Tips to Turning a Commercial Property Into a Bonafide Productive Workspace

 While it may seem like it, creating an office doesn’t end with the acquisition of a commercial property as it merely serves as the bone or the skeletal foundation. It needs additional work for the structure to turn into an effective and efficient productive haven.

Now the job is easier said than done and we all know that this will take both time and resources to come into reality. So to make things even the tiniest bit easier, we’ve gathered the professionals to come up with the following list of tips to turning a commercial property into a bonafide productive workspace.

  • Illuminate the space. It’s important to invest in the right type of fixtures as productivity can be hampered by the lack or excess of light. Depending on how a certain room is to be utilized, the type and number will vary. As a general tip, opt for large glass windows and doors to allow as much natural light as possible.
  • Add a personal stamp. Nothing beats the effect of corporate culture in the office in terms of work and productivity. This is why it pays to ensure that the space is designed in such a way that it reflects not just the brand but also the organization’s vision and values.
  • Allow enough space. Mobility and accessibility may seem like obvious requisites in the office but many companies fail to value these. Cramped spaces and underutilized rooms not only eat up floor area but they too can pose risks to injury and accident as well as lower productivity and creativity levels.
  • Invest in smart storage solutions. Most commercial properties come as blank canvases so it pays to analyze the space and learn how to incorporate the right type and amount of storage units and systems. This ensures that everything is kept, has their place, can be found in a pinch and are preserved.
  • Create the habit of organization. While filing and labeling may seem like boring tasks, they do wonders in keeping the office tidy and making it easier for everyone to find what needs finding.
  • Nourish creativity. There are many ways by which organizations can nurture the innovation and creativity of employees through their commercial property. The use of color and patterns for instance are the cheapest and easiest options and we don’t just mean walls. Even the tiniest of details can create an environment that makes work feel leas like work and a space where people want to bounce off ideas, create, produce and enjoy. Because really, boring is out.

Establishments in Need of a Commercial Property for Sale London

commercial property for sale londonThe city of London as we all know is home to several organizations from all over the world all thanks to its strong economy, healthy population, and tourist count to name a few. The area is very strategic and enjoys massive foot traffic which any business would love. Therefore, it’s no surprise that a commercial property for sale London does not stay listed for long. They get easily snatched up the moment they go for sale.

We all need a place where we can put our hard earned earnings into safekeeping or an institution that can lend us resources when we need to and with the city as the biggest financial capital in the world, it’s no surprise that financial establishments and institutions flock the area, all in need of space for their business. In fact there are numerous legal and accounting firms with headquarters here.

Food businesses also flock the city. Not surprising because the demand for these establishments are high given the healthy population of both residents and tourists. Dining establishments like cafes, restaurants, bakeries, pastry houses as well as retail outlets like convenience stores, groceries and food specialty shops abound. They all need a commercial property for sale London.

Retail chains can also be found in numbers. These include just about anything from furniture to department stores to trinket shops to antique stores to school and office supply chains to craft shops to gadgets and electronics to appliances and the list goes on. Oftentimes, these companies will purchase multiple spaces across town and spread their reach as much as they could. Apart from acquisitions, retail establishments are also massive consumers of leasing commercial assets.

Beauty and fashion houses, outlets and similar establishments will also be in the purchasing game. They are, if anything, one of the most aggressive and competitive of commercial space buyers because they want to take advantage of the highest foot traffic areas in London. Skin care clinics, spas and salons aren’t any different.

Even moving and transportation related companies will find themselves in the game board. At first glance, people won’t exactly consider them to be among the top buyers of a commercial property for sale London but because these companies need the most mobility and convenience, they want to establish headquarters or even satellite offices in the city where their clients can reach them the easiest.

Why Investors Should Consider Commercial Property Management

commercial-real-estateCommercial real estate is not an easy industry to tackle. The assets are larger not only in size but also in value thus further escalating risks and the work. This is why many investors have sought the help of commercial property managers.

These professionals tackle a lot if not all of the requirements and responsibilities when it comes to owning commercial spaces put up for lease. Among many of the tasks they handle on a day to day basis includes the following.

CHIEF OF COMMUNICATION – Should the tenants have any questions and concerns about the rental, these managers will be the ones to pick up the phone and answer them. They simply make life stress free for investors. No phones buzzing at the dead of night!

TENANT-LANDLORD DISPUTES – Sometimes unlikely disputes happen and not all owners and investors have the time, energy, ability and desire to deal with these. Property managers can handle these troubles in the most professional and legal means possible.

DOCUMENTS – There are a lot of responsibilities and requirements in terms of finance and documentation when one chooses to lease out their assets. This includes taxes returns and income and expense reports to name a few.

EVICTIONS – Bad tenants are hard and tiring to deal with. A manager can stand as the owner’s representative in these cases. They will look into the matter and within the terms allowable by law and as per contract; they will carry on with all the tasks necessary to evict your bad tenants.

MAINTENANCE – Likewise they will ensure that the repairs and maintenance of the assets are done by all parties liable to do so. This avoids any possible dilapidations issues in the future.

RENT – Managing commercial properties for rent is tough business. Collections may sound pleasing but they’re no easy task. This is especially true if one has other business endeavors, a day job or lives somewhere far off. A manager will help you when it comes to rent collections. You don’t have to go to each tenant every month and do it on your own.

TENANTS – Rental vacancies are massive blunders. After all you are putting them up for lease for a reason and that is to get a return on your investment and profits to boot. If vacancies are rampant then this would be hard to achieve. Commercial property managers not only look for tenants but they screen them as well to ensure that you only get the good ones.

Pitfalls to Leasing Out Your Commercial Property Investments

commercial-property-investmentsLeasing out your commercial property investments is one way to garner great returns and a steady income stream but it’s not one without its drawbacks and challenges. Like everything else, landlords and owners can find themselves swamped with a dilemma or two. If you’re not careful enough, you might just find yourself in the same boat.

So what are the pitfalls to leasing out your commercial property investments? Check these out.

Pitfall #1 – Rental Vacancy

It would be awesome if each and every rental unit is filled throughout the calendar year but what if they’re not? Long rental vacancies can signal not only a cash flow issue but also a depreciating asset that does not generate income.

It takes a well-situated, adequately maintained and effectively advertised asset to drive enough demand to fill the commercial properties with lessees.

Pitfall #2 – Bad Tenants

But not every potential tenant means income. Some of them present quite a burden. Let’s not even begin to talk about the losses. That’ll take up an entire day to finish. Bad tenants do more than just hand out delayed payments or no payments at all. They too present other issues such as a poorly maintained asset that’s been damaged beyond repair.

The fix? Make sure to screen tenants too. If you don’t, you’ll get yourself a headache. Filling up your investments with tenants may be a priority but make sure that they are good ones.

Pitfall #3 – Dilapidations

Dilapidation refers to an asset falling into a state of disrepair as by misuse or neglect by the party responsible for its upkeep and care. Part of leasing out commercial spaces includes repair and maintenance responsibilities. These tasks can be divided or assigned either or both to the tenants and the landlord. These must be carefully laid out and discussed ahead of time and put to paper by means of a contract.

An asset that has fallen into a state of disrepair is a huge loss so be sure that you make the responsibilities of all parties clear ahead of time. Do your part and let them do theirs.

Pitfall #4 – Soaring Ongoing Costs

Repair and maintenance requirements come with costs to investors. This is why it is important to opt for commercial property investments that don’t require too much or too high of a cost in such matter. After all, they’re regular expenditures that will be spent for the entire duration of the asset’s useful life.