Commercial properties are more challenging to manage than residential properties. Commercial tenants want to move into a “shell” that has everything they want, including Wi-Fi, conference rooms, and more. Your tenants’ expectations are extremely over-the-top – with that said, you have to invest to improve your property.
Fortunately for you, our property management firm has been in the business for years. We know what works – and what doesn’t – for South Florida commercial real estate, which is why we’ve compiled a couple of must-haves for your investment:
What is commercial real estate?
Commercial real estate or CRE is a type of investment property that provides people with a workplace, or enables businesses to “set up shop”. The primary goal of commercial real estate is to generate profit.
In commercial real estate, tenants sign a lease agreement that runs for a longer period of time. For comparison, residential real estate has short-term and month-to-month contracts.
What amenities should you provide in your commercial real estate investment?
The minor details matter. We’ve outlined a few amenities you can provide in your commercial real estate investment:
#1 Conference rooms
What if your commercial tenants have to plan an event that involves a lot of people? If their space is too tiny, they will want to hold it somewhere else. This can be a hassle, so it would be best to meet their needs. You can build a large room in your commercial building so they can hold events, conferences, and more on-site. All they have to do is reserve it!
Ask your property manager to make a checklist for the conference room. Keep in mind that the room will be used by multiple people who’ll likely need equipment such as whiteboards, whiteboard markers, and more. This is an additional cost, but it will be worth it. Your commercial tenants will pay a premium for the convenience only you provide.
#2 Wi-Fi connectivity
Commercial tenants want to be connected to the Wi-Fi, even when their employees are not on their computers. If you provide Wi-Fi in your commercial property, you can attract more tenants – particularly those that want to use it as a workspace.
Even if your tenants want to install their own Wi-Fi, you should still connect to it. Your tenants will likely have guests, including interviewees, investors, etc., over time. With that said, you should cater not only to your tenants but also to the important people they’ll likely invite over.
To prevent people from connecting to your Wi-Fi for non-work-related tasks, you can block certain websites. Alternatively, you can provide your tenants and their employees with a password.
#3 Open windows
Offices can feel stuffy. That’s why commercial tenants want the space with the widest windows, as they can make the room look more spacious. As you renovate your real estate investment, you may want to install wide windows. These windows allow the natural light to enter, which is great for tenants who want to lower their energy usage. Besides, sunlight has been shown to boost employees’ morale!
Pro tip: get the opinion of a professional property management firm. They know what commercial tenants want, and can help you secure contractor services for a fraction of the cost.
#4 Food options
You don’t need to pay for your tenant’s coffee, but you can provide them with convenience when it comes to their food. If your commercial real estate has an on-site cafeteria, your tenants no longer need to go out every time they have to eat. This will save your tenants a lot of time.
As an alternative, invite restaurants to set up pop-ups. This will “spice things up” in your on-site cafeteria and give tenants something to look forward to every week.
Need help finding vendors for your on-site cafeteria? Partner with a commercial property management company – they’ll have a list of vetted vendors whom they can count on to provide proper services.
#5 Fitness centers
Today’s workforce wants to work and work out. Employers know this, as well. That’s why they prefer workspaces that provide on-site fitness centers with locker rooms, showers, and so on. They want to satisfy their employee’s need for fitness. So, if your building comes with a gym, they’ll be more than willing to pay a premium price for it.
#6 Outdoor space
Your tenants deserve a mid-day break from their desks! Encourage your tenants to step out and trade the stale indoor air and inhale the fresh air from the top of the roof. Not only will this boost their morale, but it will also attract them to renew their rent. This is because they feel like they’re not only renting their area, but also the outdoor space surrounding it. Your office building’s outdoor space can be a selling point for your commercial property.
#7 Lobby or lounge
Your tenants will likely invite interviewees, stakeholders, and so on. Give their guests a temporary place to wait for your tenants by building a lobby. All you have to do is throw in a couple of couches, design a place for the concierge, and invest in a wide-screen TV. You could also hire a barista to operate a pop-up cafe in the center of the lobby. And don’t forget to create a centerpiece, such as a fountain, piece of artwork, and the like! This will wow your tenants every day they arrive!
The Bottom Line
This list is only the beginning of what you should add to your building. Over time, your tenants may have unique requirements that you need to meet.
To make sure you stay on top of your investment property’s must-haves, partner with a professional property management firm. At Luxury Property Care, we have an expert team of property managers who can guarantee that your investment will be well-managed all throughout the year. We’ll attend to your tenants’ needs to ensure that they will always renew.