Have you recently bought or acquired a commercial unit with the intention of renting it for businesses? Here at Boxpod, we work with both landlords and tenant businesses to match them together through our commercial unit listing pages.
The landlords who are looking to get the best yield and demand the highest prices from their tenants will almost certainly need to update their commercial units before they look for new tenants. After all, if you are looking to charge higher amounts, you will need to make your commercial unit as desirable as possible.
In this article, we are going to have a look at some of the considerations that you need to make when you are getting your commercial unit ready to be rented out to new tenants, and what adjustments can be made that help you to earn as much rental income as possible.
It is a well-known fact that the location of the commercial unit is important to its success as a rentable property. However, location is not everything, and there are more factors than this that potential tenants are looking for, and these are what we will discuss in this article.
Unit Type
Here at Boxpod, we can help landlords to list a wide range of commercial units, including office units, warehouses, storage units, retail units, and industrial units, and, of course, each type of commercial unit will have more specific desirable attributes that relate to the type of business that will be occupying the property.
There are, however, some more general factors that commercial unit landlords should think about before looking for tenants, especially if they are hoping to attract higher-paying, responsible, long-lasting tenants.
Design and Layout
When it comes to choosing a commercial unit for a business, it is important that they can envisage themselves in the unit. The best way to do this is to make the space as flexible as possible. Semi-permanent walls, for example, are a good way to show potential tenants the possibilities within the property, whilst giving them the flexibility to create the space that they want.
It can be useful to add extra details, such as a number of electrical power points, to enable as much flexibility as possible.
Some commercial unit designers might consider adding spaces with areas to relax, perhaps in a ‘green’ area with plants and plenty of natural light, or by adding a wild space outside if the surrounding land allows for it.
Smart Technology
The use of AI and other smart technology is increasingly being incorporated into the day-to-day running of businesses. For any business that is looking into the future, it is becoming a growing consideration when it comes to choosing a new commercial unit.
It is, therefore, imperative that your unit is equipped for the use of smart technology – especially if you are looking for long-term tenants. Of course, the first necessity is excellent internet access. This will be essential, regardless of anything else, as businesses continue to work online and in the cloud.
When it comes to smart technology, some ideas that you could consider fitting include smart heating, lighting, and ventilation systems – instrumental in both the comfort and performance of employees within the building, but also in energy-saving, which is a huge factor for businesses both in terms of their ESG goals as well as in terms of saving money on energy bills.
Meeting room bookings can be controlled through smart tech as well, and ensuring facilities for remote conferencing can also be a big bonus for businesses looking to rent a commercial unit.
Decoration
It might seem like a simple thing, but regardless of the type of commercial unit, it should be decorated, even just to a basic level, so that it does not look tired and tatty. A unit that looks clean and is decorated in a light colour can make the unit look as spacious as possible, as well as give your next tenants a blank canvas on which they can create their own decoration, branding, or design.
Sustainability
Having a commercial unit that is as sustainable as possible is very beneficial to tenants. This is because not only can they put this towards their ESG goals, but it will also save them money.
An energy-efficient building can result in lower energy bills and less wastage, as well as being better for the environment. This can range from the very basic, such as motion-sensor lighting, the insulation of the building, and double glazing, to using smart technology such as zonal climate control, through to adding recycling facilities, solar panels, or conservation areas, for example.
Comfort and Convenience
It is also essential that landlords consider the things that would make the commercial unit comfortable and convenient for the tenants that are occupying it. This could involve factors such as ensuring there is enough parking space – or perhaps bike parking, especially if the unit is located somewhere that is further away from public transport.
Ensuring that there is a kitchen and/or a staff room or space to take breaks, and that there is accessibility throughout the building for people with mental or physical disabilities, is also recommended.
Futureproofing
One of the most useful things that you can do as a landlord looking to rent out their commercial unit is to consider what might be needed in the future. For example, it was obvious a few years ago that the internet was going to become increasingly important in the way that our businesses are run. It makes sense, therefore, that measures were put in place as early as possible to enable these developments.
Retrofitting and adapting can be more expensive in the long run than putting measures in earlier – especially when the unit is vacant. And not only can it save you money in the long run, but it can also mean that you can charge more from your tenants through the unit’s modernity.
Final Thoughts
It is a great idea for landlords that are looking to rent out their commercial unit – either for the first time, or after the last tenants have left, to update their unit before they start looking for new tenants. Bringing it up to date – and even preparing for the future is a great way to make your unit as desirable as possible right now – and help to encourage tenants to stay as long as possible.
If you are a commercial unit landlord and have a unit that you are ready to rent out, take a look at how you can list your property with us here at Boxpod.
If you are a business looking for a commercial property to rent, why not take a look at our commercial units today?