<span class="hide-blog-title">The Commercial Inspector</span>CRE tips and news by National Property Inspectionshttps://npicommercial.com/blog/postsMaintaining Building Entryways: The Importance of a Good First Impressionhttps://npicommercial.com/blog/posts/PostId/1574/maintaining-building-entryways-the-importance-of-a-good-first-impressionProperty Maintenance,Property ManagementWed, 02 Aug 2023 20:20:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">MAINTAINING BUILDING ENTRYWAYS: THE IMPORTANCE OF A GOOD FIRST IMPRESSION</span></strong></span><br /> <em class="fa fa-calendar"></em> August 2, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-maintenance">Property Maintenance</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/safety">safety</a>, <a href="https://npiweb.com/Blog/Posts/Tag/interior-maintenance">interior maintance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/cleaning">cleaning</a></p> <p>As property managers and business owners, whether you’re running an office space, a hotel, or an apartment complex, setting a good first impression is important when it comes to bringing in new customers and quality tenants. We’ve already talked about things like <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-landscaping-to-increase-your-curb-appeal">landscaping</a> and <a class="color-secondary" href="https://npicommercial.com/blog/posts/5-ways-to-prioritize-parking-lot-maintenance-for-commercial-properties">parking lot maintenance</a>, which are essentials for putting a property’s best foot forward. Additionally, <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-public-art-to-increase-your-curb-appeal">public art</a> continues to be a powerful way to make a splash within the community and increase curb appeal.</p> <p>Still, when it comes to making a statement on a business’ culture there is perhaps nothing as impactful as a clean, professional entryway. Building owners want visitors to be impressed and instilled with confidence when they first walk in the door - not to be inclined to reconsider their options. The good news is that keeping an entryway up to snuff doesn’t have to break the bank. Follow these quick points to help secure high-quality tenants and attract more customers!</p> <p><span class="emphasis-secondary">Entrance Mats are an Unsung Powerhouse</span><br /> When picturing how you want your entryway to look, it’s important to consider all that this area needs to accomplish. Not only does your entry need to look good, it also needs to handle a large amount of foot traffic while dealing with spillover from the elements outdoors, ideally with minimal need for upkeep. With these demands in mind, no entryway is complete without a commercial-grade entry mat.</p> <p>Now, most commercial property managers and owners know well enough to invest in mats at all entrances already, but many don’t realize the amount of heavy lifting this one item does to keep the entire building clean. Entryway mats are responsible for capturing the majority of dirt and outdoor debris from filtering into common areas and offices. Plus, inclement weather becomes far less of an issue when mats are large enough and in good condition.</p> <p>From the Centers for Disease Control and Prevention's <a class="color-secondary" href="https://wisqars.cdc.gov/lcnf/" target="_blank">most recent data sets in 2021</a>, slip and fall cases are by far the leading cause for non-lethal emergency room visits in the U.S. Though it may sound simple, entrance mats are one of the best ways to keep tenants and visitors safe from injury upon arrival. Property managers should plan to replace mats when worn or damaged so they can continue to be the workhorse they’re meant to be for the entire building.</p> <p>Start strong by investing in a high-quality, commercial-grade entrance mat with rubber backings for stability, then consider adding an additional outdoor mat to keep as much dirt and clutter contained to one area as possible.</p> <p><span class="emphasis-secondary">Natural Light Should be a Priority</span><br /> Entrance mats alone will work wonders for safety and cleanliness if you aren’t already using them, but with that aside, the next most influential factor that enhances an entryway’s look and feel is its lighting.</p> <p>Humans crave natural lighting, and in an era when workers are getting less of it than ever, natural lighting has become a top attraction (see <a class="color-secondary" href="https://hbr.org/2018/09/the-1-office-perk-natural-light" target="_blank">the number one “office perk”</a> according to the Harvard Business Review). Although windows and glass doors take some effort to keep clean, entrances are likely the best opportunity to feed natural light into your commercial property. Achieve the best effect by hiring professional glass cleaners at least twice a year, then consider incorporating glass cleaning into your staff’s routine on a weekly basis.</p> <p>As a quick additional tip for areas that are darker than average, add mirrors and other reflective surfaces to your lobbies or common areas to enhance any natural light that you do have access to. While these areas add another noticeable area to clean, they’re a great way to modernize and decorate a space.</p> <p><span class="emphasis-secondary">Common Areas</span><br /> Stepping into the main lobby or common area, this is often an opportunity for managers and building owners to establish their own theme or style through wall art, plants, and furniture. With these areas, it’s important to keep things clean and up-to-date while not adding too much to your staff’s existing duties.</p> <p>For consistent maintenance, remember to vacuum carpeted areas and mop tiled floors regularly, making repairs as needed. When it comes to updating these areas, remember that changes don’t always have to be overly elaborate to retain a fresh feel. Just like in residential properties, a fresh coat of paint alone has the power to bring a room stuck in the 70s back to the present day, and indoor plants (even fake ones) can provide a positive effect on an individual’s psychology (see more about this from <a class="color-secondary" href="https://www.bobvila.com/articles/health-benefits-of-fake-plants/" target="_blank">experts at Bob Vila</a>).</p> <p>Property managers that recognize their entrance’s influence can potentially increase tenant retention and provide a helpful boost to foot traffic. The power of a good first impression cannot be understated. Employ these steps, and find the hidden potential in your properties!</p> <p><em>Did you order a maintenance inspection this year? For larger properties, the only way to stay ahead of unexpected downtime or expensive breakdowns is through a commercial inspection with NPI. <a class="color-secondary" href="https://npicommercial.com/contact">Book your next inspection today</a>!</em></p> 1574Investment Opportunities in Student Housinghttps://npicommercial.com/blog/posts/PostId/1549/investment-opportunities-in-student-housingCommercial Real Estate News,Property Investment,Property ManagementWed, 14 Jun 2023 17:12:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">INVESTMENT OPPORTUNITIES IN STUDENT HOUSING</span></strong></span><br /> <em class="fa fa-calendar"></em> June 14, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-investment">Property Investment</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=commercial-real-estate-news">Commercial Real Estate News</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business tips</a>, <a href="https://npiweb.com/Blog/Posts/Tag/multi-family-property">multi-family property</a>, <a href="https://npiweb.com/Blog/Posts/Tag/apartment">apartment</a>, <a href="https://npiweb.com/Blog/Posts/Tag/special-purpose-facility">special purpose facility</a></p> <p>One of the keys to having success in commercial property investments is to stay on top of market trends and forecasts. While unpredictability in recent years has meant that diverse portfolios are the most resilient, investors are slowly discovering stability and confidence in some surprising places. Of late, many property investors are turning to student housing for their next option, and it’s little wonder why.</p> <p><span class="emphasis-secondary">Why Student Housing?</span><br /> In comparison to other commercial properties, student housing has recovered at a much quicker pace from the effects of lockdowns and the pandemic. While there has been a consistent struggle <a class="color-secondary" href="https://npicommercial.com/blog/posts/spring-office-utilization-is-growing-what-is-the-future-of-remote-work">between CEOs and office workers</a> as preferences for hybrid and full-time remote work have grown in prevalence, students’ choices aren’t changing when it comes to their education. According to the <a class="color-secondary" href="https://nces.ed.gov/programs/coe/indicator/cha#:~:text=Between%20fall%202010%20and%20fall,percent%20to%2016.8%20million%20students." target="_blank">National Center for Education Statistics</a>, even though college enrollment dropped by 15 percent from 2010 to 2021, enrollment is on track to increase by 9 percent throughout the next decade.</p> <p>Though undergraduate students are more willing to incorporate remote learning into their collegiate experiences than in previous years (as reported by education analysts <a class="color-secondary" href="https://www.edsurge.com/news/2022-12-20-why-college-students-turned-from-being-down-on-remote-learning-to-mostly-in-favor-of-it#:~:text=If%20you%20go%20back%20to,they%20didn't%20like%20it." target="_blank">at EdSurge</a>, among others), the lack of sustained impact that universities are seeing from the pandemic seems to prove a unique resiliency from education-related property ownership. Commercial and residential real estate are both very much influenced by interest rates and the ebb and flow of supply vs. demand - things out of the control of the average investor. As projections seem to suggest though, the need for student housing is only growing, and universities are struggling to keep up. Next to a lack of stability in retail and office properties, student housing may be rising in prominence for investor portfolios.</p> <p><span class="emphasis-secondary">Special Considerations with Student Housing Investment</span><br /> Some investors see student housing as a valuable asset with a more reliable cycle of tenants in comparison to traditional multi-family properties. For those interested in stepping into this space, they should be aware that strategies that might work for apartment buildings or condominiums, don’t necessarily work when transitioning into student housing.</p> <p>Although there should be a more consistent audience of tenants each school year, property owners should be aware of massive turnover in occupancy each summer. In addition, while students are generally much more lenient when it comes to the quality of their housing options (the alternative for many is living in the dorms, after all), opting for cheaper materials and lower amenities may also invite reckless treatment from tenants, and more frequent repairs.</p> <p>The prospect of working with a younger than usual tenant base and managing a different maturity level can be enough to dissuade some from investing in student housing altogether, but there are built-in assurances worth considering as well. For example, although undergraduates are usually too young to have a reliable credit record to reference, their parents should ensure that rents are reliably paid. Though there are unique traits when it comes to managing a student housing property, the level of interest in this field is undeniable.</p> <p><span class="emphasis-secondary">Strategies for Success with Student Housing</span><br /> If you’re looking to invest in student housing, there are a few things to keep in mind for the best ROI. First, recognize the benefits that come with regular tenant turnover. Some states prohibit adjustments to rental fees within a lease agreement. Regular vacancies and renewals mean that property owners have more opportunities to adapt to changing rental standards.</p> <p>When it comes to competing for attention and keeping vacancies at a minimum, it’s important to prioritize things that are important to a younger client base. Access to laundry, especially appliances within each unit, is particularly appealing for students who are looking to save time on chores. When it comes to on-location amenities, consider fitness facilities as well as quiet common spaces for studying to fill the majority of your tenants’ needs.</p> <p>Finally, although most properties will benefit from an experienced property manager, student housing may require someone on-hand to be a little more involved than usual. For property investments that may be one of your more reliable purchases, student housing could be a surprising winner.</p> <p><em>Some commercial properties require more maintenance than others. To get a clear picture of your properties, there’s no better option than ordering an inspection. Contact <a class="color-secondary" href="https://npicommercial.com/contact">your local NPI inspector</a> for a quote today!