The COVID Impact On Commercial Property Renovations
When the pandemic hit, all aspects of life were affected. Five months later and we are still seeing the lingering effects of COVID-19. Fortunately, we have seen a lot of improvement in recent months, including improvements to the economy. While the economy is still suffering in some areas, many businesses have been able to reopen and work their way towards the new normal.
Property and Apartment Rents On The Rise
While we may not be out of the woods yet, there has been a significant increase in rent collection in the last few months. According to a recent report from Property Manager Insider, April to July rent collection from free-standing retail has increased from 72.7% to 91.4%, shopping centers have gone from 50.2% to 69.5%, and apartments went from 93.8% to 95.7%. These increases allow property managers to better care for their buildings.
Why Start a Commercial Property Renovation Now?
Rent collections may not be at 100%, but now is the perfect time to perform renovations and remodels on your commercial property. One of the biggest issues with renovation projects is the effect the actual work will have on your business. Many stores are already struggling to draw in business, the last thing you want is to shut down during the day for construction. However, due to COVID, many stores are limiting their hours of operation. Use this to your advantage by having work performed during those hours. If you are still preparing to reopen, consider having renovations or remodels done now and completed before your customers even return.
If you own or manage an apartment or multifamily property, you had to make many changes over the last few months. These may have included closing down the fitness center or limiting the use of common area amenities. Now is the perfect time to update those areas. Normally, you would have to work closely with tenants if you planned to close down these areas for repairs or renovations. If they are already closed, you do not have to worry about disrupting a tenant’s routine.
Recent data shows a lack of rental housing. Within a competitive apartment rental market, renovations can help your units stand out among the crowd.
Contact The Professionals
This is a crazy time for everyone, filled with many negative aspects. This is why it is important to seize every positive opportunity that comes your way. Brighten up your apartments, common area amenities or shopping center with renovations and remodels from Complete Conversion Services today. Call 410-609-5564 or email us today to learn more!