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Sunday, August 19, 2007


HOW TO ENHANCE THE VALUE OF YOUR COMMERCIAL PROPERTY 

The Paths to Enhancing Commercial Property - New York Times

Yes, commercial real estate is doing well compared to the residential market. But, are you doing all that you can to enhance your commerical property?

I. Raise Rents
II. Synergize Tenants
III. Supersize Parking
IV. Change Zoning
V. Get Easements
VI. Change Names
VII. Reconfigure Space
IX. Modernize


“Just walk around the property and look not only at the structure but the land,” said John T. Reed, the publisher of Real Estate Investor’s Monthly, a newsletter. “Is there any empty space that could be rented, or space that could be rented for a more high-value purpose? I can walk around an apartment complex and come up with a million ideas.”

As they are with homes, cosmetic changes are often a first step in increasing the value of a commercial property. A coat of paint, some professional landscaping and a few new awnings can go a long way in helping to draw interest in a building. So, too, can adding small amenities, like, say, a playground in an apartment complex, or even adding cable television or Internet service.

But there are also less tangible strategies that could be tried: You could change your address — not by moving, mind you — or change zoning, for example, or even grant naming rights to your building.




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