</em></p> 1549Restaurant Design Aspects That Draw In Customershttps://npicommercial.com/blog/posts/PostId/1548/restaurant-design-aspects-that-draw-in-customersProperty Investment,Property ManagementWed, 07 Jun 2023 17:09:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">RESTAURANT DESIGN ASPECTS THAT DRAW IN CUSTOMERS</span></strong></span><br /> <em class="fa fa-calendar"></em> June 7, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-investment">Property Investment</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/restaurant">restaurant</a>, <a href="https://npiweb.com/Blog/Posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a>, <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business tips</a></p> <p>The restaurant industry is one of the most saturated, cutthroat, and intensely competitive industries out there. While there is plenty of misinformation about just how difficult it is to succeed in the food service business, it is widely recognized that the vast majority of restaurants close within their first five years of operation. Per the National Restaurant Association’s latest statistics, <a class="color-secondary" href="https://restaurant.org/research-and-media/research/industry-statistics/national-statistics/" target="_blank">7 out of 10 restaurants</a> are individually owned and unassociated from any chain operations.</p> <p>Considering these hurdles, restaurant owners are wise to pursue strategies that set their business apart from the competition as they work toward sustained success. While food and customer service should be every restaurateur’s main focus, their establishment’s physical design has a bigger effect on foot traffic than they might think. For any restaurant owners that are looking to attract new customers, consider these tips for an improved look.</p> <p><span class="emphasis-secondary">Starting with the Standards (And Why They Work)</span><br /> Depending on the style of restaurant you’re looking to open, certain repetitive features immediately come to mind. Glass front doors, a mixture of table seating and booths, and either warm lighting for fine dining settings, or neon accent lighting for sports bars are all common features. While many implement these options simply because they’ve become a comfortable standard in their slice of the culinary world, there is also a good amount of logic that supports these tried and true features.</p> <p>Many restaurants understand the importance of a grand entrance, and often this includes a glass front door and plenty of window space in the entrance. An early look inside the building allows for passersby to get a taste of the attractive interior design, and (hopefully) the bustling, popular atmosphere within. General lighting and strategic accent lighting is used to further invest into whichever specific mood and clientele desired.</p> <p>For example, warm lighting (yellows and golds) have the power to make spaces feel more intimate, which is needed in fine dining settings that tend to pull tables further apart for increased privacy. In contrast, (while this strategy may seem a bit counterintuitive) bright lighting is fantastic for fast food or fast casual-style dining, due to how it causes customers to be more on alert, ready to grab their food and leave. Restaurants that focus on takeout don’t want their customers to linger, and their interior design can support efficiency, without being off-putting.</p> <p>Nearly all restaurants benefit from natural lighting, and warm colors (reds, yellows, and oranges) incorporated into interior designs are said to make customers hungrier, which is why so many restaurants use red in their logos. Getting these staples right are sure to aid in a restaurant’s success, but long-lasting businesses need to differentiate themselves from the pack.</p> <p><span class="emphasis-secondary">Finding Where to Stand Out</span><br /> Lately, there have been many trends making their way into the restaurant design scene that compliment past standards, without interfering with efficiency for the kitchen and serving staff. For the vast majority of restaurants, the kitchen and dining hall is kept in strictly separate rooms to avoid distraction. However, open kitchen concepts can make the cooking process part of a restaurant’s draw. For some, the added talking points and natural trust built through this transparency is more than enough to balance the loss from noise pollution and privacy.</p> <p>When it comes to color, modern trends have leaned heavily towards high contrast, with neutral designs and bold colors positioned selectively to direct customers’ attention to interesting interior features, or displayed artwork. With the increasing prevalence of social media among millennials and Gen Z, it’s particularly important for restaurant owners to provide “share-worthy” situations. Whether a restaurant specializes in certain particularly photogenic dishes, or they’ve leaned into a unique theme, customers that share their excitement for a product or location to their friends and followers online provide invaluable organic advertising.</p> <p>Murals, local art displays, and even live music performances all play into that desire for experiences that customers are more than willing to pay for today. Just like any other commercial property, <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-public-art-to-increase-your-curb-appeal">using art</a> to create a more striking, memorable image is a great way to create distinction for a business.</p> <p><em>A great product and an appealing environment mean very little if a restaurant’s basic functions break down unexpectedly. To stay ahead of your business’ essential maintenance like HVAC systems, ventilation, and plumbing, start with an <a class="color-secondary" href="https://npicommercial.com/contact">NPI commercial property inspection</a>.</em></p> 1548Hotels Are Stepping Up For The “Work From Anywhere” Erahttps://npicommercial.com/blog/posts/PostId/1526/hotels-are-stepping-up-for-the-work-from-anywhere-eraCommercial Real Estate News,Property Investment,Property ManagementWed, 24 May 2023 16:48:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">HOTELS ARE STEPPING UP FOR THE "WORK FROM ANYWHERE" ERA</span></strong></span><br /> <em class="fa fa-calendar"></em> May 24, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=commercial-real-estate-news">Commercial Real Estate News</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-investment">Property Investment</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business tips</a>, <a href="https://npiweb.com/Blog/Posts/Tag/hotel">hotel</a>, <a href="https://npiweb.com/Blog/Posts/Tag/office-space">office space</a></p> <p>It’s no secret that the hospitality industry has battled through a tough season in recent years. With economic strain right on the back of lockdowns, hotels have made their long climb back to stability as people slowly became comfortable with traveling again, then looked to make up for lost time. Despite an expected downturn this year, <a class="color-secondary" href="https://www.forbes.com/advisor/credit-cards/inflation-has-not-deflated-americas-travel-plans-2023/" target="_blank">Forbes</a> points toward a recent study where 49% of Americans still plan to travel even more in 2023.</p> <p>Things are looking up in hospitality. Still, hotels are finding that experimenting and innovating are a necessity - and a foothold for future success just might be found in taking advantage of another commercial property sector that’s been rocked by recent CRE shifts. As workers are moving out of the office and into their homes (or anywhere else), the hospitality industry has discovered an opportunity.</p> <p><span class="emphasis-secondary">How Are People Working Today?</span><br /> Companies everywhere have had to adapt quickly in order to operate virtually. Now, changing preferences and demands from workers mean that the traditional full-time, in-office working experience isn’t a reasonable expectation anymore. As office property managers fight for a <a class="color-secondary" href="https://npicommercial.com/blog/posts/spring-office-utilization-is-growing-what-is-the-future-of-remote-work">return to in-person work</a> (along with many company managers and owners), other properties are coming up with flexible workspace alternatives.</p> <p><a class="color-secondary" href="https://npicommercial.com/blog/posts/coworking-spaces-what-they-are-and-how-to-manage-them">Coworking spaces</a> that remote workers can utilize if they want to get out of the house offer a professional atmosphere and similar amenities to a traditional office. With these types of options to choose from, some workers have become “digital nomads,” without any singular, consistent workspace. Millennials prioritize experiential lifestyles in their spending, and for many, their ability to travel while working is a powerful motivator. Though it is unclear whether these attitudes are a passing trend, some hoteliers are thinking that catering to remote and hybrid workers is a competitive option.</p> <p><span class="emphasis-secondary">How Hotels Can Meet Remote Workers’ Needs</span><br /> Many hotels already have a leg up on the competition since many amenities that draw in traditional hotel guests are similar to what coworking spaces implement to attract remote workers. Chief of their modern standards, hotel guests demand high-end internet that is reliable and powerful enough to fit their entertainment needs while on vacation. Maintenance issues related to this should be resolved quickly, and communication needs to be smooth.</p> <p>For remote workers, the robust internet networks that hotels have invested in makes working in these locations a safer prospect compared to some of the spotty service experienced in random coffee shops. Hotels are also often outfitted with private office spaces and conference rooms, as well as coffee and snack bars, allowing for all of the necessary features of a traditional workspace while on the road.</p> <p><span class="emphasis-secondary">How Hotels Are Adapting</span><br /> With that said, hotels aren’t relying only on their pre-existing features to market to workers who want to take advantage of travel opportunities. <a class="color-secondary" href="https://workanywhere.marriott.com/" target="_blank">Marriott’s “Work Anywhere”</a> initiative offers special day rate passes to remote workers, as well as printers, fax machines, and scanner access.</p> <p>Considering the success of coworking spaces, hoteliers are replicating features that are drawing workers into that industry as well. Remote work can be isolating, and many are drawn to more lively environments (at least occasionally) to accelerate their productivity. In this way, hotels with office space options closer to the action might have an even larger draw for some looking for a sense of community. Workers can lead a more flexible, fulfilling lifestyle today - and hotels are ready to provide.</p> <p><em>Contact our national accounts department to <a class="color-secondary" href="https://npicommercial.com/contact">schedule</a> with the nation’s leading name in commercial property inspections. To stay in tune with the latest news and trends in CRE, stick <a class="color-secondary" href="https://npicommercial.com/Blog">right here</a>.</em></p> 1526Landscaping and Exterior Maintenance Red Flags for Commercial Propertieshttps://npicommercial.com/blog/posts/PostId/1525/landscaping-and-exterior-maintenance-red-flags-for-commercial-propertiesCommercial Inspection,Property Maintenance,Property ManagementWed, 17 May 2023 16:46:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">LANDSCAPING AND EXTERIOR MAINTENANCE RED FLAGS FOR COMMERCIAL PROPERTIES</span></strong></span><br /> <em class="fa fa-calendar"></em> May 17, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-maintenance">Property Maintenance</a>, <a href="https://npiweb.com/Blog/Posts?Category=commercial-inspection">Commercial Inspection</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/exterior-maintenance">exterior maintenance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/commercial-landscaping">commercial landscaping</a></p> <p>Every property manager is well aware of the importance of landscaping when it comes to <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-landscaping-to-increase-your-curb-appeal">presenting a business in a positive light</a>. With that said, good landscaping extends far beyond curb appeal. Some landscaping features can pose serious hazards, and with increased liability concerns, exterior maintenance on commercial properties should never be overlooked.</p> <p>Our expert property inspectors at NPI have had the benefit of walking the grounds of countless commercial properties over the years. In doing so, we have identified a few trends in landscaping or exterior maintenance that are too commonly neglected by property managers or building owners. Make note of these landscaping red flags to ensure that your commercial properties are safe and secure.</p> <p><span class="emphasis-secondary">Commercial Landscaping Starts with Water Management</span><br /> One of the biggest issues that property inspectors will be sure to point out surrounds water drainage management. From the roof, to the siding, to walkways, and to turf and grass, nearly every aspect of a commercial property can be adversely affected by poor water run-off and drainage.</p> <p>So many commercial buildings opt for flat roofs, which can easily allow rain to pool and persist, leading to unneeded water weight strain and leaking to interior spaces. Even if scuppers and drains are unclogged and operating correctly, a commercial property needs correct grading to direct water run-off away from walkways, parking areas, and naturally away from structures. Swales, French drains, and rain gardens can all be artfully integrated into a property’s overall landscape design to create an attractive and functional water drainage system.