The real estate industry is one of the largest industries in the United States. It’s estimated that the industry contributes over $300 billion to the economy. One particular sector that’s contributing a lot more is the commercial real estate market.
Commercial real estate is the king of all real estate investments. Commercial properties are viral for those who want to put their money in a safe and secure investment. As a property investor, you know that the key to a successful investment is building the right commercial property. But what exactly goes into making a quality commercial property? Here’s a break of the essentials for constructing good commercial property to ensure your next investment is sound.
Aesthetics Matter
First impressions are essential, especially when it comes to commercial properties. Potential tenants will judge your property based on its appearance, so it must look well-maintained and up-to-date. If your property looks run-down, it will be hard to attract quality tenants. Here are three trends when it comes to the aesthetics of commercial stores.
Curb Appeal
Modern consumers care about more than just the inside of your commercial property. They want to see attractive exteriors that invite them in and entice them to stay. So from storefronts and signage to landscaping and parking, you need to ensure your property is inviting from the outside in.
Sustainability
Consumers are becoming more aware of environmental issues and want to see that your building is environmentally friendly. Therefore, they will be more attracted to buildings with geothermal heating, energy-efficient lighting systems, solar panels on the roof, etc.
Functionality is Key
In addition to looking good, your commercial property must also be functional. This means having enough space to accommodate your tenants’ needs and providing adequate parking. If your commercial property is cramped or doesn’t have enough parking, you’ll likely have trouble finding tenants willing to lease from you. So here are two ways to increase the functionality of your commercial property.
Technology
Commercial properties must be equipped with the latest technology to attract tenants and keep them happy. This means installing an integrated security system, a robust Wi-Fi network, and other high-tech amenities that tenants need.
Design
The best commercial properties need to have a functional design. So, for example, if you’re planning to build a mall, you need to ensure that the layout is designed to promote foot traffic. This will help keep your tenants happy and attract new ones as well.
Materials Matter
The materials you use for your commercial property will significantly affect its overall appearance and durability. Be sure to use high-quality materials that will stand the test of time. Some things to consider when selecting materials for your commercial property include the following:
- Ceiling height
- Flooring type
- Wall coverings
These can determine the aesthetics and functionality of your property, so choose wisely.
Zoning, Codes, and Permits
Before you start construction on your commercial property, you’ll want to ensure that the property is zoned correctly for the type of business or activity you plan to conduct. Otherwise, you could run into issues down the road. For example, if you’re planning on operating a daycare out of your commercial property, but it’s not zoned for that type of business, you could be fined or even forced to shut down.
Additionally, when you’re constructing a commercial property, you must do your research on building codes and permits in your area. Depending on where you’re located, there could be different codes and permits that apply to your project. Failure to obtain the proper permits could result in delays or even fines.
Hire a Reputable Contractor
One of the most important things you can do when constructing a commercial property is to hire a reputable contractor with experience with this type of project. You need to keep an eye out for a reputable commercial contractor. The right contractor has these three things under their belt:
Communication
A good contractor knows to communicate with you throughout the entire process. They will keep you up to date on their progress and be open to your questions and concerns.
Quality Work
A good contractor knows that quality work is essential for completing the project promptly and within budget. Therefore, they will ensure all of their workers are highly qualified for the job so that you’re satisfied with the final result.
Punctuality
Finally, a good contractor will be punctual and show up on time for meetings. As a result, theyy won’t waste your time, and you’ll be able to count on them to complete the project promptly.
Constructing an excellent commercial property is essential if you want to make a sound investment. By ensuring that your property has a good location, attractive aesthetics, and adequate functionality, you can increase the chances of attracting quality tenants and making a profit on your investment.