With significant changes in the UK economy commercial premises that have been traditionally used for retail being are often been repurposed to office space or for the hospitality sector.
These changes have been accelerated as a result of the pandemic and now economic uncertainty in 2023.
It is now critical for commercial property owners, managers and investors to consider repurposing space, in order to appeal to the current market in a given geography to renew leases and attract new tenants. There is a greater need to be aware of the evolving requirements of tenants and to keep abreast of the local economy in order to stay relevant.
In a report published by Deloitte on the outlook towards 2023, it highlights that leasing activity and rental growth have a strong potential for growth this year. With this in mind, it reinforces the importance of forward thinking and implementing a long term strategy that allows you to be in the market with the right offering, through careful consideration of the fit out of your spaces.
This isn’t restricted to cities and town centres, the impact of change is being felt across the sector including trading estates and commercial buildings as the economy shifts and changing habits across all sectors. We are seeing challenges on the high-street with increased costs, reduced footfall and the rise of e-commerce, this is combined with a greater need for logistics and warehousing space.
Repurposing space for the future
It is much more than simply upgrading tired and worn out buildings, taking a long-term strategic plan is required to understand how to be attractive in the market both today and tomorrow, securing long term revenue.
When a tenant vacates a space or property, it is no longer a case of redecoration and health and safety checks. Analysing what is required in the surrounding area will provide an insight how you can reposition your offering in order attract a tenant, such as:
- Is there a lack of high-quality office and co-working spaces?
- Does the local area have enough logistics and warehousing provision?
It is an ideal opportunity to review the sustainability credentials and energy efficiency of a building, as businesses are considering all aspects of the spaces they occupy in order to be as environmentally friendly as possible.
How can Igloo support you?
In order to successfully repurpose a commercial building, you require a knowledgeable and experienced partner to support you.
From a strategic perspective, we support our client by working with key business stakeholders to review property portfolios and address the requirements in order to embrace change. We partner with commercial property owners, investors and management companies through to tenants.
Our design and planning capabilities enable you to visualise how the strategy and functionality of a space will work.
Discuss Your Refurbishment Project
We provide a full-turn key provision from construction and fit-out including Shell, Cat A and B.
Our aim is to support you from initial planning right through to interior design and furniture.