</p> <p>When these systems work poorly, property owners should expect their roofs, walkways, and even foundation to degrade at a rate much faster than expected, and any areas that allow ponding will attract things like mosquitos and other unwanted outdoor critters. The problems that arise due to poor water management compound rapidly, which is why this is such a major concern to commercial property inspectors.</p> <p><span class="emphasis-secondary">Managing Tree and Plant Overgrowth is a Priority</span><br /> When it comes to the actual greenery, trees are going to be a primary area of focus regarding structual integrity and safety of any passersby. Anyone who has worked in an office building on a windy day, only for a tree branch to distract them by repeatedly scraping and tapping their window knows how much of a bother overgrowth can become. Overhanging branches can break loose during storms, falling onto roofs, into windows, or even onto cars. Simply falling onto walking paths can become a tripping hazard if not cleared in a reasonable amount of time.</p> <p>Some plant trees solely based on aesthetic preferences, but for safe clearance away from buildings, trees should be placed approximately half as far away from the structure as their projected height. Then, their roots should be the next consideration. As tall as a tree grows, their roots will have a similar depth and spread. Tree roots are known to grow into sewage lines and other important systems, as well as disrupting walking paths. When planting new trees and maintaining plants, property managers and landscapers should consider these opportunities for obstruction, as well as the potential to block sight for drivers.</p> <p>Plants and foliage are great to incorporate into any landscape design, but poorly maintained growths create issues beyond tripping and visual confusion. Depending on how late a commercial property is expected to operate, nighttime lighting may be an important aspect to allow for safe foot traffic. Plants that end up covering pathway lights will make these walkways more dangerous to maneuver while also encouraging vandalism and burglary. Landscape maintenance doesn’t just protect a property from premature degradation, it protects tenants and their customers as well.</p> <p><span class="emphasis-secondary">Keep Walking Paths Clear and Safe at All Times</span><br /> Speaking of walking paths, while good water drainage and landscape management will allow for safer, more even sidewalks, good property management should also include regular clearing methods to keep any visitors’ experiences positive. In areas where snow and ice is a concern, this means timely snow removal systems. Then, a regular process for removing common debris like branches, acorns, and leaves should be outlined. Walkways are there to be used, and a cluttered or dangerous path only encourages people to cut through grass or find alternative routes, which are sure to pose even greater risks for slips and falls.</p> <p>Properties that are particularly hilly should also consider the necessity of guard railings for their paths or landings. Drop-offs of 30 inches or more require guardrails for building code compliance, which means that any height changes due to erosion or other damages may necessitate adjustments. A lot goes into a well-maintained commercial property. Starting off with safety in mind is the best strategy to keep tenants content.</p> <p><em>To extend the life of your commercial property and show your tenants that building maintenance is a priority, be sure to <a class="color-secondary" href="https://npicommercial.com/Services/Commercial-Building-Inspections">schedule your next inspection with NPI</a>!</em></p> 1525Building Satisfied Tenants For Your Commercial Propertyhttps://npicommercial.com/blog/posts/PostId/1523/building-satisfied-tenants-for-your-commercial-propertyCommercial Inspection,Property Maintenance,Property ManagementWed, 03 May 2023 16:39:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">BUILDING SATISFIED TENANTS FOR YOUR COMMERCIAL PROPERTY</span></strong></span><br /> <em class="fa fa-calendar"></em> May 3, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-maintenance">Property Maintenance</a>, <a href="https://npiweb.com/Blog/Posts?Category=commercial-inspection">Commercial Inspection</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business tips</a>, <a href="https://npiweb.com/Blog/Posts/Tag/exterior maintenance">exterior maintenance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/npi-national-accounts">NPI national accounts</a>, <a href="https://npiweb.com/Blog/Posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>It’s no surprise that the secret to success in the commercial real estate industry is through retaining quality tenants. Advertising, maintenance, and upgrade strategies are all centered around finding tenants who are responsive and reliable, then keeping them long term. The costs accrued from advertising and identifying new tenants can be eye-opening, and leaving space vacant for too long means missing out on income. This is all why seasoned commercial property owners and managers know that good commercial tenants don’t grow on trees.</p> <p>Happy tenants are less likely to make a change or look for different options, which is why the most successful property owners and managers prioritize tenant satisfaction. If you’re looking for ways to lower your turnover rate and keep your best tenants, consider incorporating a few of these strategies into your management process.</p> <p><span class="emphasis-secondary">Practice Effective Communication</span><br /> Responsiveness is a trait that will lead to success in many different industries, but when it comes to tenant satisfaction, this might be the most important factor to focus on. Tenants largely want their privacy and room to operate their businesses as they see fit, but when they reach out with a concern or complaint, radio silence is a common cause for frustration.</p> <p>Property owners and managers who establish a clear and consistent line of communication, then react to requests in a prompt manner will build trust in their tenants. For many landlords, improved communication in the modern age comes from improved technologies like mobile apps. According to a survey <a class="color-secondary" href="https://www.forbes.com/sites/forbesbusinesscouncil/2022/06/21/what-landlords-and-employers-think-about-the-current-state-of-office-spaces/?sh=3baf1fbd2852" target="_blank">reported by Forbes</a>, 80% of landlords believe employers are interested in building-related mobile applications. Finding ways to streamline communication, especially when dealing with a large number of tenants, can be difficult. For some, new technologies are a pathway for making communication clearer and easier compared to sending mass emails or returning calls.</p> <p><span class="emphasis-secondary">Consider Offering Incentives</span><br /> Tracking industry standards for rental and lease fees is always important for landowners to remain competitive in their regions, but for lessees that always pay on time, offer constructive feedback, and act with professionalism, special allowances might be worth considering. Again, the costs that go into replacing tenants is nothing to scoff at, and chances are good that new tenants will bring their own set of quirks (both good and bad).</p> <p>To help retain quality tenants that behave well and have already established a positive relationship, consider offering discounted rates for rental or covering portions of utility fees. Beyond financial breaks, landowners can look into upgrading internet speeds or improving upon the quality of common areas or landscaping. (For more ideas on how to upgrade your landscaping, check out <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-landscaping-to-increase-your-curb-appeal">this article</a>!)</p> <p>Your best tenants may also have relationships with others who could be quality future tenants. Employing a referral program can be a great way to make your best tenants happy while also filling vacancies with new tenants that should continue that high standard of behavior.</p> <p><span class="emphasis-secondary">Make Your Tenants’ Experience Positive</span><br /> Overall, the best way to keep tenants satisfied is to manage your commercial property well! <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-be-proactive-with-property-maintenance">Perform maintenance proactively</a>, rather than reactively to save money and avoid downtime of key utilities crucial to your tenants running their businesses. A great way to stay ahead of breakdowns and costly repairs that might require extended closure is by <a class="color-secondary" href="https://npicommercial.com/Services/Commercial-Building-Inspections">scheduling</a>recurring commercial property inspections. No one likes being caught by surprise. Referring to experts to keep informed on your property’s condition is invaluable for maintaining a quality commercial property.</p> <p>Additionally, listening to tenants’ requests and concerns is important when it comes to selecting the right amenities to offer when upgrading the property. Free and expanded parking can be great, but if tenants aren’t bothered by their current parking situations, there might be other amenities worth exploring. <a class="color-secondary" href="https://npicommercial.com/blog/posts/the-bright-future-of-fitness-real-estate-why-gyms-and-fitness-centers-are-excelling-in-2023">Fitness centers</a> are also valued highly for many, but investing in expensive gym equipment that goes unused isn’t worth the effort.</p> <p>By upholding a standard of adaptability and understanding, you’ll have a much better time keeping your key tenants happy with their choice to stay. Plus, your best advocates will always be your current, happy tenants. Cut down on vacancies by keeping your current tenants satisfied for sustained success.</p> <p><em>Whether you’re looking for a PCA or an FCA, National Property Inspections is your go-to resource for experienced commercial property experts across the US and Canada. Give our team a <a class="color-secondary" href="https://npicommercial.com/contact">call today</a> to arrange your next inspection! </em></p> 1523Is Automated Marketing Worthwhile in Commercial Real Estate?https://npicommercial.com/blog/posts/PostId/1471/is-automated-marketing-worthwhile-in-commercial-real-estateProperty Investment,Property ManagementWed, 08 Mar 2023 21:40:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">IS AUTOMATED MARKETING WORTHWHILE IN COMMERCIAL REAL ESTATE?</span></strong></span><br /> <em class="fa fa-calendar"></em> March 8, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-investment">Property Investment</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business-tips</a>, <a href="https://npiweb.com/Blog/Posts/Tag/real-estate-trends">real estate trends</a></p> <p>The world of marketing is only growing, and the demands of these jobs are rapidly expanding by all measurable perspectives. According to the <a class="color-secondary" href="https://www.bls.gov/ooh/management/advertising-promotions-and-marketing-managers.htm#tab-6" target="_blank">United States Bureau of Labor</a>, advertising, promotions, and marketing manager positions are projected to grow by 10 percent within the next decade. Despite this the majority of marketers in Commercial Real Estate are still either working solo or with only one other marketer. The industry is shifting rapidly, and to keep up with new demands, many marketers are looking to automation in order to compete.</p> <p>With new technology and tactics, it’s natural to ask whether marketing automation is worth it. To understand why commercial real estate is taking a hard look at marketing automation, let’s see how these new technologies might be the next big game-changer for CRE.</p> <p><span class="emphasis-secondary">Providing Versatility and Adaptation</span><br /> It may seem to some that “Automated Marketing” is an ambiguous buzzword - something intimidating and confusing to approach. This is understandable, as the term is broad and refers to a wide array of potential techniques that can be used to bolster your CRE marketing strategy. Automated marketing can be used to build websites, submit repetitive data for listings, manage social media profiles, and that’s just the start of it!</p> <p>Depending on your current marketing strategy, your team can find a way to automate different tasks to strengthen your ongoing efforts. Any repetitive, tedious task that eats up valuable time can become automated with the right software. Just like any new technology, these softwares are constantly adapting to the needs of the industry. Automated marketing is more developed in other industries in comparison to commercial real estate, but many project that these technologies are only on track to become more prevalent.</p> <p>According to <a class="color-secondary" href="https://www.gartner.com/en/newsroom/press-releases/2020-12-02-gartner-reveals-only-18--of-brands-have-mastered-thei" target="_blank">Gartner</a>, a leading voice in automated marketing, only 18% of brands feel that they are getting the most out of their marketing technology resources. This discrepancy is likely even greater in the field of commercial real estate as its shift to online only since 2020 finally forced the industry to begin adopting these new tactics.