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By REJ guest writer
March 27th, 2012
If you’re a building owner, attracting tenants and keeping occupancy up is a constant concern.
Collectively, owners undertake a variety of measures to make their buildings more appealing to tenants. These typically include lowering rent, promoting the building’s favorable location, and upgrading equipment to set the building apart from competing properties.
Lowering the rent may be feasible for large buildings, but there are limits to how far this strategy can be taken for small and medium-size buildings. And in many cases, it’s not realistic to rebuild small and medium-size buildings due to cost issues and the difficulty of recovering the investment.
Faced with this dilemma, many owners choose to focus on upgrading equipment inside the building instead of focusing on the structure itself.
That’s where Midas raises a key question: Is state-of-the-art equipment alone sufficient to make a building appealing to tenants?
In fact, many tenants prefer that the exterior of the building and common areas have a pleasing appearance since that lets them invite customers to their offices, helps maintain and improve their brand image, and motivates employees.
Put yourself in the position of somebody looking for an apartment to rent. You’d probably imagine how to best arrange your home and spend some money updating things yourself—fixing up the interior, purchasing appliances and furniture, having Internet installed.
But what about the apartment’s exterior and common areas such as stairwells and elevators? No tenants undertake to remodel those areas, but their appearance plays a significant role in prospective tenants’ deciding whether to rent an apartment in that building.
Office tenants share a similar relationship with their buildings. Owners have to focus on the building’s exterior and common areas precisely because individual tenants can’t do anything about those aspects of the structure.
In fact, we’re seeing an increase in number of projects involving renovations to building exteriors. The improvements generate positive reactions from tenants, who cite numerous “unseen” advantages such as being able to invite customers to their offices with confidence and allowing employees to take pride in their workplace.
The appearance of a building is a major source of appeal for tenants. To find out more, explore some examples of Midas’ past and recent projects below.
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