The competition for attracting tenants to sign a lease in a commercial or retail space is heating up and it only looks to get hotter moving forward. Current events are causing many businesses to cut costs and, unfortunately, could mean closing shop completely.
As tenants vacate office and retail spaces, supply is likely to go up with demand going down. Therefore, owners need to find ways of being more attractive to businesses and retail shops still looking for space. Upfit construction in between tenants will go a long way to entice new lessees.
An upfit is simply a modification to an existing space that typically makes the space more flexible and appealing to tenants looking for office or retail space.
For owners of buildings used primarily as office space, there is a new design pushing against the open office concept that has become popular over the past several years. The new design is called Activity-Based Working (ABW).
According to an article from Sierraview—a company that runs an enterprise platform for managing and optimizing corporate real estate—the ABW trend is gaining momentum because it provides space for all types of work. With an ABW upfit, there are open spaces for collaboration among coworkers and there are also enclosed spaces for phone calls or when confidential conversations are necessary.
Another interesting trend that landlords needs to be aware of is the move from online to physical retail space. Companies like the popular eyewear maker Warby Parker or men’s clothier Bonobos started entirely online and are now bringing their business to storefronts. Accommodating these modern retailers will require unique upfits to current spaces.
Upfit construction has several other benefits for property owners as well. An upfit always provides an opportunity for upgrading technology and other equipment, such as the HVAC system, to make the space more attractive for prospective tenants. Upfits also demonstrate a commitment to partnering with tenants for a more long-term relationship.
When considering an upfit, begin by contacting a full-service construction company like Price Construction who will be a trusted partner from start to finish. Call Price Construction at 864-578-1008 or use our online contact form to request more information on an upfit project for your space.