</p> <p><span class="emphasis-secondary">Unlocking Efficiency and Clarity</span><br /> One strong form of marketing automation for commercial real estate is email marketing. With automation, companies can set up triggered emails set to respond to specific parameters. While manual emails and personal touches are crucial in developing relationships (which lead to conversions), people are limited in how quickly they can respond.</p> <p>According to <a class="color-secondary" href="https://www.webfx.com/blog/marketing/marketing-automation-statistics/" target="_blank">WebFX</a>, a leader in digital marketing, 91% of companies that use automated marketing consider these tools to be “very important” to the overall success of their marketing strategies. Automated marketing emails can be sent out much more quickly at greater volumes, and this increased efficiency can lead to higher clickthrough rates, higher open rates, and many more leads.</p> <p>The wonderful thing about many of these softwares is also their ability to track performance. At a glance, your team can see which campaigns performed well, and which ones missed the mark so that your overall strategy can be fine tuned. Automated marketing could be seen as a tool to take commercial real estate marketing to another level.</p> <p><span class="emphasis-secondary">Freeing Up Marketers to Innovate</span><br /> Finally, some might see these new tools as a sign that their jobs are in danger. The statistics can be eye-popping, and if automated marketing makes a considerable portion of a marketer’s job redundant, wouldn’t logic indicate fewer marketers would be needed in the field?</p> <p>Many industries are much further along with their adoption of automated marketing. The result of this tool tends to be an evolution in duties, rather than an elimination. Automation removes the tedious, repetitive tasks, but creative work is still best accomplished by people. With more time to dedicate towards adapting your strategies in competitive markets, your strategies should see better results. Though time will ultimately be the judge on how well automated marketing does in the commercial real estate sphere, all signs point towards it being a great accelerating tool.</p> <p><em>National Property Inspections is the best source of expert commercial property inspectors nationwide. <a class="color-secondary" href="https://npicommercial.com/contact">Contact NPI</a> to schedule your next commercial property inspection today!</em></p> 1471How to Use Landscaping To Increase Your Curb Appealhttps://npicommercial.com/blog/posts/PostId/1468/how-to-use-landscaping-to-increase-your-curb-appealProperty Maintenance,Property ManagementWed, 01 Mar 2023 22:53:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">HOW TO USE LANDSCAPING TO INCREASE YOUR CURB APPEAL</span></strong></span><br /> <em class="fa fa-calendar"></em> March 1, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-maintenance">Property Maintenance</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/exterior-maintenance">exterior maintenance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/commercial-landscaping">commercial landscaping</a></p> <p>Everyone is familiar with the old adage, “Don’t judge a book by its cover.” While this is a valuable principle in life, clients and customers generally don’t apply this sentiment when deciding where they spend their money. Very often, businesses are selected solely based on their location and look of their exterior. Especially in highly-trafficked areas, property owners that have taken good care of their buildings and developed eye-catching landscapes see much more attention than property owners that have been neglectful.</p> <p>A building’s landscape is often one of the first opportunities to make an inviting impression with potential clients. Well-maintained grass and carefully-selected greenery reflect businesses and property owners who care about their work. Clients and customers will expect this attention to detail to cross over into all facets of their business. So, to set your commercial businesses up for success (and to attract quality tenants or clients), here are a few ways that you can upgrade your property’s landscaping.</p> <p><span class="emphasis-secondary">Landscape To Stand Out</span><br /> More than just keeping your property looking clean and looked after, strategic landscaping can be used to attract clients. Whether you take advantage of a professional landscaping company or plan out your designs yourself, landscaping is a great opportunity to practice some creativity. The best landscaping designs for commercial properties should be both welcoming and professional. Overly complex plans can become too gaudy and ultimately distract from the purpose of your business.</p> <p>For a strong landscaping plan, consider incorporating extra color into your design. Bright colors are shown to attract the eye, and floral arrangements are natural ways to incorporate these impactful colors in ways that aren’t jarring or out of place. Entrances should always be distinct, creating a natural and inviting flow for clients to follow. Things like fountains, art installations, or <a class="color-secondary" href="https://npicommercial.com/blog/posts/how-to-use-public-art-to-increase-your-curb-appeal">murals</a> can also all be strong additions. Just make sure that your greenery doesn’t end up covering your building or creating confusion. Your business signage, if applicable, should always be clear from common viewable angles.</p> <p><span class="emphasis-secondary">Reinforce Your Company Brands</span><br /> The landscape surrounding your building is a great opportunity to reinforce whatever identity your branding is going for. Whether your tenants veer towards sleek sophistication or blue collar relatability, any style can be strengthened with strategic landscaping.</p> <p>Consider creating an outdoor sitting area where clients and customers can congregate on your property. Simple wooden benches can create a rustic appeal, while metal or stone can convey a modernist impression. Additionally, property owners can start with something simple like selecting flowers that correspond with brand colors. Options here really are endless and most can be implemented at reasonable costs.</p> <p><span class="emphasis-secondary">Landscape To Show You Care</span><br /> Ambitious layouts are effective in drawing in clients and key tenants, but when these designs fall into disrepair they can have the opposite effect. Depending on the size of your property and the nature of your landscaping, a professional commercial landscaping service may be the best option for long-term maintenance.</p> <p>For property owners that personally monitor upkeep, be sure to regularly walk the property grounds and search for safety hazards. Issues like sinkholes or broken pavement can endanger clients and tenants—address these potential dangers first! Small damages can occur at any time, especially depending on region-specific weather conditions. Regular supervision and examination is crucial for keeping a commercial property’s landscape in tip-top shape, so be sure to do the little things like removing litter quickly and keeping plants properly watered.</p> <p>A beautiful landscape can elevate a commercial property above its peers, and it could be the answer to success in competitive markets. Take the opportunity today to reevaluate how your property presents itself to the world!</p> <p><em>Did you know that small issues on commercial properties can lead to larger (and more expensive) problems down the road? Stay on top of your property’s maintenance with a commercial property inspection -<a class="color-secondary" href="https://npicommercial.com/contact">contact National Property Inspections</a> today to schedule your next checkup!</em></p> 1468The Pros and Cons of Triple-Net Leases for Tenants and Property Ownershttps://npicommercial.com/blog/posts/PostId/1466/the-pros-and-cons-of-triple-net-leases-for-tenants-and-property-ownersProperty Investment,Property Maintenance,Property ManagementWed, 22 Feb 2023 15:24:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">THE PROS AND CONS OF TRIPLE-NET LEASES FOR TENANTS AND PROPERTY OWNERS</span></strong></span><br /> <em class="fa fa-calendar"></em> February 22, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npiweb.com/Blog/Posts?Category=property-management">Property Management</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-maintenance">Property Maintenance</a>, <a href="https://npiweb.com/Blog/Posts?Category=property-investment">Property Investment</a> | <em class="fa fa-tags"></em> <a href="https://npiweb.com/Blog/Posts/Tag/business-tips">business tips</a>, <a href="https://npiweb.com/Blog/Posts/Tag/exterior-maintenance">exterior maintenance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/interior-maintenance">interior maintenance</a>, <a href="https://npiweb.com/Blog/Posts/Tag/cleaning">cleaning, </a><a href="https://npiweb.com/Blog/Posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>For anyone new to the world of commercial real estate, triple-net leases are a concept worth exploring. Also referred to as “NNN” leases, triple-net leases have become very popular for property owners and tenants alike. To determine which type of lease is right for your needs, let’s take a minute to discuss what a triple-net lease is—and why they’re growing in popularity!</p> <p><span class="emphasis-secondary">What is a Triple-Net Lease?</span><br /> Triple-Net leases are a type of rental agreement where the tenant is responsible for paying property taxes, insurance, and all maintenance fees associated with the rental property. These differ from standard commercial lease agreements where these costs are usually covered by the property owner or manager. To compensate for these additional incurred costs and responsibilities, the tenants’ rental fees are oftentimes lower than standard rental agreements.</p> <p>As you might have guessed, the triple-net lease is more demanding for tenants than single-net or double-net leases. In either of these cases, the tenant would instead be responsible for one or two costs respectively (between property taxes, insurance, and maintenance items).</p> <p><span class="emphasis-secondary">The Benefits of Triple-Net Leases</span><br /> Property owners seem particularly interested in this type agreement because of the hands-off approach that they can have with the property. Property management and maintenance is often a hassle that property owners would prefer to avoid. In triple-net lease agreements, these tasks are shifted to the tenants. Since property owners are not responsible for the ongoing upkeep of the property, they can devote their time toward other business ventures or properties that require more attention instead</p> <p>For tenants, many prefer the extra control that they gain with a triple-net lease. They can select their preferred insurance carrier, and they control the maintenance and overall appearance of the property they occupy. While they do have to manage additional costs, lowered base rental fees are meant to balance these responsibilities.</p> <p><span class="emphasis-secondary">The Drawbacks of Triple-Net Leases</span><br /> While many property owners like the idea of avoiding property management, most tenants also prefer not to take on those obligations. Because of this, acquiring reliable, long-term tenants can be difficult and vacant spaces can stay empty for longer.</p> <p>For tenants, while they gain a stronger sense of ownership with triple-net leases, they’re still dependent on their landlords for certain things. Property owners are still responsible for contesting new property tax appraisals. Therefore, these property owners who don’t benefit from lowered taxes may not be as incentivised to arrange a private appraisal. This attitude may be short-sighted, since when their tenants then leave, the property owners may then have to deal with unnecessarily high property taxes first-hand.</p> <p>Property owners can often experience a few surprises when tenants leave a triple-net lease property. Tenants who don’t keep up good building maintenance may leave property owners with a big mess to deal with.</p> <p>Every strong tenant-landlord relationship should be built on trust and understanding. With triple-net leases, this starting point is no different. Depending on your situation, triple-net leases for property owners can be a great opportunity for steady income with minimal oversight! For tenants, the added bonus of lower rental fees and greater control over their rental property may outweigh the expense of added maintenance and tax costs.</p> <p><em>Remember to contact National Property Inspections for any of your property inspection needs! NPI has access to a nationwide network of home inspection experts. <a class="color-secondary" href="https://npicommercial.com/contact">Contact us today</a> to schedule your next property inspection!</em></p> 1466The White House Rental Plan: What Does It Mean For CRE?https://npicommercial.com/blog/posts/PostId/1460/the-white-house-rental-plan-what-does-it-mean-for-creCommercial Real Estate News,Property Investment,Property ManagementWed, 01 Feb 2023 15:07:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">THE WHITE HOUSE RENTAL PLAN: WHAT DOES IT MEAN FOR CRE?