Having long since diversified away from the gambling industry, it's not surprising many people's investment strategies include acquiring a piece of Reno commercial real estate. Benefiting from companies tired of cumbersome regulation in California, the Nevada commercial real estate market is predicted to pick up in 2024. In Reno, the second quarter of 2024 ended with a vacancy rate of just 10.9%, making it an enticing spot for investors.
However, making your commercial property investments pay is about more than just monitoring the wider market. Small tweaks to the way you do business could make a huge difference to your bottom line. Let's explore four ways to maximize commercial real estate investment returns in Reno.
Focus on Sustainability
Sustainability is so much more than a buzzword. It matters to your tenants, and it should matter to you.
In December 2022, Reno became a LEED Gold City because of its leadership on climate action. You can make your commercial property investments more appealing and boost your real estate ROI by making your buildings more sustainable.
Energy-efficient Upgrades
Let's start with the obvious - reducing energy consumption. Solar panels are a great way to draw less energy from the grid and take advantage of Reno's 300 days of sunshine each year. They're also an external symbol - a badge of honor - to show your commitment to sustainability.
Internal change matters, too. Upgrade your HVAC system to save energy and make it more appealing to tenants. Some of these changes may even come with tax rebates or incentives.
Smart Building Systems
Harness the power of data analytics to make your building more sustainable. Sensors feed information about room utilization to centralized control panels, which adjust lights and climate control to make the best use of electricity.
Analyze the Local Market
You cannot change the location of your property, but you can seek to understand what your tenants are looking for.
Reno is no longer just famous for gambling. Tech, logistics, manufacturing, and other enterprises are moving into northern Nevada. Take a deep dive into what these companies are looking for and see how you can adapt your offering to suit them.
Key facilities that can help attract the right tenants include:
- Facilities supporting commuting, such as electric car charging stations and bicycle storage
- Outdoor gathering spots
- Fitness centers
- Communal kitchen/eating areas
Stay current with local property market trends and perform cost/benefit analyses to see which changes can increase your profit.
Leverage Commercial Property Management Services
Running a commercial real estate business can be a full-time job. Working with a commercial property management company lets you hand over a lot of the day-to-day management to a team of dedicated professionals. They can take care of:
- Tenant management
- Property maintenance
- Dispute resolution
- Rent collection
- Commercial leasing agreements
Make Commercial Property Investments Pay With PMI Reno
It's vital to work with local professionals to maximize returns from Reno commercial property investments. The team at PMI Reno combines local knowledge with the resources of a national company. We work with many satisfied commercial real estate investors to take the hassle of managing their properties off their hands.
Ready to discover what we can do for you? Click here to learn more about our services today!
