The most effective methods to increase commercial building value
Increasing your commercial property value is actually a lot easier than you may think. Whether you are considering selling your office building as soon as possible or want to wait a few years before making an indefinite decision, it is better to act now rather than later. For example, if your office exterior needs repairing or improving, it is best to fix it as soon as possible as the longer you leave it, the harder and potentially more expensive it will be. There are also a variety of ways which you can transform your office into an eco-friendly workplace, which will definitely boost your property value, and there is no reason not to implement these methods right away. As well as improving the exterior and going green, there are a plethora of other ways which increase your commercial property value which we will now discuss in detail.
Add more space
If you wanted to add value to your home, you might add a conservatory or other form of extension – this idea can be used on a commercial property for the same effect. Adding extra square footage to your office can include expanding the canteen, creating additional offices, or more conference space. It is important to understand, however, that the added space must be practical and useable. For example, if your commercial building is poorly designed or has a dated layout with excessive hallways and cupboards, its value will likely suffer. If a full office renovation is not in your budget currently, then don’t panic, as there are other ways in which you can transform a useless storage area into a functional office. For example, simply removing a wall can turn two separate rooms into one spacious office and add more usable space to your building.
Improve the exterior
The outside of your commercial property is what will give potential buyers their first impression, so an immaculate exterior is essential. There are many ways you can improve the exterior of your property, including simple tasks such as having the windows cleaned regularly. Another way in which you can improve your office exterior is to focus on landscaping. An attractive landscape will not only add value to your property but will boost employee morale and support sustainability in your community.
In commercial building construction, cladding is often used to provide a degree of thermal insulation, weather resistance and also improve the overall appearance of the property. However, cladding is not indestructible and can be vulnerable to scratches, marking and dents. If you think your cladding may need some TLC, you should consider cladding panel repairs. Leaving damaged cladding panel for a prolonged period of time can be extremely detrimental to the overall exterior of your property, so getting them repaired as soon as possible is a must. Alternatively, if your cladding isn’t broken, but needs a new lease of life, you can opt for our cladding spraying service. Our specialist spraying technicians possess an extensive amount of knowledge of the types of coatings applied to commercial properties, so you are guaranteed to have an aesthetically pleasing exterior.
Many potential buyers consider the amenities a commercial building has to offer to be extremely important and can ultimately sway them into purchasing the building. Value-enhancing amenities include wireless internet, good parking facilities, a rooftop garden and onsite fitness centre. Of course, the size and location of your building will determine how feasible incorporating these amenities are, but their ability to significantly increase property value make them worth considering. If you are unsure what amenities you should add to your building, you should ask employees and other individuals you regularly use the building. Their opinions will be invaluable as they know exactly what they need to make their day-to-day lives within the building.
Invest in smart building technology
Smart building technology is slowing shaping the future of commercial real estate, making it a unique selling point for your property. If you don’t already know, smart buildings are any structure that uses automated processes to automatically control the building’s operations, such as heating, lighting and security. The ultimate aim of smart building technology is to improve efficiency and sustainability. For inspiration on how you can turn your property into an innovative, technology centred workplace, here are the top 5 smart buildings in the world:
Capital Tower, Singapore
The Capital Tower, which boasts an impressive 52 stories, has previously won the Green Mark Platinum Award for its construction, design and energy and water efficiency. The intelligent energy efficiency systems built into the tower includes an energy recovery wheel system in its air-conditioning unit and motion detectors installed throughout the building. Moreover, in order to reduce water usage, the building uses condensation from the air handling unit. Finally, to ensure there is optimal air quality throughout the building, there are also devices that monitor carbon dioxide and carbon monoxide.
Hindmarsh Shire Council Corporate Centre, Australia
Constructed by the Melbourne-based architect firm k20 Architecture, the Hindmarsh Shire Council Corporate Centre was built with the intention of improving energy efficiency and enhancing the office environment for employees. Being located in an area that is exposed to extreme temperature conditions, the architects cleverly used this to advantage and installed a series of underground thermal chambers and a ventilation system under the floor to draw in fresh air from the exterior.
Duke Energy Centre, Charlotte, North Carolina
Owned by Wells Fargo and home to Duke Energy, this building reuses approximately 10 million gallons of harvested water each year, including groundwater, rainwater and HVAC condensation. The landscaped roof garden of this centre also effectively reduces stormwater run-off and utilises the plants to capture excess heat. Most notably, the exterior was designed to look like a cut crystal and includes more than 45,000 LED lights!
The Crystal, London
One of the most sustainable buildings in the world is The Crystal in London, which was designed by industrial manufacturing company Siemens. This building is 100% electric and uses solar roof panels to generate about 20% of its energy. By heavily monitoring its energy usage, its carbon emissions are around 70% lower than comparable office buildings in the UK! If that wasn’t impressive enough, its energy management system controls all electrical and mechanical systems in the building, including its heating, cooling and ventilation systems, lighting, and solar thermal hot water system.
Burj Khalifa, Dubai
Aside from being the world’s tallest building, (TWICE as tall as the Empire State Building!) the Burj Khalifa has a smart building score of 65 out of 100 from Honeywell. With the help of Honeywell, several intelligent building projects were implemented into the building’s marquee venue which ultimately improved air quality, lighting and temperature for its residents.
It should also be noted that the building automation system relays real-time information to Honeywell’s IoT platform, which uses smart algorithms to identify anomalies and maintenance issues. Facility managers can then use this information to improve building maintenance and asset reliability.
It is clear from reading the descriptions of the smart buildings mentioned above, going green and making a conscious effort to turn your building into an environmentally friendly environment is definitely the way forward in commercial real estate. The green movement has gained considerable momentum in recent times for its eco-friendly benefits and ability to increase property value. Renewable energy sources such as solar panels are a great investment for your commercial building as they are becoming an increasingly desirable feature to potential buyers while effectively generating free, green electricity during daytime hours. Other ways you can make your commercial building more eco-friendly is by installing motion-activated lights, utilising LED lights as much as possible and introducing a roof garden where plants, trees and foliage can thrive.
A new and improved commercial property
Using any of the ideas above, you are not only guaranteed to increase the value of your commercial property, but you can also enjoy a more pleasant and eco-friendly working environment. If you want to increase your commercial building value but don’t know where to start, why not look at our broad range of services and find the one that best suits your property.