</span></strong></span><br /> <em class="fa fa-calendar"></em> February 1, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=commercial-real-estate-news">CRE News</a>, <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a>, <a href="https://npicommercial.com/blog/posts/Tag/multi-family-property">multi-family property</a>, <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a></p> <p>On January 25, the Biden-Harris administration released a <a class="color-secondary" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/01/25/fact-sheet-biden-harris-administration-announces-new-actions-to-protect-renters-and-promote-rental-affordability/" target="_blank">statement</a> outlining their new plan to promote a more “renter-friendly” multifamily environment. Echoing notions from the “Blueprint for a Renters Bill of Rights,” this statement outlines different action strategies that combat recent “egregious rent increases” which they say have been more common within the industry.</p> <p>The pandemic has left its impact on many industries, and the rental sphere is no different. With new federal influence entering into the multifamily real estate industry, some investors may worry that this interference could destabilize a normally steady sector of CRE. To begin demystifying the results of these recent initiatives, let’s discuss the details of the White House’s new plan.</p> <p><span class="emphasis-secondary">The New Federal Oversight </span><br /> The primary and immediate result of this announcement is the new tasks assigned to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). Both agencies will begin to collect information, tracking things like methods used for tenant background checks, influence of a tenant’s source of income, and results of algorithmic tenant screenings. These efforts are intended, in part, to cut down on unfair and unequal treatment, viewed to have grown in recent years.</p> <p>Many are criticizing these moves as only reinforcing laws covered by existing federal or state entities, and there seems to be fear of adverse results due to the potential of “bureaucratization” of the current renting system. Whether these moves for new systems will be able to protect renters (as intended) or not remains to be seen, but there is a clear connection between these moves and the philosophy that inspired them.</p> <p><span class="emphasis-secondary">Blueprint for a Renters Bill of Rights </span><br /> The underlying laws that have inspired this recent statement are built from what has been dubbed the “Blueprint for a Renters Bill of Rights.” The key pillars of this initiative are as follows:</p> <ul> <li><strong>Safe, Quality, Accessible, and Affordable Housing </strong><br /> No family should pay more than 30% of their income on housing, housing should meet safety standards, and the application process should be reasonably simple. </li> <li><strong>Clear and Fair Leases </strong><br /> Leases should not include hidden fees or language that is too difficult for navigation within the general public. </li> <li><strong>Education, Enforcement, and Enhancement of Renter Rights </strong><br /> Federal, state, and local governments are tasked with the responsibility to inform renters of their rights and to defend them from discriminatory practices. </li> <li><strong>The Right to Organize </strong><br /> Renters should not be penalized for joining a tenant-focused organization, and their voices should be heard. In addition, the spirit of this pillar is to facilitate further discussion between renters and multifamily building management. </li> <li><strong>Eviction Prevention, Diversion, and Relief </strong><br /> Renters should be properly equipped with options to avoid losing access to their housing. Overall, the eviction process should be fair, with reasonable and clear guidelines understood by all parties.</li> </ul> <p>Multifamily units may struggle as a result of these changes, or empowered tenants may lead to reduced vacancies and a healthier industry. CRE investors should keep a close eye on the extent of these actions and any subsequent moves likely to follow.</p> <p><em>The best way to ensure safe and happy tenants is to have confidence in the condition of your property. <a class="color-secondary" href="https://npicommercial.com/Services/Commercial-Building-Inspections">Schedule your next commercial property inspection</a> with National Property Inspections - our nation-spanning network of experts is happy to assist! </em></p> 1460Save On Taxes With Cost Segregationhttps://npicommercial.com/blog/posts/PostId/1447/save-on-taxes-with-cost-segregationCommercial Inspection,Property Investment,Property Maintenance,Property ManagementWed, 11 Jan 2023 17:07:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">SAVE ON TAXES WITH COST SEGREGATION</span></strong></span><br /> <em class="fa fa-calendar"></em> January 11, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-maintenance">Maintenance</a>, <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a>, <a href="https://npicommercial.com/blog/posts?Category=commercial-inspection">Inspection</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/save-money">save money</a>, <a href="https://npicommercial.com/blog/posts/Tag/exterior-maintenance">exterior maintenance</a>, <a href="https://npicommercial.com/blog/posts/Tag/interior-maintenance">interior maintenance</a></p> <p>In the world of commercial real estate, any opportunity to save money can be retooled back into properties to improve amenities, elevate tenant experience, or even invest in new ventures. Cost segregation is a tax-saving method that is not taken advantage of as often as it should. In partnership with Scarpello Consulting, National Property Inspections is now offering cost segregation services to preferred commercial property clients.</p> <p>Cost segregation can seem like a complex topic to those unfamiliar with the concept, but it is more straightforward than the name might suggest. To discover whether you may qualify for cost segregation, let’s take the time to discuss what it is and how it works.</p> <p><span class="emphasis-secondary">What Is Cost Segregation? </span><br /> Cost segregation is a tax savings tool used to reduce the income tax liabilities of property owners by accelerating depreciation deductions. A cost segregation study is conducted to evaluate a qualifying property and track its components on a shortened scale, usually after 5, 7, or 15 years rather than the traditional 27.5 or 39 year period. This allows owners to write-off components much earlier than usual, saving considerably on property taxes.</p> <p>While there is an initial cost with a cost segregation study, the tax savings property owners will receive over the long term makes the strategy worthwhile.</p> <p><span class="emphasis-secondary">How Does Cost Segregation Work? </span><br /> With NPI’s partnership, Scarpello Consulting will perform a study to identify assets in a property that qualify for shorter depreciation periods. The team may review things like property records, property inspections, blueprints, and potentially conduct new inspections, working with expert tax advisors and engineers. The study that they conduct provides the proof needed for reclassification, often leading to considerable first year tax savings.</p> <p><span class="emphasis-secondary">How Do You Qualify For Cost Segregation? </span><br /> To determine whether you qualify for a cost segregation study, there are a few categories that should first be met. A building must have a minimum purchase price of $750,000 for eligibility, and the property needs to have been purchased, constructed, or renovated since 1987.</p> <p>In addition, you must have a taxable income and plan on keeping the property for the next few years to benefit from tax savings. As a commercial property investor or owner, odds are great that your properties will qualify for a cost segregation study. Anyone who has taken the time to review cost segregation will know that the return on investment for a cost segregation study is impressive. Any investor or property owner interested in taking advantage of this often missed tax-saving opportunity should <a class="color-secondary" href="https://npicommercial.com/Cost-Segregation" target="_blank">reach out to Scarpello Consulting</a> for an estimate to see whether this strategy is best for their situation.</p> 1447Underestimated Investments in Commercial Real Estatehttps://npicommercial.com/blog/posts/PostId/1446/underestimated-investments-in-commercial-real-estateProperty Investment,Property ManagementWed, 04 Jan 2023 17:00:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">UNDERESTIMATED INVESTMENTS IN COMMERCIAL REAL ESTATE</span></strong></span><br /> <em class="fa fa-calendar"></em> January 4, 2023 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a>, <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a>, <a href="https://npicommercial.com/blog/posts/Tag/office-space">office space</a>, <a href="https://npicommercial.com/blog/posts/Tag/retail-space">retail space</a>, <a href="https://npicommercial.com/blog/posts/Tag/hotel">hotel</a></p> <p>Anyone who has spent some time in the commercial real estate sphere will know that the key to sustained longevity comes from one simple word: diversification. While specializing in a niche can help investors and property owners develop unique knowledge, an unfriendly season in their selected industry can prove disastrous.</p> <p>In turbulent economic times, the importance of diversification becomes all the more important. However, overly risky investments and haphazard experimentation might not sound the most enticing at the moment. For some comparatively lower risk investments, consider these underestimated investments to increase your ROI.</p> <p><span class="emphasis-secondary">Use The Space You Already Have </span><br /> If you haven’t invested in ATMs or vending machines already, now might be a good time to look into it. With such a small space demand and the convenience potential for your tenants, these amenities sound like a positive addition to properties before even considering the modest monetary returns.</p> <p>With leasing or purchasing options available, property owners can take the most advantage out of these investments in areas with considerable foot traffic. For vending machines, while cash-only receivers are cheaper, models with card readers are much more accessible today. Again, while the returns are minimal, these additions have the opportunity to more than pay for themselves.</p> <p><span class="emphasis-secondary">Don’t Become A Dead Zone </span><br /> Cell phones have become universal in the modern age, and a sure way to create a frustrated tenant is to lease a property with spotty coverage. Contact cell tower suppliers to get an idea of what sort of demand there is in your area to potentially work towards either a freestanding or rooftop installation.</p> <p>Over time, the growing familiarity with cell towers has greatly reduced the perceived “eyesore” they may have brought in the past. If your property has the room, these towers can result in a considerable kick-back and a positive impact on your resale value.</p> <p><span class="emphasis-secondary">Invest In Land Development </span><br /> One investment sphere that is too frequently overlooked is that of undeveloped land. The benefits of this sort of investment are aplenty, from the lack of maintenance demands commercial properties need to the flexibility raw land provides.</p> <p>Investors could partner with a farmer to develop the land, or consider going through the rezoning process and installing water and sewage lines for future development. Simply laying the groundwork for future development can be a relatively simple way to get a return from other investors that see potential in the area.</p> <p>Another strategy that you can employ with land investment is to buy and wait. Depending on the area, competition for raw land can be scarce, and savvy investors could purchase land at a discount, only to resell it or wait for it to appreciate. The flexibility that this sort of investment allows is nearly endless, and with a bit of creativity, a considerable return on investment should follow.</p> <p>To keep up on the latest commercial real estate trends or to check in for new investment strategies, we publish new articles every week.</p> <p><em>For whatever your property, stick with National Property Inspections for all your commercial inspection needs. <a class="color-secondary" href="https://npicommercial.com/contact">Schedule your next appointment</a> with an expert in your area today!</em></p> 1446Short-Term Leasing Opportunities With Airbnbhttps://npicommercial.com/blog/posts/PostId/1441/short-term-leasing-opportunities-with-airbnbCommercial Real Estate News,Property Investment,Property ManagementWed, 28 Dec 2022 20:38:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">SHORT-TERM LEASING OPPORTUNITIES WITH AIRBNB</span></strong></span><br /> <em class="fa fa-calendar"></em> December 28, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a>, <a href="https://npicommercial.com/blog/posts?Category=commercial-real-estate-news">CRE News</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/office-space">office space</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a>, <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a></p> <p>For property owners of multi-family real estate, a new option to drive down vacancy might have been introduced by short-term subletting service Airbnb. Referring to the new service as “<a class="color-secondary" href="https://news.airbnb.com/introducing-airbnb-friendly-apartments/" target="_blank">Airbnb-friendly apartments</a>,” Airbnb is advertising the service as a potential perk for tenants looking to make extra money while anticipating a tough economic season.