During this unprecedented period of a global pandemic, you have been working hard to ensure your business is sustained at this time. All industries have been impacted in some way, shape or form, with commercial real estate impacted in a truly tremendous way. Whether your business is running at full steam, or you are beginning to get back on track, now is the time to consider commercial and tenant improvements – and here’s why.
First of all, what are Commercial and Tenant Improvements?
Tenant improvements (TI’s), are also referred to as Leasehold improvements. These are custom interior finish outs that either a landlord or tenant makes to a commercial space, whether an office, retail, or warehouse.
With Commercial and Tenant Improvements, the total amount and scope of the build out is typically negotiated up front between the landlord and tenant as part of the overall commercial lease agreement, so take a look at your existing agreement to understand what is available to you.
Why is now the time to consider Commercial and Tenant improvements?
Tenant Improvements are generally part of a lease agreement with the goal of configuring the space to the needs of the tenant. For example, if you own a retail space that serves as a brewery and restaurant in Langley, you may consider performing custom alterations at this time while you are navigating a physically distanced setting. With reduced opening hours, you can use the time to configure your space to the needs of yourself (or your tenant. This means that any form of improvements or construction can be done at generally unconventional times, to compliment your current opening hours.
Here are 5 quick Commercial and Tenant Improvements to increase your property value
1. Update your lighting
Lighting, whether in a retail space or in a home, can often be a focal point. Updating the lighting design of your space can really illuminate a property, while increasing overall efficiency through eco-minded light bulbs.
Consider using pot lights or wall accent lighting to create brightness, especially if your walls have interesting textures or pieces of art.
2. Consider updating your landscaping
Curb appeal can make a world of difference. Small details, like removing the shrubs outside of your building and replacing with hydrangeas or other colourful plants can help to bring some fresh life to you or your tenant’s business.
If the business has storefront displays, bring attention to these with a bed of florals surrounding the business name. Updating your curb appeal can lead to the attraction of new revenue!
3. Accessibility is a key factor to return visits and customers
As with any business, accessibility needs to be an important factor that is taken into consideration. From being wheelchair accessible by the means of a ramp, or an easy way to open the business doors, as a landlord and tenant, you have a responsibility to ensure your business is accessible to all.
4. Cleanliness is now more important than ever
Consumers are interested in the little things when visiting a business, such as an automated means to open a door (versus touching a door handle). An extension of being accessible, walk through your building with this lens – how can I make this space more attractive to consumers who care deeply about cleanliness?
5. View with a lens of efficiency
From smart thermostats to eco-friendly lighting, embracing energy conservation is no longer a nice-to-have, it is a must. Be sure to review energy efficiency rebate programs from the Government of British Columbia to take advantage of what may be available to you and your business. Embracing energy conservation will help to develop appeal to foot traffic and position your building as one that is progressive in nature.
Through this global pandemic, we are given the opportunity to consider areas of improvement, both in our home and in our commercial spaces. While it may not seem like a conventional time to invest in improvements in your commercial space, consider the opportunity to position your business or building as one that is invested in your space at this time, focused on curb appeal, eco-friendly solutions and accessibility for all.
To learn more about Commercial and Tenant agreements for your business, contact Bowline Construction here for a complimentary consultation.