Owning property and becoming a landlord is frequently cited as one of the best means of creating wealth over time. And while using real estate assets to build an income stream is undoubtedly sage advice, it is critical to regularly renovate your property to keep it ahead of trends to stand out to the market. With this in mind, keep reading for 6 of the best ways to upgrade your commercial building in 2023. 

1. Improve the Insulation

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Commercial buildings face increased scrutiny to reduce their carbon footprints. In fact, with the United States eyeing a net zero economy by the year 2050, property owners would do well to get started on this endeavor now rather than risk potential fines in the future.

To this end, while finding ways to deploy solar panels and other types of PV technology to create renewable energy is important, the other part of the equation involves curbing consumption by enhancing the R-value of the insulation. Whether it is roof cover board, exterior wall insulation, or below grade insulation, modern insulation products offer more R-value per inch than outdated insulation batts, giving building owners a commonsense means of lowering the heating and cooling requirements of their structures.

2. Install Hurricane Grade Windows 

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With 2022 in the books, it has almost become commonplace to hear that yet another record has been set for the warmest year in history. And with this gradual warming comes the increased incidence of severe weather events. Whether it be galeforce winds, blazing wildfires, or record snow accumulations, it seems like some part of the country is getting slammed with epic weather at all times. Therefore, to help keep insurance premiums at a tolerable level for your commercial building, it is worthwhile to look into some renovations that can help mitigate severe weather. Some examples include installing hurricane grade windows to withstand intense projectile impact, adding a shear wall to help transfer horizontal forces to the ground, and adding fire resistant composite roofing products. 

3. Seal Cracks In the Building Envelope

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Sometimes, the simplest projects can be among the most effective in terms of ROI in a commercial building that occupies thousands of square feet. As such, if a full scale insulation replacement or comprehensive window project is a bit ambitious for your budget in 2023, look at some ways to make your existing building envelope as airtight as possible. Some ideas include adding vapor barrier tape to your cladding system’s substrate, weatherizing all doors, and applying silicone sealants to window-wall transitions. 

4. Give the Parking Lot a Facelift

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A surefire way to see traffic dwindle in a commercial building is to have a substandard parking lot. Whether it be insufficient space or a surface damaged by potholes, customers are not going to come in if there is not a place to safely park their ride. With this in mind, one of the best ways to entice more visitors is by having a very welcoming parking area. Tend to all damaged sections and re-paint the lines so people can clearly identify spaces. Be sure that you have enough handicap slots. In the era of direct-to-consumer delivery, it is also a great idea to mark areas for couriers and delivery people to stand their vehicles while completing their runs. 

5. Fortify the Building’s Safety

Commercial building owners have to constantly be on the lookouts for a potential lawsuit. It’s just a fact of life. Therefore, if you’re stumped on how to improve your facility in the coming year, ensuring that the safety is first-class is never a bad idea. Some potential projects include:

• Enhancing the fire prevention features of the building
• Adding safety doors, metal detectors, and credentialed access
• Making sure that there is sufficient handicap access and accommodations
• Installing backdraft dampers and air scrubbers to improve air quality

Due to the importance of commercial safety, it is a great idea to hire a professional inspector to help identify issues that you overlook.

6. Increase the Building’s Versatility

With rising costs of rent across the country, more and more commercial tenants are looking for ways to share space with other businesses. Therefore, any renovations you can make to increase the building’s versatility can help improve occupancy rate. Features such as durable terrazzo flooring to withstand frequent furniture shifts, portable glass partition walls to improve the building’s customizability, and acoustic ceiling clouds that absorb sound transfer are all ideas that make it easier to share space with other tenants. 

Choose the Right Renovations to Take Your Commercial Building to the Next Level

Regularly improving and renovating a commercial building is crucial for ensuring that the facility remains attractive to tenants in a competitive market. From hurricane grade windows to improved versatility features, choose from any of the 6 projects listed above to upgrade your commercial building in 2023.

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