What Are Tenant Improvement Projects?
Tenant improvement projects are improvements made to new or existing property to appeal and acquire a desired tenant, or to keep an existing tenant to renew their lease. Property managers work with tenants in tailoring the leased property to fit their tenant’s needs. As a result, property managers and tenants need to partner with a commercial contractor to complete their tenant improvement projects.
Tenant improvements can vary in size and complexity. Ultimately, it comes down to the tenant and the landlord’s agreements on what changes can be made to the lease property. Typically, tenant improvements can be remodels, renovations, or repairs.
Examples Of Tenant Improvement Projects
Every tenant improvement project is different. Projects are influenced by tenants, landlords, the property, contractors, and by building codes. As a result, not every tenant improvement is the same. Here is a list of the most common services we provide clients in our tenant improvement projects:
- Interior And Exterior Painting
- Drywall, Stucco, and Plaster Repair
- ADA Compliant Upgrades
- Seismic Retrofitting
- Waterproofing And Coating
- Termite And Dry Rot Repairs
- Commercial Façade Upgrades
- Lighting Replacement/Upgrades
- Restoration
- Flooring
- And More
Depending on your business needs, your property’s/contractor’s capabilities, and landlord flexibility will determine the outcome of your tenant improvement project.
Why Are Tenant Improvement Projects Essential?
Tenant improvements are a vital part of the business world. Businesses need to be able to operate effectively and efficiently in the property they occupy. Property managers need to be able to appeal and acquire ideal tenants for their properties.
Without tenant improvement projects, businesses will become less efficient. Which means their overhead will be increased, the quality of service and/or products will decline. As a result, consumers will pay more for a worser end product. Ultimately, it will negatively affect the economy like a domino effect.
Benefits Of Tenant Improvements Projects For Property Management
The quality and success of a property management firm is determined based off their capabilities of appealing, acquiring, and maintaining tenants for the highest amount of profit. As a result, many property managers are motivated to make necessary changes to their property.
Here is a list of benefits of tenant improvements projects for property management:
- Increased property value: Upgrades and repairs are a great way for a property manager to increase the value of their property.
- Higher Leasing Rates: The more valuable your property, the more you can charge your tenants.
- Tenant Retention: Tenant improvements keep tenants happy and more willing to renew their lease.
- More Traffic To Your Other Properties: Improving your property’s appearance and tenant’s business, will positively impact the foot traffic to your immediate surrounding properties.
- Less Repairs And Maintenance Later On: If you spend now general repairs and upgrades, may result in less required maintenance and construction later on.
Benefits Of Tenant Improvements Projects For The Tenant
The purpose of a tenant to occupy a property is to help them fulfill their business goals. As a result, a tenant will look to optimize their property to help meet or succeed their goals. Therefore, they look for property tailored to them, or a property management firm with the flexibility to do so.
Here is a list of benefits of tenant improvements projects for the tenant:
- Workplace Efficiency: If your property complements your business operations, then you will be maximizing your results.
- More Profit: The more efficient your business operates, the lower your expenses will be and the more your will make.
- Customer Satisfaction: Better efficiency can lead to a better customer experience and reputation.
- Improved Employee Morale: An effective workplace will help keep your employees happy and motivated.
Summary: What Are Tenant Improvement Projects And Why Are They Important?
Tenant improvements projects are efforts made by both tenants and landlords to improve the lease property to meet a mutual interest. Tenants are looking to fulfill their business goals while occupying a property. Landlords and property managers are looking to lease out their property for the maximized amount and to keep existing tenants.
Tenant improvements can vary in size and complexity based off the tenants and property manager’s agreement. The most basic tenant improvements are repairs, remodels, and renovations made to a property.
These improvements are often vital to success of both the tenant and property manager’s business. Each can benefit monetarily and provide a better customer experience to their desired customers. As a result, both parties work together in partnering with a commercial contractor.
If you are interested in tenant improvements, then partner with JMF Commercial Construction today. We are experienced in working with both property management companies and tenants.
Partner With JMF Commercial Construction
JMF Commercial Construction is an experienced licensed contractor serving commercial and light industrial businesses, and HOA Property Management. We provide convenient and quality services to the Los Angeles & Orange County businesses.
To start your next commercial construction project today! Contact JMF Commercial Construction for an Estimate.
Email us at [email protected] or call us at (562)572-8354.
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