</p> <p>This service is only offered at properties partnered with Airbnb, likely with liability and legal hurdles in mind. Still, depending on the negotiated rates, property owners have the potential to receive up to a 20% portion of booking revenue from any tenant activity on Airbnb. For investors and property owners interested in the potential behind this service, here is a brief overview of the publicly released details.</p> <p><span class="emphasis-secondary">Why Become A Partner Property? </span><br /> From a property owner’s perspective, there seem to be a few potential benefits in partnering with Airbnb. According to their advertising, a partnership with Airbnb is the best way to maximize value for each unit, believing that the opportunity should be a draw for potential tenants. Additionally, the association with a brand like Airbnb may provide an extra level of recognition and credibility for the property as a whole.</p> <p>With increased resident satisfaction and the chance to share the additional revenue, which could increase the overall Net Operating Income (NOI), Airbnb offers property owners the option to <a class="color-secondary" href="https://www.airbnb.com/d/multifamily" target="_blank">“demo”</a> with one of their region-specific leads.</p> <p>At this point, these short-term Airbnb-friendly apartments consist of 175 buildings across 25 markets in the United States, including Houston, Phoenix, and Jacksonville. Some prominent building partners include Greystar and Equity Residential, and participation in the program seems to be growing.</p> <p><span class="emphasis-secondary">What Are The Concerns? </span><br /> Concerns related to this sort of investment are as varied as the perceived benefits, however. Aside from some tenants potentially being turned off from needing to share space with a more varied clientele, there has been a negative association with Airbnb and the sometimes destructive parties that their guests have hosted.</p> <p>Recently, <a class="color-secondary" href="https://news.airbnb.com/official-codification-of-party-ban/" target="_blank">Airbnb has codified a party ban</a> throughout their services to combat this reputation and save on liability costs, but property owners may still be wary of participating in the program due to this association. Airbnb has also received criticism on “hidden” cleaning fees charged to hosts for each visit, which might lead to increased frustrations for unaware tenants.  </p> <p>Some states actually hold laws that restrict apartment rentals for under 30 days, leading to court disputes among the Brodsky Organization in New York (<a class="color-secondary" href="https://therealdeal.com/2022/09/27/brodsky-brings-challenge-to-nyc-airbnb-law/" target="_blank">as reported by real estate news outlet “The Real Deal”</a>).</p> <p>The program is still new and likely finding its sealegs, but interested parties may want to inquire to see if their properties might be a good fit. In an age where flexibility is a constant priority, cases like these will remain highly monitored in the midst of a continuously shifting commercial real estate market.</p> <p><em>For a full understanding of your property’s condition, and to reduce potential liability, remember to schedule your annual commercial property maintenance inspection. National Property Inspections can pair you with an inspection expert through our network which spans the United States and Canada. <a class="color-secondary" href="https://npicommercial.com/contact">Schedule your next inspection appointment today</a>!</em></p> 1441What Do Office Spaces Look Like In 2023?https://npicommercial.com/blog/posts/PostId/1440/what-do-office-spaces-look-like-in-2023Commercial Real Estate News,Property Investment,Property ManagementWed, 21 Dec 2022 20:27:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">WHAT DO OFFICE SPACES LOOK LIKE IN 2023?</span></strong></span><br /> <em class="fa fa-calendar"></em> December 21, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a>, <a href="https://npicommercial.com/blog/posts?Category=commercial-real-estate-news">CRE News</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/office-space">office space</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>Over the past few years, commercial real estate has been through the ringer. Relying on data-driven, easily predictable trends has been much more difficult for investors and property owners. Although plenty of uncertainty remains as a hindering force for office spaces, workers are making their voices heard. In the future, property owners will need to adjust their strategies in order to capitalize on the best tenants. While many investors are opting to <a class="color-secondary" href="https://npicommercial.com/blog/posts/what-to-know-about-office-to-residential-conversions">diversify their holdings through multifamily conversions</a>, the key to succeeding with office spaces in 2023 could be more about specialization and adaptation.</p> <p><span class="emphasis-secondary">Identify The Purpose Of The Office Space</span><br /> After work-from-home mandates transformed the way employers and workers viewed the workplace, the standing of office properties within the market has been less stable. While the realities surrounding office spaces vary depending on location, the truth is that most property owners still see their tenants using their offices in the traditional manner. For the most part, the old-school 9-to-5, 5-day workweek is still the standard.</p> <p>However, <a class="color-secondary" href="https://www.jllt.com/blog/commercial-real-estate-outlook-2023/" target="_blank">as reported by JLL Technologies</a> (a leading voice in PropTech), 84 percent of property management teams see a portion of their tenants using a hybrid work model. Class-B and C office properties are projected to continue seeing a downturn in demand throughout 2023, but investors can target this new portion of tenants to supplement any lost business.</p> <p>The modern office recognizes the new standards of workers, offering enhanced flexibility as a priority. For these flexible businesses that offer hybrid work experiences, the office space serves a more targeted role in cooperation with the home office. The home office is where workers go to catch up on work and concentrate, while the office space is where workers go to collaborate.</p> <p>CNBC interviews human resource expert <a class="color-secondary" href="https://www.cnbc.com/2022/06/04/how-companies-are-shifting-their-office-spend-to-lure-workers-back.html" target="_blank">Scott Dussault</a> on the future of office spaces as a result of these effects. He states, “You’re going to see a lot more open spaces…meeting rooms, break areas where people can sit and get together. It’s going [to] be focused on connection…making those connections more meaningful.”</p> <p><span class="emphasis-secondary">Prioritize The Tech, Not The Fads </span><br /> Office spaces may become more of a collaborative space than in the past, but property owners who are buying into the “social space” fad, may need to reexamine their strategies. Particularly prior to the pandemic, high-end office spaces offered perks like gyms and complimentary grocers. According to recent studies, these luxury amenities may not be the best way to satisfy office workers.</p> <p><a class="color-secondary" href="https://commercialobserver.com/2022/12/office-workers-wifi-flex-space/#content" target="_blank">Analysts at Commercial Observer</a> have found that, while 81 percent of office workers were frustrated by their office working experience, the top sources of their frustrations were related to a lack of sufficient technology. Office spaces have always been widely criticized for lagging behind on adopting new tech into their offered amenities. The modern office worker seems to simply want the ease of productivity experienced at home to be replicated within the office.</p> <p>Things like property-wide WiFi should be standard, along with remote conferencing options. Additionally, expanding the options regarding lighting and temperature control will go a long way to secure valuable tenants.</p> <p>In a field like commercial real estate, certainty comes at a premium. With the rapid shift in office space expectations, it is of little surprise to see investors and property owners employing their wait-and-see policies. Still, to get the most out of their investments, property owners can take advantage of the latest projections to get a leg up on the competitive market.</p> <p><em>National Property Inspections can pair you with the best commercial property inspectors in the industry. <a class="color-secondary" href="https://npicommercial.com/contact">Schedule your next inspection today</a>.</em></p> 1440Christmas Decorating Tips for Commercial Propertieshttps://npicommercial.com/blog/posts/PostId/1429/christmas-decorating-tips-for-commercial-propertiesProperty ManagementWed, 30 Nov 2022 19:50:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">CHRISTMAS DECORATING TIPS FOR COMMERCIAL PROPERTIES</span></strong></span><br /> <em class="fa fa-calendar"></em> November 30, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/just-for-fun">just for fun</a>, <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>With seasonal changes coming quick, it is not too late to start transforming your commercial property to reflect the festivities. Whether you have a multi-family property, an office building, or another type of commercial property, there are many benefits that come with investing in seasonal decorations. For this season, here are some quick tips on how to make your commercial properties the talk of the town!</p> <p><span class="emphasis-secondary">Establish a Budget</span><br /> Not every holiday decor project needs to be overly elaborate, but even plans that are intended to start small can grow quicker than expected. Start by setting a reasonable boundary for your decoration budget, and consider cost-saving opportunities like partnering with companies that offer business-specific discounts.</p> <p>In addition, remember to consider both your indoor target spaces, as well as your outdoor and exterior spaces. When building a cohesive plan, it can be easy to plan a budget for just one of these spaces while leaving the other forgotten. To ensure that you have a reasonable budget carved out, employing a professional decorating company is, of course, the best way to reduce budget surprises.</p> <p>While partnering with a professional company, you can usually set a specific budget limit at the beginning of the planning phase so that you don’t have to worry about exceeding expected limitations. Although hiring decoration specialists can add to your overall costs, the added ease and efficiency that they will bring into the process should justify their premiums.</p> <p><span class="emphasis-secondary">Evaluate Your Space</span><br /> Once you’ve established your budget range, the planning phase is well underway. Outline which areas are “in play” for decorations and which ones are off limits. Of course, you want your tenants to enjoy the new decorations, but you should take special care not to disrupt regular foot traffic too much. These seasonal decorations should enhance your property’s character while not becoming a frustrating distraction.</p> <p>A particularly sizable concern is always the tree. Devoting enough space to your tree can be a struggle, and your options will probably be limited based on what is possible. However, consider utilizing the tree as a new focus point in your allotted space. Some temporary rearrangement of other furniture can allow for creative ways to allow a new focus point in your lobby or gathering space.</p> <p>Outside of just Christmas lights, there are a wide range of options that you should consider for your property’s exterior. One fun and effective idea has been using Christmas lights to line walking paths. Just as with interior settings, determine where your exterior allows for decoration opportunities to attract positive attention.</p> <p><span class="emphasis-secondary">Pick a Theme</span><br /> After you’ve defined your budget and identified the available space, finally some creative choices come into play. When selecting a theme for your commercial property’s decorations, a cohesive theme is key. The best commercial decorations have a throughline that shows the associated business or property owners think things through, they are professional, and they are high quality.</p> <p>Some themes are more traditional, hearkening back to the nostalgic mood underpinning the Christmas season. These themes might include a heavy usage of greens and reds, poinsettia flowers, or bright red bows. Alternatively, a more recent trend that has gained popularity is incorporating either silver and gold colors (which transition well into New Year’s celebrations), or incorporating blue with silver.</p> <p>Another strong choice is to incorporate company logos and colors into the overall decorative design, maybe marrying this with seasonal greenery choices. In addition, though it can be fun to invest fully into gift boxes, reindeer, and candy canes, a more neutral “winter” theme neutral to specific holidays can better fit your client or tenant interests.