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There are numerous methods that real estate holders use to boost commercial property value, including embracing modern trends. When looking for a substantial ROI, there are also some that can help, from using modern smart technology to designing around the user experience. However it helps to remember that some will appeal more to specific customers and buyers, so before you go spending money in the wrong places, consider these five design decisions.
Upgrade High Traffic Areas
There are many things that can offer substantial ROI in commercial spaces. Among these are first impressions for wowing clients and workspace and break areas for keeping employees engaged and happy. Even something as simple as high-quality commercial railings that add to the space can be enough to transform how a lobby area looks and feels, and an updated employee kitchen, ergonomic work area, and even a quiet zone add to the value of a space.
Incorporate Smart Technology
Smart technology is increasingly requested by residential and commercial property buyers alike. Today, even something as simple as centralized lighting controls can make an impression on buyers who enjoy technology but also wish to develop sustainability plans within the space. Of course, on-site IoT systems can also integrate various parts of the office or business for greater and more efficient control of a space, which works towards improved ESG and sustainability.
Boost Commercial Property Value with ESG
Environmental, Social, and Governance (ESG) scoring plays a pivotal role in funding for some businesses all over the world. To this end, around 90% of Fortune 500 companies publish their ESG scores each year. However, something like governance isn’t only about project management certifications, and a high ESG score through maintenance, such as LEED design, can boost the perceived value of a commercial property as buyers look for sustainability.
Design for User Experience and Wellness
Most of the time, a space such as an office is designed around function without taking the user experience into account. Today, that is changing, and older offices are being renovated for wellness, while new buildings are designed with wellness built into the core fabric of a project. But what does this mean for property value? Renters and buyers of a commercial space are willing to pay more for wellness adaptations such as larger windows, air quality, and greenery.
Craft Flexible and Adaptable Spaces
Modern customers, such as businesses that rent a space, will all have different ideas of what the perfect office looks like. Because of this, any new design must be somewhat customizable. In terms of a workspace, this means adaptable and modular furniture, including built-in features like height-adjustable standing desks. However, standard office items like partitions must also be configurable, which will increase the practical as well as monetary value of a space for rent.
Summary
Giving high-traffic areas such as lobbies and break rooms a makeover will boost commercial property value when renting or looking to sell. Of course, designs focused on ESG scoring are appealing to certain buyers, and the value of a space will also increase if it is adaptable.