In March, I wrote about 10 Ways Landlords Can Cut Costs and Increase Income Now. Two recent articles in The New York Times also discuss how owners can cut costs and increase income – whether you’re a commercial, industrial, multi-family, or mixed-use owner, and/or a condominium or cooperative board.
The August 30, 2013 article entitled “The Gold Mine in the Hall”, reveals that some property owners are cutting costs by improving energy efficiency. Installation of LED lighting and energy efficient equipment such as co-generation units and the conversion of manually operated elevators to automatic ones are helping owners realize tangible savings. Owners also are cutting costs by comparison-shopping, negotiating costs, competitive bidding, and switching suppliers.
Property owners are also increasing income by charging for un-utilized or underutilized spaces including basements rooftops, hallways, stairways, landings, break rooms, storage spaces, and equipment rooms. And others are charging transfer and moving fees.
According to the August 29, 2013 article entitled “The Top Floor? You’re All Invited”. Owners are adding value by offering common area amenities to tenants. Amenities include adding retail, parking, and storage, while other owners offer observatories, terraces, lounges, fitness centers, racquetball courts, health clubs, swimming pools, children’s playrooms, private clubs, dining areas and catering rooms.
Before you improve your commercial, industrial, multi-family, mixed-use, condominium, or cooperative properties, careful planning is necessary. For example, governmental, construction, operation, tax, and other requirements and restrictions need to be evaluated and addressed.
Evaluating legal issues with your properties requires careful review on an individual basis with experienced counsel. The attorneys in Stark & Stark’s Commercial and Industrial Real Estate Group can help you minimize risks, maximize opportunities, and meet your real estate needs.