3 Ways on How to Add Value to a Commercial Property In Pittsburgh
Commercial property in Pittsburgh can be a lucrative investment, whether you plan on using the property for your own business operations or renting the property out to tenants. However, in order to get the most out of your property, you should take certain steps to optimize its value. Here are some tips on how to add value to a commercial property In Pittsburgh.
1. Expand the building. Adding more space can go a long way in increasing commercial property value.
Assess the local market, property characteristics and building location in order to determine what type of space might best benefit the property. For example, depending on the property’s purpose, you may increase its value by adding more office, warehouse, storefront, amenity, parking, storage, conference, living and/or employee gathering space.
Consult with local building authorities for necessary permissions before doing any construction work.
2. Renovate the exterior. The property building’s exterior should be up to date, comparable to surrounding buildings in quality and representative of the area’s aesthetic style.
3. Name the property. Naming a property lends it character and charm, and enables people to identify with its purpose and position in the market. This is integral to branding the property, which can significantly increase its value.
For name ideas, consider the property’s history, placement within the community, purpose, neighborhood and tenants (if applicable).
For example, if there is an historic building on the commercial property, you can capitalize on the building’s history by giving it a name that represents its past use; an old hat-making factory might be aptly named “Millinery House.”