Commercial property

How to redevelop a commercial space?

Commercial real estate investing is exciting and sticky at the same time.

There’s a lot of excitement. How many new businesses can you attract to join your business venture? Are you going to have a mix of housing and businesses in the same large building?

Maybe you just bought a less expensive commercial property precisely for the challenge of the repairman. If so, this article is for you. You will learn the challenges of investing in a less expensive property to completely renovate it.

Here’s how to decide when, how, and where to remodel your commercial property to help it become a profitable (or perhaps more profitable) business.

Age is a factor

If your commercial property is quite old, it needs some tweaking. Whether the plumbing is dated or in need of repair, if your building is old enough to afford you a drink at the bar, it will need some tweaking. Don’t be afraid to make this investment.

Create a versatile environment

One of the best ways to increase your business income by remodeling is to create a versatile environment. This means combining residential and commercial in one property.

This will require you to apply for a zoning change with your municipality. Although there is a cost associated with this application, if approved, you will reap the benefits of being able to attract both residential and commercial clientele.

Useful additions that serve a purpose

If you’re struggling to figure out how to remodel your commercial space, maybe take a guided tour and ask yourself what you’d like to see if you moved into a new commercial space.

  • Are there toilets on the ground floor? How many?

  • Is there a common area?

  • Are there enough storefronts and customer gathering spaces?

  • What about health and safety?

  • Should it be pet proof?

  • Where are the natural exit points?

Make sure every penny you spend on your new investment is money well spent in a way that makes sense.

Energetic efficiency

One of the best ways to recoup money on your commercial real estate investment is to become eco-friendly. This means adopting energy-efficient building codes and practices. Consider installing motion sensor lighting or using the roof as green space.

Converting desktops to laptops and using power strips rather than direct wall plug-ins saves money in a commercial environment. Allowing EV plugins to charge your customers’ electric cars is another great way to attract new customers.

Accessibility is key in residential suites

If your commercial property also includes a mix of residential suites, one of the most critical aspects of those suites (if you’re targeting an older demographic) has to be accessibility. This is especially true in the bathroom and kitchen areas, as this is where people with reduced mobility struggle the most.

Renovating bathrooms for accessibility purposes doesn’t have to be expensive either. Grab bars and motion sensor lighting, or adding roll-in showers are a great way to increase accessibility without breaking the bank.

Take care of your occupants

Adding wellness rooms is a great way to offer something different to your incoming customers, whether residential or commercial. Wellness rooms can simply be ambient rooms, quiet and dimly lit, allowing clients to relax for a few minutes before reentering a hectic workspace.

The purpose of a wellness room, or any other health-promoting renovation, is to promote and encourage the health and well-being of your occupants.

A thorough review of everything

Before beginning any commercial renovation, you should check the soundness of your electrical, plumbing and mechanical operations, including the structural integrity of the building itself.

This check is done to see if the building can withstand major renovations that you may be considering without collapsing or seriously damaging central systems. So before you start your renovation journey, have your building checked by qualified people.

Renovating a commercial property can be difficult, including not knowing where to start. Look to the future, be sure to double check everything, consider the occupants of the building – both present and future, and go green.