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Every commercial property owner knows that a cheap but shabby and rundown space does not attract tenants or customers. And every entrepreneur knows that it does not make a good business impression either.
Owners thus go to great lengths when it comes to putting their commercial space in the market, and this includes pimping it up to suit certain purposes. Refurbishing a commercial space that has seen better days is considered a lucrative endeavor. Whether you want to sell it, rent it out, or use it yourself, with careful planning, it will surely yield positive returns. How to redesign your space to enhance its value?
• Hire a renovation company – Choose one that is reliable and is familiar with the nitty-gritty of remodeling a commercial property. Ensure that the firm can meet your budget, and deliver on the set deadline. Ask around for recommendations from friends or colleagues in the business.
• Space usage – Determine how the space would be used. Which business/activity would you cater to? Once you have identified your “target market,” the remodelers can proceed to dismantling and moving walls and doors, adding partitions and shelves, replacing lighting, flooring, ceiling and fixtures, upgrading the security system, and repainting the whole area to suit your or your tenant’s business requirements.
• Design and layout – If you are an owner-occupier, ensure the design and layout becomes a testimony of your brand or company image. You may involve an interior designer to carry out your concepts in mind and help you pick out the furniture that would go well with the design. Going for the timeless look is cost-efficient if you don’t want the idea of redesigning again later.
• Think green – Remodeling is the perfect chance to turn your space into an eco-friendly zone. Buy sustainable materials, and energy-saving or water-efficient equipment, appliances, and fixtures. Also, make great use of windows to allow sunlight to stream in, and add natural elements like plants to give the space a cozy feel.
• Choose a firm familiar with refurbishing commercial property
• Ensure the design and layout becomes a testimony of your brand
• Buy sustainable materials, and energy/water-efficient equipment
Source: Ellen Joyce Soriano, Special to Properties
The writer is a freelancer