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June 10, 2024

3 Reasons Why Modernizing Commercial Buildings Makes Financial Sense

While many commercial buildings occupied today are older and still structurally safe and sound, there may be important elements within the building that need serious modernization. Key components to think about modernizing would be such things as the HVAC system, plumbing, various parts of the electrical system or even your conveyance between floors. If you are in doubt, chances are you have one or more of these features that need a bit of repair or restoration to bring them up to today’s standards. Perhaps it is time for modernization after all.

1. Malfunction Can Cause Serious Injury

Consider for just a moment what one malfunctioning elevator or escalator can result in. Not only is there a potential for serious injury, or worse, but imagine the stress of having people stuck between floors until a team of elevator service technicians can be out and on the job. The expected lifespan of an elevator is roughly 20 to 25 years and many of the commercial buildings in use today are far older than that. If you have not had your conveyance system repaired or retrofitted in recent years, it may be time to balance elevator modernization costs as determined by ATIS, national conveyance inspectors, against possible loss due to malfunctioning equipment.

2. Smart Technology Pays for Itself

There is no question to the fact that smart technology literally pays for itself within the first few years of retrofitting any component that isn’t energy efficient. Modernization of such things as thermostats that control temperature or timers that automatically turn lighting and appliances on and off are elements of concern. If you are looking to improve profitability of a commercial building, modernization toward smart technology makes perfect sense and would be a sound business decision. 

3. Attracting Full Occupancy

In recent years you have begun noticing that it has become increasing difficult to achieve full occupancy of all your office suites in an area of town that should be highly desirable. Many potential business tenants, upon viewing the property, opt for other units even at higher costs. They are probably weighing the value of moving into a suite only to have their clients complain about malfunctioning elevators or lack of hot water in rest room sinks. It makes better business sense for them to lease space in a building where everything is working and doesn’t present a danger to their staff and clientele.

Your Key Takeaways 

Whether you are looking to operate at full occupancy once again or perhaps are thinking about listing your building for sale on the MLS, it’s time to think about the benefits of modernizing your building. Not only will you be significantly raising the value of your property, but you will also be reassured that your tenants will be happy to renew their leases year after year. Rather than losing tenants to other, safer modernized commercial buildings, invest a little to save a lot. 

You needn’t modernize everything at once, so start with those elements that could present the greatest dangers and losses. See if modernization doesn’t pay for itself within a few short years. You’ll be surprised at just how cost effective it is.

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