How The Development of Property Can Benefit Both Renters and Landlords

Investing in your home can often tempt new tenants, while demonstrating to current tenants that you want to continue to offer the best experience for the duration of your current tenancy and beyond.

The excellent amenities of the community can make or break a building, laying the groundwork for your tenants to establish destination jobs for their employees. Although not all tenants have space for showers or bicycle storage, the availability of these services in common areas can influence your choice of building.

Owned community kitchen space
Photo credit: Max Vakhtbovych / Pexels

Common locations

The common areas of your building will be defined by the type of tenants you want to attract. Smaller businesses will be drawn to the open plan and the characteristics of the community that they would not necessarily want to develop or afford in their own office. These may include community or co-working spaces to entertain guests, such as an open-plan cafeteria where guests can meet informally away from traditional office areas.

Larger corporate tenants would use these premises (who doesn’t like a decent coffee shop?), While emphasizing an attractive reception and concierge service.

Shared facilities

Attractive common rooms can also make your building more attractive to both new and returning tenants … including the toilets, which should not be forgotten! If your tenant workers have been complaining for years about the blocked toilet with third-floor drafts, they will want it fixed as soon as possible.

Tenants do not want the impression of their new equipment to be diminished by ugly or inadequate common facilities that are humiliating to both workers and customers.

Accreditations and Wellness Facilities

Investing in the basic infrastructure needed to get a BREEAM or SKA rating can help attract new tenants who want to get a welfare or environmental accreditation in their equipment. Installing an energy-efficient mechanical and electrical system that supports your certification can make your decision to move a little easier.

Installing an environmentally friendly M&E setup can also qualify you for tax rebates and discounts, as well as lower operating costs for your tenants.

Quality shared services can also help your tenants implement employee wellness programs. Showers, for example, may be needed if your tenants want to promote cycling at work or start a jogging club at lunchtime. Providing these shared building facilities can help your tenants recruit and retain (and stay healthy) the best staff in your field.

Meeting with the tenant of the rental property

Reduces time between rentals

If your new tenants can rely on the Cat A infrastructure you have provided, your Cat B equipment will be faster to set up and be able to take up space sooner, reducing your tenants’ construction costs. This can help you negotiate a lease, as you may need to make fewer concessions, such as extended lease periods, to incorporate a new tenant.

Improves rental performance

Financing real estate promotion is essential to improving your real estate portfolio. By investing in your property, you are actively communicating to your tenants and the market that your building still deserves the return on the premium you are asking for. Good Cat A foundations, shared services, reliable M&E, and a welcoming greeting will also help you keep tenants and make fewer commitments in your next rental review.

As you can see, there are several ways in which landlords and tenants can share and develop the space and make it a better place for everyone involved.

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