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3 Ways to Rejuvenate Aging Office Buildings
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(Posted on Feb 8, 2017 at 02:00PM by Michelle Bogle)
If you are an investor with an aging office building in your portfolio or you are looking to invest in one, it might be time to consider a revitalization of your commercial property to remain on the cutting edge of Vancouver’s increasingly competitive office market.As more millennials continue to flood the workforce and shape the way that today’s offices are designed, it’s now more important than ever before that owners focus on upgrades and improvements.
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Here are three tips to consider:
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1. Up the "Wow Factor"
First impressions are everything – especially when attracting millennials as prospective office tenants or employees. Dark, closed in spaces should be replaced with open, well-lit lobbies and public spaces that impart a welcoming vibe. Flexible work zones should promote collaboration and creativity between peers. The design should also be fresh, yet timeless, with a blend of unique furnishings, artwork, sculptures, interesting accent walls or lighting fixtures. Today’s offices should have a “wow factor†– it’s not just a place to conduct business, but a place to inspire.
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2. Invest in Amenities That Millennials Desire
Fitness centres, cafeterias, cafes, wi-fi internet access, outdoor space and even meditation areas are high on the list of wants of millennials in the workforce. While incorporating in these types of amenities within your office building may seem like a challenge, they are a smart investment that will not only attract new tenants, but retain existing ones. After all, more office tenants are expecting these types of amenities nowadays.
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3. Focus on Structures and Systems
Roof structures and HVAC systems have an average lifespan of between 15-20 years, depending on how well they were maintained and cared for. If your aging office building has systems and structures in place that exceed this lifespan, it’s imperative that improvements be completed. Not only will this make your commercial office space more comfortable and attractive to tenants, but it can solve nagging temperature control issues or leaks, which are common problems with aging buildings.
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The bottom line: If you are an owner of an antiquated office building, it’s essential to ensure your commercial property is up-to-date and ready to lease, so you can attract and retain quality tenants. On the other hand, if you are a tenant in need of office space, be sure your commercial real estate broker does their due diligence to ensure any buildings on your radar have undergone recent upgrades or have plans in place to do so in the near future.
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To learn more about office trends and how they are impacting the commercial real estate sector in the Lower Mainland, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
You can also view our current listings of commercial real estate properties by clicking here.Â
You can also view our current listings of commercial real estate properties by clicking here.Â
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