5 Ways to Instantly Boost the Value
of a Commercial Property

If you have a property that you’re renting to tenants or want to sell to a prospective buyer, you may consider investing in some renovations to boost its value. We’ll share a few commercial renovations in Toronto that you can consider if you want to increase the value of your property.

1. Choose eco-friendly construction materials and systems

Think of ways to make your property more energy efficient. Whether it means using recycled building materials or changing the doors and windows to enhance insulation, eco-friendly renovations always enhance a property’s value. Do your homework and understand the kind of technologies you can incorporate into your commercial property to make it more energy efficient. If you invest in a project that has a positive environmental impact, you may even qualify for tax incentives and insurance savings. It’s always a win-win situation for the property owners as well as occupants of the building.

2. Repurpose an existing space

When looking for potential buyers, you may want to repurpose the space in order to make it more appealing and also enhance its value. For instance, you can transform the space into a warehouse, conference area or office. The previous tenants may have left the building with some of their personal design elements so make sure you prep the area before showing it to potential tenants. Having a clean and clear space gives it an illusion of a much larger footage making it more appealing to potential renters.

3. Don’t forget the property’s exterior

Don’t overlook the landscape in a commercial construction project because it gives visitors the best first impression of the property. Whether it means rebuilding the walkway or simply updating the lighting, exteriors can be revamped without spending much. A clean ground will instantly improve the implied value of a property. You can make the property more appealing to potential buyers and renters by incorporating the best landscaping elements or doing necessary repairs to add character and charm to the exterior.

4. Invest in the structure of the building

Does the commercial building require any structural repairs? You need to work with a contractor or architect to help you uncover structural issues which could devalue your property. Important areas such as the roof and foundation have to be thoroughly inspected and the repairs or replacement done soonest possible.

5. Expand the parking space

If your parking lot needs resurfacing, this is one investment that is likely to enhance your property’s value. For instance, the gravel parking can be paved to make it more appealing and easy to maintain. If your commercial building doesn’t have a parking lot, you can rent at a nearby property. Remember to also enhance the security in your property by investing in a modern alarm system, gates or shutters.