? Renovations are your opportunity to get ahead of the game and perhaps even set a new standard.
Summary of Building Renovations that Transform Commercial Real Estate Properties
With increased competition in the Commercial Real Estate Market in Boston, differentiating yourself from competitors is more important than ever. What will people say about your building? What will make it highly desirable in the market? Building renovations that transform commercial real estate properties are those that make it stand out from the rest. In the long run, that appeal will positively affect your bottom line and increase the ROI on that renovation expense.