Investing in your home regularly can tempt new tenants, while also showing current tenants that you want to continue to provide the best experience for the term of their current rental period and beyond.
Good community facilities can make or break a building, which lays the foundation for your tenants to establish destination workplaces for their employees. Although not every tenant has space for showers or bicycle storage, the availability of these amenities in common areas can affect their choice of building.
The common areas in your building will be defined by the type of tenants you want to attract. Smaller firms will be attracted to open plan and community features that they will not necessarily want to develop or afford in their own office. This could include community or collaboration spaces to entertain clients, such as an open-plan café where clients can gather informally away from traditional office areas.
Larger corporate tenants will use these premises (who does not like a decent cafe?), While also emphasizing an attractive reception and concierge service.
Attractive common rooms can also make your building more attractive to both new and returning tenants … including the toilets, which should not be forgotten! If your tenants’ workers have been grumbling for years about the dirty, clogged toilet on the third floor, they will want to have it fixed as soon as possible.
Tenants do not want the impression of their own new outfit to be diminished by ugly or inadequate communal amenities that are degrading to both workers and customers.
Accreditations and facilities for wellness
Investing in the basic infrastructure needed to earn a BREEAM or SKA rating can help attract new tenants who want to pursue a wellness or environmental accreditation in their outfit. Installing an energy efficient mechanical and electrical system that supports their certification can make their decision to relocate a little easier.
Installing an eco-friendly M&E configuration can also qualify you for tax concessions and discounts, as well as lower lifetime operating costs for your tenants.
Shared quality services can also help your tenants implement employee wellness programs. Shower facilities may be necessary, for example, if your tenants want to promote cycling to work or start a mealtime jogging club. Providing these shared building facilities can help your tenants recruit and retain top staff in their field (and stay healthy).
Reduce the time between leases
If your new tenants can rely on the Cat A infrastructure you’ve provided, their Cat B fit will be faster to create and they will be able to occupy their space sooner, lowering your tenants’ construction costs. This can help you with lease negotiations as you may have to make fewer concessions, such as long lease periods, to bring in a new tenant.
Improve rental income
Real estate development financing is essential to improve your real estate portfolio. By investing in your property, you are actively communicating to your tenants and the market that your building is still earning the premium return you are requesting. Good Cat A foundations, shared services, reliable M&E and a welcoming greeting will also help you retain tenants and make fewer compromises on your next rental review.
As you can see, there are a number of ways in which landlords and tenants can share and develop space and make it a better situation for all involved.