Landlord Upgrades and Asset repositioning
Over the last 12 months, we have seen a radical shift in the role of the office, and its utilisation. Commercial landlords have had no option but to evolve to keep up with the needs and expectations of clients and their teams in an attempt to encourage businesses back to the office.
A surplus of vacant office space has resulting in a necessity for building landlords and owners to undertake upgrades and refurbishments to differentiate their commercial property and attract new leasing tenants in what is a very competitive market.This realisation has led to a wave of new workplace strategies which look at the way in which tenancies and buildings perform, and the repositioning of common and shared spaces to ensure that the property continues to be relevant and commercially competitive.
Common building upgrades that can help to reposition properties include:
- Building entrance and lobby: to create a ‘destination’ building arrival. Additions of shared services, bookable meeting areas and on-site amenities such as hospitality options.
- End-user facilities: EOT facilities allow staff to run or cycle by providing facilities for showers, change-rooms and bike storage.
- Value-add facilities: Childcare, wellbeing/fitness spaces to attract potential tenants.
- COVID-19 safe upgrades: Efficient lifts to allow for social distancing and non-touch buttons.
- Building services: Upgrades can provide economic benefits and operational cost-savings for both building owners and tenants.
- Social responsibility elements: Smart lighting, effective waste disposal and recycling facilities. Energy efficiency, water efficiency, air quality and efficient air-conditioning will reduce running costs across the board.
- Speculative Suites: Creating a fitted-out tenancy to showcase the potential of vacant spaces.
Although commiting to financial outlay in the current climate is a difficult decision, the team at JDV Projects have found that the benefits and added value of undertaking an asset upgrade should outweigh any hesitancy.
Talk to JDV Projects about your Commercial Asset, email Kristy at email@example.com or call on 0481 733 533.