How Shopping Center Exterior Remodeling Can Impact Your Investment
Owning a shopping center or strip mall is a big investment, and savvy investors understand the importance of putting money back into their real estate. Yet, this is often a topic of conflict – if the point is to make money, isn't spending money counterproductive? This is why it is essential for property owners to gain a better understanding of why investing back into your investment can reap big rewards.
Learning What You Need to Know About Shopping Center Renovations
Atlanta is an area that remains popular for growth; there is no resurgence because the area never loses its appeal, for both residential and commercial locals and visitors. This is especially true as this area has recently been dubbed the “Hollywood of the South.” That means there is always an opportunity to make money here with commercial property investments, like shopping centers, as long as you are smart about it.
The age at which a shopping center begins to decline is about 15 years, if not already renovated. That means even if you are renting space to sought-after tenants, two things begin to happen: major repairs make themselves known and the outdated look begins to turn even loyal shoppers off.
You have to be willing to compete, which means staying current with the other shopping options out there. Even better – stay ahead of the pack. Every day there are new shopping options being built and older ones being remodeled. Fail to remain up-to-date with the competition and you are likely to fade into the background, if not become obsolete, altogether.
Some investors claim they don't need to worry because they already have all their spaces rented out. Yet, it only takes losing one popular store for others to follow. A popular shopping area can quickly become a ghost town, in less than a year. Keep your space attractive to potential renters so that you have a waiting list of prospective renters to fill up your storefronts.
Many commercial investors feel it is the responsibility of their tenants to keep the interior looking interactive enough to attract and retain customers. Keep in mind, those shoppers have to be willing to step foot inside the business in the first place. An outdated exterior tends to turn people off, making them unwilling to even see what the inside of these shops look like. You owe it to your renters and their potential customers to help make a good first impression with plenty of curb appeal.
Simply put, a shopping center is due for remodeling when the minimal cost of this work equals the marginal loss of rental income. A brand new facade could literally be the difference between being the go-to strip mall, or the abandoned one everyone assumes is closed already anyway.
Look to the Pros for Expert Help
At KC Paint & Construction we have been in the business since 1986, and we know commercial investment property. Having originally started in New York, we understand the importance for shopping center exterior remodeling in big cities, and the smaller communities surrounding them. Commercial clients are all we work with and you can rest assured we have your best interest in mind, and that your total satisfaction is our top priority.