Commercial facilities, such as banks, offices, hotels, and even factories, require upgrading on a regular basis, just like homes and apartments. However, because renovation is costly, many building owners and business owners try to ignore the warning signs and postpone the project as long as feasible. Maybe your business doesn’t need rebuilding right now, but if you see enough of these red flags, it’s time to swallow the bullet and get a contractor to redo it.
It may appear that renovating your commercial facility is a difficult endeavour, especially if you are new with the process. This should not deter you from embarking on this endeavour, since remodelling a commercial space can provide significant benefits to both you and the building’s occupants.
You may sense that it’s time for a Commercial Property renovation as a business owner, but you talk yourself out of it because it’s probably too expensive/inconvenient/complicated anyway. However, at Row London Construction, we understand that doing nothing comes at a high price, and that upgrading and renovating are frequently the most effective ways to boost your company’s performance.
A renovation project entails the restoration, repair, and remodelling of a building. Repairing a commercial structure, functionalizing a room, or simply adding additional attractiveness to the building’s architecture are all examples of renovations. Repainting the walls, upgrading the electrical system, rebuilding the floors, replacing old office equipment, and upgrading HVAC systems are just a few examples.
Commercial Property renovations have always proven to be helpful to businesses. A new, fresh, and decent appearance not only attracts customers, but it also enhances employee happiness and satisfaction, which can help a company’s bottom line. Even if your company appears to be doing well, it is time to expand.
Aside from the advantages listed above, there are a number of other reasons to renovate your business structure. Some of these advantages will be discussed further on. But first, let’s talk about what upgrading a business facility entails.
The Advantages of Renovating an Existing Structure
Finding an existing property to refurbish may be the ideal alternative if you don’t have a long list of must-have or distinctive characteristics for a commercial space. When compared to creating a new building, commercial restoration of existing space allows your team to complete the project in substantially less time. This is especially true if the building will not be used while it is being renovated. If you must inhabit the area throughout the renovation, it will take a little longer, but it will still be far faster than new construction.
Let’s take a look at the advantages you’ll enjoy if you go through this process.
Employees are drawn to you
When prospective employees tour your facility, you establish a memorable first impression. Rather than meeting them with a worn, outdated workstation that indicates a lack of ambition, take advantage of the opportunity to greet them with modern interior finishes that entice them to work for your forward-thinking firm!
Send the same message to your customers as you do to your employees: you care about the little things and how they interact with your company. Clients will have more faith in your company’s capacity to produce an amazing product through exceptional customer service as a result of this.
Employees now place a higher emphasis on a collaborative work environment than ever before. Create specific areas for contact and cooperation to demonstrate to present and potential employees that you value what they value. This will increase employee morale and camaraderie, and they will support your project by raising engagement and productivity, which will improve your bottom line. A great win-win situation!
Your company’s requirements evolve over time. Do you need more storage now than you did five years ago? Do your employees work in cramped quarters and could benefit from more space? To optimize the potential of your big redesign, adjust your layout and accessibility to office equipment while optimizing your square footage to better match your company’s current expectations.
There are always new eco-friendly and energy-saving options on the market. During a renovation, upgrade your heating and cooling systems to more energy-efficient models, improve insulation, replace old windows, replace inefficient lighting with energy-saving lighting, and replace old interior finishes with sustainable goods. Eco-updates not only save you money in the long term, but they also demonstrate to your customers that you care about the environment and can serve as a powerful platform from which to manage your business.
A significant remodelling project can significantly increase a building’s property value. This can result in increased property taxes, but it also means you’ll be able to obtain a lot more money if and when you sell the house, and you may be eligible for state and local tax deductions to help offset the cost. You can potentially utilise that value by taking out a higher equity loan while still owning the property. An increased property value is a very good justification to charge higher rental costs if you rent your property out to other firms.
Commercial Property renovation is an excellent way to demonstrate to your customers that you are doing well. It also gives you a competitive advantage and is an amazing approach to acquire new customers.
Even if you aren’t completely renovating a business property, remodelling it is a major task. That is why property owners rarely do it. Still, there are a variety of reasons why a refurbished building might assist your business financially, and remodelling usually yields a net profit over the time and money spent. Contact Row London Construction today to schedule an introductory consultation to discover more about how renovation can benefit your business and what improvements you might be able to achieve.
Row London Construction is an Edmonton-based commercial general contractor. We offer high-quality, low-cost construction and renovation services. We’d love to hear from you if you’re interested in reaping the benefits of a Commercial Property renovation or makeover.