Shared commercial buildings, where units are rented out to various companies, have been the core foundation of many investment funds for decades. While commercial real estate was traditionally seen as a solid investment, recent market changes, such as the rise in remote work, have made the commercial office sector a less reliable investment prospect.
As more and more team members choose to work remotely using the latest technology to communicate, companies are reducing their office rentals and breaking their tenancies.
Many major corporations have moved towards a hybrid or fully remote working model, and others are following suit. As such, the commercial real estate market is now more competitive than ever before, as property managers compete to attract the remaining small pool of potential corporate tenants.
If you’re a commercial building owner or manager, then you might be wondering how you can adapt to this latest market development and provide the support that today’s commercial companies require. This article explores some of the upgrades that are essential to encouraging companies to lease office space in your building, and building managers can make the most of them.
Table of Contents
Create Welcoming Break Areas
Modern work culture revolves around work/ life balance, so taking breaks at your desk is no longer considered acceptable by most employees.
Many team members expect a dedicated break area with adequate kitchen facilities and recreational activities such as game consoles and TVs. Creating these spaces will help you to attract more companies that pride themselves on a relaxed work environment. It will also give them a way to attract new employees, so it can be a great asset to your office building.
Install Solar Panels
With the environment such an important topic right now, many corporations are seeking office space in buildings that are working towards NetZero targets. Installing renewable energy sources like solar panels can be a simple way of showcasing your commitment to reducing the carbon footprint of your commercial buildings.
Working with experienced commercial solar panel installers like AR Power can ensure that you get the right panels and solar battery storage solutions. As well as showcasing your eco-friendly credentials, installing solar panels on your commercial property can also earn you passive income, as you can sell any excess energy back to the National Grid.
Provide Accessible Solutions
One of the main reasons for the rise in remote working is that it is more accessible for everyone, whether they have a disability or specific care requirements, such as pets or kids. Creating shared office spaces that are accessible to everyone, particularly those with physical disabilities, is vital for property managers who want to attract more commercial tenants.
Accessibility is lacking in the UK’s workspaces and public areas, so buildings that have accessible features will be highly sought after by potential tenants. Consider adding features such as accessible bathrooms, braille signage, lifts and ramps. To ensure that you choose the right accessible solutions, consider working with an accessibility consultant so that you can create a welcoming environment that is easily accessed by everyone.
Offer Full Management Services
Supportive building management can help you to upsell your commercial units and make more money by providing ongoing assistance to companies within your property. Whether you choose to offer a concierge solution or simply a full maintenance service, this support can help you mark up the rental on units and set your property apart from others.
Having staff on the ground regularly communicating with your tenants can also help you, as a building owner or manager, to understand the ever-evolving needs of your corporate service users and adapt accordingly.