When you’re renovating a commercial space, you need to be thinking about more than just making a cosmetic update. If you want to get the most from your investment, it’s important that your commercial property functions efficiently and appeals to tenants and their customers or clients. 

Strategically approaching your renovations will help you get the most return on investment, so it’s a smart move. This article discusses some of the best ways to maximize your ROI when renovating a commercial property. 

Assess Your Space

Before you start any renovation project, you need to have a clear idea of what you’re working with. That means assessing the current state of your property and identifying what needs to be fixed. 

Some of the potential issues to look out for include outdated infrastructure and inefficient layouts, which could devalue the property. If necessary, bring in an experienced contractor or architect to assess these elements so you understand where to focus your budget for maximum impact.

Remember, functionality comes first. A well-designed layout will make a space more usable, and therefore more appealing to tenants, which will give you a higher ROI.

Prioritize Energy Efficiency

Energy-efficient upgrades are the most impactful changes you can make when you’re renovating a commercial property. That might mean upgrading your lighting to LED bulbs or investing in modern HVAC systems to reduce operating costs, appealing to tenants who want to reduce their operating costs. 

It’s also worth installing a modern energy management system that monitors and controls usage, as this will add value by showing your property is committed to sustainability.

Update Key Aesthetic Elements

Functionality and practicality aside, one of the best ways to attract and retain tenants is to create a visually appealing space. There are a number of cost-effective ways to refresh your property’s interiors and exteriors, including with professional painting. A painting service in Olathe can make your property look contemporary and welcoming with a simple fresh coat of paint in modern, neutral tones, and you don’t have to go too overboard—a blank canvas will help tenants to see how they can brand the space for their business. 

Update Common Areas

Common areas like lobbies and shared office spaces can look outdated and dull in old buildings. A big focus of your renovation efforts should be on making these spaces welcoming and functional. 

There are a few small changes you can make to update common areas, including adding comfortable seating and modern fixtures, as well as smart technology like touchless entry systems. If your property has outdoor spaces, make sure they’re clean and tidy, and consider adding landscaping or seating areas if your budget allows. 

Measure ROI Post Renovation

Once you’ve completed the renovations, you need to measure their impact on your property’s performance. You can use metrics such as increased rental income and reduced vacancy rates to gauge your success.

Making strategic renovations is an opportunity to make your commercial property stand out in the market. Focusing on functional improvements and aesthetic updates that directly address tenant needs will help you get the most out of your investment.