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AUGUST 3, 2011
BOMA Kingsley Report - Spring 2011
5 Things You Should Be Doing Right Now…
to Position Your Building for Recovery
By Laura Horsley
Although no one is predicting a rapid recovery for commercial real estate, encouraging signs—such as small dips in vacancy rates, an uptick in GDP and job growth and news of financing opening up and deals getting done—are encouraging. But as the marketplace begins to rise from the depths of the recession, so too do the expectations of tenants and prospective tenants. Will your building meet those expectations?
Here are five things you need to be doing to ensure you keep the competitive edge.
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- Make a Good First Impression. Don’t defer maintenance on the important things, but also don’t defer maintenance on the obvious things. Lobbies, common areas, parking garages—these are the areas of your building that will make or break that all-important first impression.
- Don’t Forget Your Ounce of Prevention. Be sure to keep up with your preventive maintenance schedule, and, if it’s out of date, whip it back into shape. Keeping up with repairs and maintenance on a day-to-day basis can save you from surprise equipment breakdowns and unexpected capital expenditures.
- Be All Ears to Your Engineers. From the boiler room to the rooftop and everywhere in between, your building engineer knows and understands your building’s systems and operations better than anyone. When confronted with capital improvement decisions, repair issues or if you simply need good counsel, call in your in-house expert.
- Keep Harvesting That Low-Hanging Fruit. Have you changed out your inefficient lighting, added those motion sensors, instituted afterhours and weekend HVAC power downs or reduced landscaping water consumption by replacing sprinklers with soaker hoses? These no- and low-cost green strategies save money, save energy and can give you the green thumbs up with tenants.
- Benchmark, Benchmark, Benchmark. It may be a cliché, but it’s true: You can’t manage what you don’t measure. Benchmarking your building’s performance—energy and water usage, expense and income data—lets you know exactly where you stand in your market and gives you the tools and insight to track and improve performance.