New developments are all around us – city sections that were once industrial havens are now being converted into mixed-use corridors, while timeworn homes are being replaced by immaculate highrises. While that’s just a sign of the changing times, it’s also a strong reminder of the importance of property revitalization.
Over time, retail properties that were once booming with opportunity can easily become dated and undesirable. Tenants leave for more modern and better locations, with customers following suit as they search for malls with better tenant mix. As such, these properties becomes as empty and lifeless as a ghost town.
Managing your own property or hiring a management company is a debate that many property owners face, but hiring real estate experts can make a world of a difference for those not familiar with the complexities of commercial property. Good retail property managers know the market inside and out and are able to maximize asset value and generate revenue success as a result. One way this is achieved is through regular maintenance and upgrades, which is easier said than done.
Preparing a property for reposition can take several years of planning and coordination. We recently connected with Construction Business Magazine to discuss how to best prepare a dated property for reposition; take a quick read through the steps here on the Remi Network.