</p> <p>Remember, decorating for the holidays doesn’t have to be an extravagant endeavor. Even simple additions acknowledging the festive season can go a long way towards making an impact with your tenants. Though you can implement your plans on your own, consider hiring help as needed. Hanging Christmas lights and setting up Christmas trees both present hazards perhaps better accomplished by professionals. In whichever manner fits your needs, use these tips to drive business, and spread the holiday spirit among your tenants. No matter your plans, we wish you the best of luck, and happy holidays!</p> <p><em>To make sure your properties are safe for the holidays, <a class="color-secondary" href="https://npicommercial.com/contact">schedule your next maintenance inspection with NPI</a>!</em></p> 1429How to Use Public Art to Increase Your Curb Appealhttps://npicommercial.com/blog/posts/PostId/1423/how-to-use-public-art-to-increase-your-curb-appealProperty Investment,Property ManagementWed, 16 Nov 2022 15:32:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">HOW TO USE PUBLIC ART TO INCREASE YOUR CURB APPEAL</span></strong></span><br /> <em class="fa fa-calendar"></em> November 16, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a>, <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/office-space">office space</a>, <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/building-renovation">building renovation</a>, <a href="https://npicommercial.com/blog/posts/Tag/multi-family property">multi-family property</a></p> <p>Art is subjective. Some people love country music, while others can’t stand it. Some people love abstract paintings, and others prefer realistic landscapes or portraits. Preferences and opinions on art can be incredibly diverse, but almost universally, art has a unique power to inspire people.</p> <p><a class="color-secondary" href="https://www.americansforthearts.org/by-program/reports-and-data/research-studies-publications/public-opinion-poll" target="_blank">In a national survey</a> conducted by the Americans for the Arts council, 90% of respondents said that they believed arts institutions are important to a community’s quality of life, and 86% said that they are important to a community’s businesses and economy. Property investors know this well, but strategizing how to best incorporate art into commercial properties can be difficult. In order to increase your curb appeal, here are a few considerations when investing in public art.</p> <p><span class="emphasis-secondary">Community Connection </span><br /> Incorporating art into your commercial property can be transformative, but it is important to act strategically. Consider the local culture and character of the community selecting artists and content. Any public art associated with your property will create a touchstone for that property, and for your tenants. In competitive markets, this can be the differentiator needed to secure high quality tenants and reduce vacancies.</p> <p>When considering the type of art that you want to invest in, remember that this mural or sculpture will likely be the most defining feature of the property and business for the general public. What image do you want to be associated with? Acting with sensitivity to your unique region and community will improve the positive perception of any associated brands, and even drive business with improved living within the property’s area.</p> <p><span class="emphasis-secondary">Advertising</span><br /> Investors know the success stories from <a class="color-secondary" href="https://www.chicago.gov/city/en/depts/dca/supp_info/millennium_park.html" target="_blank">Millennium Park</a> in Chicago, <a class="color-secondary" href="https://www.thehighline.org/" target="_blank">High Line</a> in New York City, and <a class="color-secondary" href="https://indyculturaltrail.org/" target="_blank">Cultural Trail</a> in Indianapolis. Properties and areas that have fallen into disrepair or suffered from a poor reputation due to past neglect can be completely transformed into something new, and in turn, the surrounding property values shoot through the roof. With the right kind of public art, commercial properties take on a new identity.</p> <p>When executed well, public art installations can dramatically improve foot traffic, and increased photographability creates a more prominent online presence through social media. An attractive mural or sculpture can become a constant real world advertising campaign that keeps giving, and the public will help maintain its relevance.</p> <p><span class="emphasis-secondary">ROI</span><br /> People know how art makes them feel, and the draw that public art can have makes sense as an asset for commercial property, but it can be difficult to track the actual return on investment for such initiatives. Every public art initiative is different, so there also aren’t necessarily proven strategies that will fit every scenario. <a class="color-secondary" href="https://hickokcole.com/arts-role-in-cre/" target="_blank">Development managers recommend</a> investing in a consultant early on to get a clear picture on costs and expectations, and also to ensure quality.</p> <p>Still companies continue to use art as a reliable strategy to improve property value and to improve their business. Martha Weidmann, CEO and Co-Founder of NINE dot ARTS commissioned a mural at their home office for the dual purpose of attracting attention to their business, and also to draw her workers back into the office coming out of the pandemic.</p> <p>Whether it’s a mural, a sculpture, or quality poster prints, there are many routes property owners and managers can go with to incorporate public art into their investment strategies. Projects can vary depending on budget options, so public art is a powerful differentiator worth implementing for any commercial property owner.</p> <p><em>For all of your commercial property inspection needs, National Property Inspections has an international network of trusted professionals. <a class="color-secondary" href="https://npicommercial.com/contact">Schedule your next inspection today</a>!</em></p> 1423Coworking Spaces: What They Are, and How To Manage Themhttps://npicommercial.com/blog/posts/PostId/1422/coworking-spaces-what-they-are-and-how-to-manage-themCommercial Real Estate News,Property ManagementWed, 09 Nov 2022 15:24:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">COWORKING SPACES: WHAT THEY ARE, AND HOW TO MANAGE THEM</span></strong></span><br /> <em class="fa fa-calendar"></em> November 9, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a>, <a href="https://npicommercial.com/blog/posts?Category=commercial-real-estate-news">CRE News</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/office-space">office space</a>, <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>In case you were unaware, Covid changed a lot of things. It is unlikely that we will ever again experience such a sudden change to the way that we conduct business or live our lives. However, new innovations and adaptations have been forced into the forefront of commercial real estate as the result of new worker demands. Of particular note has been the growth in popularity of coworking spaces.</p> <p><span class="emphasis-secondary">The Rise of Coworking Spaces</span><br /> Coworking spaces aren’t a new phenomenon. They actually date back to the mid-2000s as technological advancements offered the potential for new lifestyles, like the digital nomad. Through the pandemic, workers around the world were forced to adapt to remote operations, and as work preferences have changed, more and more offices have closed completely.</p> <p>For some, this new standard is welcome, but others have missed the camaraderie and social stimulation that comes from working in an office. It has been with these conditions in place that coworking spaces have seen a renaissance. But what exactly is a coworking space?</p> <p>In coworking spaces, workers pay for memberships to work alongside other independent members, usually from different fields (eg. freelancers, entrepreneurs, artists, etc.). Coworking spaces are similar to offices in many ways, offering similar amenities such as printers, conference rooms, and basic wifi. However, there is also a great deal of flexibility which coworking spaces afford.</p> <p>Some of these spaces are modeled around an open floor design, with more social prospective members in mind, while others focus on dividing their floor space into smaller private rooms to offer areas for intense focus. While many are industry agnostic, some focus on providing for unique needs tailored for one particular industry popular in their area. The possibilities for coworking spaces are seemingly endless, which is what makes this commercial property such an exciting one to participate in. With this flexibility, there are many considerations that property owners interested in this trend need to take into account as well.</p> <p><span class="emphasis-secondary">Coworking Space Considerations</span><br /> <a class="color-secondary" href="https://www.us.jll.com/en/coworking-market-growthhttps://www.us.jll.com/en/coworking-market-growth" target="_blank">According to JLL</a>, while a relatively small percentage of office space is currently taken up by third-party flexible space providers, this market share is predicted to expand to 30% by 2030. Clearly, coworking spaces are a trend worth tracking, but what unique struggles should property owners consider with this style of office space?</p> <p>While owners of office spaces might be seeing a drop in demand, coworking spaces need similar amenities, though some differences include a demand for restroom upgrades and expansions, due to a more varied clientele, and improved HVAC. Overall designs tend to be much denser as well, with customer capacity at a premium and an overall desire to promote cross-industry collaboration in these spaces. In addition, standard lease-lengths tend to be shorter in coworking spaces than in traditional office space agreements.</p> <p>To capitalize on the demands of the modern worker, property owners need to follow these current trends in order to limit their vacancies and take advantage of potential leasing opportunities. Coworking spaces offer the freedom, flexibility, and collaborative opportunities that modern workers crave, and therefore have the potential to become a force in the commercial real estate industry moving forward.</p> <p><em>To stay up to date with the latest Commercial Real Estate Trends, stick with our Commercial Blog. And for any upcoming inspections for your commercial properties, <a class="color-secondary" href="https://npiweb.com/Find-an-Inspector">find your nearest National Property Inspections professional</a> for the best service in the industry!</em></p> 1422How To Be Proactive With Property Maintenancehttps://npicommercial.com/blog/posts/PostId/1421/how-to-be-proactive-with-property-maintenanceProperty Maintenance,Property ManagementWed, 02 Nov 2022 14:12:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">HOW TO BE PROACTIVE WITH PROPERTY MAINTENANCE</span></strong></span><br /> <em class="fa fa-calendar"></em> November 2, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-Maintenance">Maintenance</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/interior-Maintenance">interior maintenance</a>, <a href="https://npicommercial.com/blog/posts/Tag/exterior-maintenance">exterior maintenance</a>, <a href="https://npicommercial.com/blog/posts/Tag/safety">safety</a>, <a href="https://npicommercial.com/blog/posts/Tag/save-money">save money</a></p> <p>There are many things to worry about when managing a successful commercial real estate property. You have to find great tenants that will improve your property’s overall draw, while also figuring out how to retain those high-value tenants through updated amenities or through competitive rental prices. It is understandable that some things can fall to the wayside. Oftentimes, the thing that gets shorted is maintenance.</p> <p>Keeping your property clean and functional is, of course, vital to successful business, but too often, property managers and owners only resort to significant moves after it is too late. Something critical breaks down, or even an injury to a tenant are sometimes the only thing that prompts owners to make meaningful changes. Investing into a solid maintenance plan foregoes these disastrous scenarios, and the best type of maintenance plan, is one that is proactive.</p> <p><span class="emphasis-secondary">What is Proactive Maintenance?</span><br /> Proactive Maintenance Plans are strategies that property managers and owners employ to avert costly maintenance issues before things deteriorate beyond salvageability. The opposite of this strategy would be a Reactive Maintenance Plan, or maintenance techniques that only prompt action after a feature of a commercial property becomes unusable, requiring either major repairs or complete replacement.</p> <p>With proactive maintenance, regular minor repairs, inspections, and monitoring systems are employed to keep systems in working order. There are pros and cons to this strategy, and it may be difficult to transition fully from an entirely reactive maintenance plan to one that is entirely proactive. However, the control that comes with these proactive plans are unparalleled.