Transform Your Commercial Investment Property During the Current Market Downturn

Perth’s commercial real estate sector has been experiencing a slight set-back of late. An oversupply of properties is partly the reason, as is the overall downturn in the West Australian mining sector. However, there are several, simple, affordable methods often employed by commercial property management experts that can greatly improve the desirability of real estate in Perth to tenants.

One of the best methods to enhance the overall appearance of a property is to spruce it up with a makeover. This does not necessarily mean it needs to be costly, or involve a major structural renovation or refurbishment. However, a fresh coat of paint on the walls to revitalise, refresh and neutralise a space can have an enormous impact on its overall appeal. If the property is a little dark, be sure to brighten it up by choosing a lighter shade of paint, such as white or beige, and install a set of modern lighting fixtures. Ensure that the floorcoverings are clean and unmarked, and replace the carpets if necessary. If there are exposed floorboards, consider having them sanded back and re-stained. When it comes to the garden, minor landscaping work such as lush new grass or the addition of green, leafy plants will ensure the property looks fresh, attractive and well-maintained. These are just a few examples of how simple, inexpensive cosmetic modifications can greatly improve a property’s appeal and attract prospective commercial tenants.

When it comes to leasing out vacant commercial property, be sure that all the key selling points are listed in the advertisement, along with plenty of professional-looking, appealing images. For example, if NBN is available in the area, make sure it is included – fast Internet speeds are vital for business owners. Other attractive selling points include whether car parking is available, or if public transport is accessible close by. Everybody needs to eat, so make sure to include the proximity of local amenities popular with workers, such as cafes, restaurants and bars, as well as nearby parks for them to use.

Despite the importance of a vacant commercial property being devoid of clutter, a completely blank space may seem a little cold and unappealing to any prospective tenants. There are several local companies who offer furniture hire services, so try selecting several contemporary, stylish pieces that will help ‘sell’ the property to renters. In turn, this may help inspire future tenants and provide ideas on how the space can be utilised. Be careful not to go too overboard, however – a cluttered workspace with clashing designs and colours can be as unappealing as a vacant one.

Altegra Property Group are the experts when it comes to strategic property management. Our team has more than thirty years of experience in real estate, so if you are experiencing issues leasing out an office, shop or warehouse space in the current real estate climate, call us for advice today on 9221 1966.

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