Running a profitable and sustainable CRE property requires reliable, high-quality tenants. In order to draw in and retain these tenants, property owners need to identify opportunities for accessible add-on amenities that could boost curb appeal and increase tenant satisfaction. While you may not have to go as far as adding Silicon-valley style game rooms for offices or swanky eateries, there are a few upgrades that can elevate your CRE property and make it attractive to modern business owners.
Keep Up With the Competition
This one may seem obvious, but keeping a close eye on comparable properties in your area is essential. At the very least, make sure your property meets the baseline standards of your individual marketplace. What features or amenities do surrounding competitors offer their tenants? How does your property stack up? Are there any easy repairs or aesthetic improvements that you could make to elevate your property’s appeal? Then, consider ways you can invest to make your property an easy choice for a prospective business tenant.
Offer Green Space
A well-maintained exterior does more than just boost your curb appeal. For some modern business owners, green space is an essential element to a focused and cohesive workspace. According to Interior Architects, a global architecture firm, “Outdoor work environments have the potential to improve employee mood, lower stress levels, increase happiness, and therefore contribute to an organization’s success.”
Achieving more green space can be a challenge depending on your property’s style and location. A simple way to achieve this is by increasing the amount of greenery around the exterior of your office building. No outdoor space? Try staging your interior with simple indoor plants. The goal is to create an inviting, refreshing environment, whether you have retail, office, or multi-family property.
If you want to go all in on green, take a look at the requirements for LEED certification and see if it may be right for your property, your available capital investment, and your ideal tenant. Achieving LEED certification can improve your building’s image in the community and establish you as a go-to commercial space for sustainability-minded business owners. Plus, going green pays. A CBRE analysis of 20,000 US office buildings found that the average rental rate in LEED-certified buildings is approximately 31% higher than rental rates in non-LEED buildings.
Introduce Collaborative Spaces
In our post-COVID hybrid working world, the expectations of office space are changing, leading some business owners to prioritize comfortable and efficient conference rooms over cubicle-style working environments. Consider offering a larger space in your CRE property that can accommodate this style of work, preferably one that has plentiful windows for natural light. Help your tenants envision the potential for the space by providing whiteboard space and high-speed internet access (spring for fiber Internet if available in your area).
Prioritize Streamlined Communication
While green spaces and amenities may draw high-value tenants in, the best way to retain them is to provide a clear and open line of communication. But odds are, as a property owner, your time is limited. Responding to repairs and work orders, collecting rent, fielding complaints, and answering each tenant’s questions can be a huge commitment for many property owners. At NAI MidMichigan, we offer full-service property management services, including an easy-to-use tenant portal called Appfolio. This software enables tenants to pay their rent, submit work orders and check for status updates, and receive essential building-wide announcements, all from one website and app. If a complaint or issue arises above and beyond the confines of the app, NAI Mid Michigan can handle it on your behalf with our expert property management team. Your tenants receive professional service while you can enjoy peace of mind.
At NAI Mid-Michigan, we’re always thinking a step ahead for our clients. Our understanding of the local marketplace, combined with our knowledge of evolving industry trends, allows us to provide customized solutions. To learn more about our full-service property management services, contact us today.