</p> <p><span class="emphasis-secondary">The Pros</span><br /> Converting to proactive maintenance can be a difficult thing to do, but there are many reasons to do it.</p> <ol> <li><strong>Save on Costs: </strong>One might expect that investing into regular inspections and additional minor repairs might lead to increased overall prices, but the main benefit of proactive maintenance is to avoid a breakdown, which leads to major repairs or full replacements to critical systems. Major work on critical systems result in major expenses that easily outweigh the minor work that could have been done in the meantime. Spend a little bit now to avoid spending a lot later. Extend </li> <li><strong>Equipment Life: </strong>Just as a regular doctor’s visit is crucial to maintaining good health, regular maintenance ensures that major property systems are performing at their peak abilities. Avoiding a breakdown, or averting major system failures ultimately extends the lifespan of important property utilities, completely removing the need of early, unneeded replacements. Again, this may seem like common sense, but implementing a proper “healthcare plan” for a commercial property takes a great deal of organization and effort. Still, in the long run, this proactivity is the best way to get the most value out of the dollar. </li> <li><strong>Reduce Downtime:</strong> With proper management through proactive maintenance, the ultimate lifespan of systems becomes more predictable. Property owners can plan out replacements better rather than resorting to an unfortunate reactive scenario where tenants are forced into sudden downtime. Apartments without water or air-conditioning systems are sure to lead to dissatisfied renters - and a major hit to a property owner’s reputation. With proactive maintenance, these random, frustrating gaps in service can be avoided.</li> </ol> <p><span class="emphasis-secondary">Tactics and Consideration</span><br /> Incorporating proactive maintenance strategies into your overall plan is something that commercial property owners and managers should strive for, but there are some things to consider before making too many changes. Prioritize vital systems first, then gradually expand out as needed, and as your finances allow. Also consider prioritizing systems that see regular use such as elevators or gym equipment. These regularly tested amenities are more likely to see wear and tear, and should be monitored closer than less-used amenities.</p> <p>When ready to become more proactive, start with a regular commercial property inspection, as well as targeting specialist inspections according to your property’s unique needs. Depending on your property, it may be worthwhile (and cheaper) to hire an on-site maintenance team to perform your regular maintenance tasks and to help track the seasonal and periodic needs of the building. Lastly, consider investing into smart sensors to monitor your crucial systems that can automatically order repairs or inspections when certain parameters are met.</p> <p>Property maintenance is a key piece to operating a prosperous commercial facility, and there are many strategies that could be employed. Being proactive is the best way to put the control into the hands of the owners and managers.</p> <p><em>To schedule your proactive commercial property inspection, <a class="color-secondary" href="https://npiweb.com/Find-an-Inspector">find a National Property Inspections</a> in your area today. For any other questions, <a class="color-secondary" href="https://npicommercial.com/">visit our website</a>!</em></p> 14214 Ways to Win the Office Leasing Game with Amenitieshttps://npicommercial.com/blog/posts/PostId/1410/4-ways-to-win-the-office-leasing-game-with-amenitiesProperty Investment,Property ManagementWed, 12 Oct 2022 18:18:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">4 WAYS TO WIN THE OFFICE LEASING GAME WITH AMENITIES</span></strong></span><br /> <em class="fa fa-calendar"></em> October 12, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a>, <a href="https://npicommercial.com/blog/posts?Category=property-investment">Investment</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/office">office</a>, <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/commercial-real-estate-tenants">commercial real estate tenants</a></p> <p>The world has changed quickly in a few short years, and although the newfound flexibility in work spaces has been a boon to workers, office property owners have doubtlessly noticed a difference.</p> <p>Now, lessors not only have to compete with other office spaces, but they also have to compete with workers’ own homes. According to <a class="color-secondary" href="https://www.pewresearch.org/social-trends/2022/02/16/covid-19-pandemic-continues-to-reshape-work-in-america/" target="_blank">a Pew research poll</a>, 61 percent of work-from-home employees work at home by choice, rather than due to work space closure. Amenities have always been a major consideration when standing out from the crowd, and in the current CRE landscape, they are more important than ever. But what does the modern worker actually want? What really moves the needle when it comes to securing that dream tenant? Today, we cover the amenities that make a difference in filling your empty office spaces.</p> <p><span class="emphasis-secondary">1. Social Space</span><br /> An inherent advantage in office properties is that they provide direct access to fellow co-workers. In that same Pew poll, although 64 percent of teleworkers reported that they found it easier to balance work and personal life, 60 percent felt that they were less connected to co-workers.</p> <p>Take advantage of this discrepancy by diversifying shared spaces. Aside from conference spaces and other rooms designed for work meetings, workers are craving opportunities to socialize. Outdoor seating and informal areas properly separated from core work spaces will provide co-workers with that opportunity to reconnect and could be that difference in closing a deal. Get creative with ways to show lessees that your space offers a variety of ways for co-workers to work together.</p> <p><span class="emphasis-secondary">2. Clean Air and Natural Light</span><br /> While more entrepreneurial investors may be entranced by some of the modern trends in office amenities, <a class="color-secondary" href="https://hbr.org/2019/08/survey-what-employees-want-most-from-their-workspaces" target="_blank">a survey conducted by Future Workplace and View</a> shows that air quality and natural lighting are still the highest concerns for office workers.</p> <p>Things like smart thermostats, thoughtful consideration towards air flow, and proper air filtration all make tenants feel more confident when it comes to health concerns in shared spaces. Meanwhile, investing in floor-to-ceiling glass doors and reorganizing work spaces to maximize natural light provides crucial vitamin D and promotes positive mental health. Together, these amenities are considered near-essential, so if your properties are lacking in these areas, now is the time to consider some adjustments.</p> <p><span class="emphasis-secondary">3. Somewhere That’s Green</span><br /> When deadlines are approaching too quickly and work is piling up, office workers need a reliable way to de-stress in a hurry. The best way to accomplish this can be to reconnect with nature. However, in the concrete jungle, access to enriching greenery can be difficult.</p> <p>Incorporating more green spaces on your property or implementing a roof garden can work wonders to support your tenants’ health. Additionally, <a class="color-secondary" href="https://www.dwell.com/article/living-green-walls-how-to-5fa86ae0" target="_blank">living walls</a> are a unique way to stand out from the crowd, bringing the outdoors even closer to the work space. There are many ways to incorporate more greenery into your office spaces, but simply arranging extra seating outside can work wonders to increase your property’s overall draw.</p> <p><span class="emphasis-secondary">4. Know Your Tenants</span><br /> Your options for amenities are near limitless, so the most important piece to consider when making a sizable investment is your tenants!</p> <p>For a health-conscious clientele, it may be worth implementing some form of fitness center or gym in some of your space, or maybe consider a basketball court for something that could get your property to stand out. For tenants that have workers constantly on the go, it might be worth pursuing a complimentary cafe or deli tenant for some ease of access.</p> <p>There is plenty of room for innovation and creativity when it comes to amenities, but when straying from some of the more universal needs, work on developing a deeper understanding of what makes your property unique.</p> <p><em>National Property Inspections understands the unique needs of commercial property owners and their tenants. For the best quality in commercial property inspections, <a class="color-secondary" href="https://npicommercial.com/contact">find your local NPI inspector</a> or <a class="color-secondary" href="https://npicommercial.com/">learn more about what makes NPI the most reliable brand in the industry</a>.</em></p> 1410Why Draw Inspections Are a Must for Your New Development Projecthttps://npicommercial.com/blog/posts/PostId/1404/why-draw-inspections-are-a-must-for-your-new-development-projectCommercial Inspection,Property ManagementWed, 27 Jul 2022 21:43:00 GMT<p><span style="font-size:26px;"><strong><span style="line-height: 1;">WHY DRAW INSPECTIONS ARE A MUST FOR YOUR NEW DEVELOPMENT PROJECT</span></strong></span><br /> <em class="fa fa-calendar"></em> July 27, 2022 | <em class="fa fa-folder-open"></em> <a href="https://npicommercial.com/blog/posts?Category=commercial-inspection">Inspection</a>, <a href="https://npicommercial.com/blog/posts?Category=property-management">Management</a> | <em class="fa fa-tags"></em> <a href="https://npicommercial.com/blog/posts/Tag/real-estate-trends">real estate trends</a>, <a href="https://npicommercial.com/blog/posts/Tag/business-tips">business tips</a>, <a href="https://npicommercial.com/blog/posts/Tag/safety">safety</a>, <a href="https://npicommercial.com/blog/posts/Tag/building-renovation">building renovation</a></p> <p>If you’re new to the world of real estate and commercial property management, you may want to consider adding draw inspections to your business platform. By definition, a draw inspection is an inspection completed to evaluate the current progression of a commercial or residential project against what is being reported as complete by the contractor. These inspections are typically requested by lenders who hope to keep building projects on schedule and would like a third-party, unbiased assessment of how the work is going. Draw inspections have grown in popularity as many engineering firms, architects, and banks nationwide need inspectors to perform this under-utilized service for new and refurbished properties.</p> <p><span class="emphasis-secondary">Draw Inspection Requirements </span><br /> To schedule a draw inspection, you just need to provide your local NPI inspector with a checklist of items to examine while on assignment. After receiving your checklist, your NPI inspector will be required to take pictures of items listed on the inspection list and make notations of what is there versus what is being reported by the construction company or lender.</p> <p><span class="emphasis-secondary">Advantages of Draw Inspections for Different Industries </span></p> <p><strong>1. Real Estate Agents</strong><br /> If you’re a real estate agent, you may not be using draw inspections to your full advantage to list properties on the market. One reason so many agents prefer draw inspections by NPI is that having draw inspections performed on pre-listed properties provides reassurance to potential buyers. Additionally, draw inspections can be used as leverage to close deals faster, as concerns about developments can be put to rest. </p> <p><strong>2. Investors</strong><br /> Investors have also recently taken up interest in draw inspections, but for different reasons. As an investor, it’s essential to make sure that all costs are accounted for on a pending build. Therefore, if expenses aren’t adding up to what the construction company is reporting for costs, it’s highly recommended to have a draw inspection completed. Having a third-party subcontractor’s opinion could potentially help prevent overspending. </p> <p><strong>3. Property Management Companies</strong><br /> The advantages of having draw inspections completed have piqued the interest of property management companies as well. If you work within this industry, you know the importance of maintaining timelines and making sure that the construction of new builds and refurbished properties are following as close to schedule as possible. By obtaining a draw inspection, it’s easier to know the progression of ongoing construction projects. Additionally, draw inspections provide a simple way of tracking costs of materials used for these new and upcoming builds.</p> <p>NPI’s National Accounts department keeps our own field service listing for properties across the country. This information is free for our NPI franchisees to access. If you are interested in learning more about the scope of draw inspection work in your area, contact NPI’s National Accounts department at 800.333.9807.</p> 1404