Every landlord wants to maximize their investment and one of the ways to do this is by getting the most out of the square footage in their commercial property. Commercial properties can sometimes have wasted space that isn’t beneficial to the tenant or the landlord. There can also be ways for a landlord to capitalize on the space available and even potentially bring in more tenants because of it. In this blog, we’ll talk more about this and how you can get the best use and most money out of your property.
Make Use of Every Space
Let’s first look at extra spaces. Do you have unused space in your property? Is there a basement that no one is using? How about a space under a stairway? If you have an unused space in your building, it’s time to rethink this. You may be able to convert that stairway space into something useable. Typically, the best use is to make this into a storage area by creating built-in drawers or shelving. However, if the space is large enough it could be converted into something else like a closet. Other areas like a lower level that isn’t currently being utilized could be rented out for storage space or potentially rented to a food vendor. It can also make a great area for a fitness room. If you have a garage or shed on the property that’s just sitting there, consider maximizing this space by renting it out as well. You’ll gain the most for your bottom line when you don’t let spaces go unused.
Add Useable Space to Your Property
Now let’s talk about how you can add even more space. This idea will only work for buildings with high ceilings. It will also work best for those in the building stages. Consider adding a loft to your building. If you want even more space you may want to consider a whole additional floor. Building upwards instead of outwards will allow you to maximize your space more efficiently.
Reconfigure Your Property
If you’re in the building stage or the renovating stage, you may find that reconfiguring your investment property has more potential to give you the most bang for your buck. This may mean knocking down walls to make a conference room or a larger rental to try and reel in those big fish. It may also mean erecting walls to allow for more potential tenants to fill the space. Carefully consider who your target audience is, research what they’re looking for, and reconfigure the property that best fits this target.
Create Multipurpose Rooms
If you don’t have a lot of rooms to work with, consider designing multipurpose spaces to appeal to prospective tenants. This way the room isn’t pigeon-holed into one use and can be used for multiple reasons.
Use Your Exterior Space Wisely
When considering your square footage look at the exterior as well. For example, the parking… Are you able to create more parking spaces? The additional parking can help with attracting prospective tenants or you can rent it out.
Consider any other exterior space that isn’t currently being used. One of the ways to make a property more attractive is to add some outdoor features like a walking path and a gazebo. These are ways you can also maximize the square footage outside. Take a careful look at this because these features can increase property value and keep tenants happy. Now, if you have a larger piece of land to work with, you may even consider building onto your property to create more rental space.
Consider Furniture Carefully
One more thing to consider is furniture. If you’re providing any of the furniture in the space, then choose items that aren’t overly bulky. You want them to be functional and have a nice aesthetic, but not take up too much room. And be careful with how you arrange them so that it’s practical but doesn’t take up more space than necessary. Also, pulling from the idea that was mentioned earlier about building upwards, if you’re going to include organization systems, these should be built vertically rather than horizontally to make the best use of the space.
There are plenty of ways to maximize the space in your commercial property. Take time for a thorough inspection of the property. Carefully take note of any unused spaces and see how you might be able to make them useable. Think about what your prospective tenants may appreciate and what might help your bottom line in the long run. You may find there are a few ways to get more out of your property.
If you’d like additional help getting the most out of your investment, then please reach out to us at PMI. We work hard to help our clients succeed. Visit our website today at: .
