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Owner
Outlook: If You Improve It, They Will Come
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Before and After Renovations at 763 Trabert
Ave. |
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Before |
After |
What's the best way to move vacant real
estate? JGRE recommends that landlords make an
investment in their properties if they want a more
receptive response – and executed leases - from
potential tenants. Depending on location, that
investment could be something as simple as painting and
re-landscaping, or as complicated as a lobby renovation,
new bathrooms or exterior improvements.
An informal survey of brokers from around
the country reports brokers universally recommend a
quick-fix enhancement of vacant space to set the office
or industrial building apart from all others on the
market. This strategy works and is recommended no matter
the local economy, whether the market is hot like
Atlanta or Houston or down like Detroit.
Most brokers suggest updating the
following basics:
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Floors: For industrial space, clean,
repair, and epoxy the floors. For office spaces, clean
the carpeting or replace it if it no longer usable.
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Walls: Repaint. In reused industrial
space, go with lighter colors or even a reflective
white, and in office space go with neutral white or
cream.
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Parking: Power wash, repair if necessary
and re-stripe. And make sure it is well lit!
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Landscaping: Clean up and clear out, and
add some color!
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Interior: Keep the inside clean and free
of dead-bugs and cobwebs.
Other suggestions include changing the
lighting to T5 or T8 and modernize the bathrooms.
The answer is always, invest in enhancing
your space – a tenant will come.
Excerpted and adapted from Steve
Bergsman's "The Quick Fix."
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