While nearly every part of a commercial space can be included in a renovation, there is a cost and benefit to each. There are many “subjective” areas of a commercial space that should be worked out with leaseholders. In contrast, the parts of a space that are objectively valuable should be prioritized. These are parts of the space that are critical to its essential functionings as a place of business. For most, this will mean prioritizing areas like energy-efficiency and quality of life upgrades. Once this is worked out, further value can be found in updates that keep the space current and competitive. Here’s a look at some of the possible commercial renovations and their respective value.
Energy-Efficiency in Commercial Spaces
The obvious benefits of these upgrades are clear in monthly bills, serving a double purpose of increasing leaseholders satisfaction and conserving funds.
lists the following renovations as improvements that can add up to considerable savings:
Install a programmable thermostat – Lower your home temperature at night and whenever you’re away for several hours. You can save up to two percent on your heating bill for every degree you roll back the temperature.
Seal air leaks around front door and windows through weatherstripping and caulking.
Change your bulbs – Buy long-lasting ENERGY STAR® certified compact fluorescent lights (CFLs) or light emitting diodes (LEDs).
Insulate your pipes – Cover the first two metres of hot and cold water pipes with foam sleeves or insulating wrap to save on water heating costs and lower water usage. (Leave a 15 cm (6-inch) clearance between insulation and vent pipes on fuel-fired water heaters.)
Upgrade your exhaust fans – Choose ENERGY STAR® certified models for your bathroom and kitchen and vent them outdoors. Add timers to reduce power consumption.
Go low-flow – Install water-saving toilets, faucet aerators and showerheads (rated at less than 7.6 litres per minute). Check and repair leaky faucets and outside hose bibs.
Aside from these changes, skylights can be a great addition (particularly in the Summers), as they function as passive coolers. Theand improving productivity!
Other Commercial Improvements
Beyond the essential areas of an office space where savings can be made, the aesthetic and functional aspects are worth investing in as well. While many of these might seem like non-essentials, they contribute substantially to the value of the space. Kelowna’s commercial market is growing, and that means staying current with new developments is critical to the ongoing sustainability of your space.
Our past blogs have looked at how to an office space. Moreover, aesthetic improvements to the flooring and lighting can be done cost-effectively and to great effect. Concrete or linoleum might be growing tired, or fluorescent might be dreadfully bright in the later hours — think about who is likely to use the space and what will appeal most to them.