5 Tips for Cutting Business Property Costs

Monday, December 28, 2020, 6:00 PM | Leave Comment

Owning your own commercial property can seem like a dream come true.

What many property owners soon discover, however, is that maintaining these assets can prove far more costly than simply renting them.

Whether you’re using your property solely for housing your own business operations, or for letting out suites to tenants, the five tips that follow will help you keep your business property costs under control.

5 Tips for Cutting Business Property Costs

  1. Implement a Strategic Lighting Plan That Illuminates the Building for Less

    Switch to LED lighting for less energy use and a significantly longer lifespan. You should also consider installing occupancy sensors throughout all offices, suites, and common areas. When rooms are empty, this technology will automatically shut the lights off or dim them.

    Smart power strips and smart plugs can also be installed that turn off equipment after it’s been left in standby mode for any significant amount of time.

    Another easy way to streamline lighting in your building for better cost-control and improved overall efficiency is by establishing a multi-layered lighting plan. With more options in lighting, lighting that can be adjusted as needed, and sensor technology, you limit your costs, avoid liability issues, and create a productive and desirable environment.

  2. Create a Streamlined and Multi-Dimensional Security Plan

    Utilizing technologies for elevator control along with access restriction technologies and digital surveillance is a great way to cut your costs on manpower for security. You can pay fewer people to oversee the day-to-day operations of the building by relying more heavily on existing and emerging tools.

    If you’re renting suites out, these upgrades can additionally increase the marketability of your property by showing that you’ve taken visible steps to ensure the safety and security of office spaces and assets. Beyond limiting the need for multiple security guards and other onsite personnel, these changes can additionally reduce incidences of theft, vandalism, and other forms of property damage and loss.

  3. Use Predictive Maintenance to Limit Building Repairs

    Throughout the centuries, preventative maintenance has more than proved its ability to save building owners money. Predictive maintenance, however, takes this a step further by using collected data to accurately determine the need for specific forms of maintenance, equipment replacement, and upgrades among other things.

    Data-driven maintenance plans can also eliminate unnecessary and redundant work while making it easier for you to both track and prepare for maintenance costs. The right technological tools will ensure that minor issues never have the opportunity to spiral out of control.

    Moreover, switching to predictive maintenance can promote business continuity and significantly higher levels of tenant satisfaction by ensuring that all fire safety systems, HVAC equipment, lighting, plumbing, escalators, elevators, and other essential features are always working.

  4. Install Programmable Thermostats

    For many commercial buildings, switching to programmable thermostats is a relatively minor upgrade that can provide impressive returns. Approximately 86 percent of the natural gas used in commercial buildings is used by their HVAC systems. If your building’s heating system is powered by natural gas, this can create a steep rise in your operating costs during the coldest months of the year.

    With a programmable thermostat, you can gain far greater control over how and when this energy is being used. You can also invest in better insulation for your building, reflective awnings, and other energy-efficient additions. For instance, installing raised access floors like those offered by AirFixture will give you a reliably low-cost way to keep computer servers and other technical equipment sufficiently cool, and without having to drop the temperature of the entire building or large building zones.

  5. Improve Efficiency and Create a Sustainable Environment With Advanced Technology

    Smart thermostats are only the very beginning of smart technologies that optimize and streamline commercial properties. Creating a centralized network of linked devices that control and monitor all building processes will allow you to both limit your spending and track where your money is going.

    In addition to giving management teams and other authorized parties a greater ability to prevent waste, smart systems also acquire critical data and store it. If you’re looking to trim your operating costs from year to year while gradually working towards more ambitious efficiency goals, leveraging more of the latest smart technologies is the way to do it.

Owning a commercial property should always be far more profitable than it is costly. With the right strategies in place, you can both limit your spending and create a safer, more accommodating, and more enjoyable environment all-around. For commercial property owners who rent suites to other companies, the above tips can help limit turnovers, boost the marketability of properties, and make it easier to attract serious and qualified tenants.

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