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Movin' on up: Retrofits may be completed one step at a time
November 2010
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Jeff Hutchison, COO and Vice-President,
Asset Management, Timbercreek REIT |
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By Clare Tattersall
Apartment building retrofitting strategies are influenced by numerous parameters. So, where should landlords begin?
“It comes down to where you’re going to get the best return on your investment and how big your budget is,” says Jeff Hutchison, COO and Vice-President, Asset Management, Timbercreek REIT.
Once a landlord has determined the overall capital program for the property, Hutchison recommends starting with the items that leave a lasting first impression – lobbies, hallways and the building’s exterior landscape.
Tenants want to live in a nice environment albeit one that is minimally disrupted, says Hutchison.
For this reason, he advises landlords to complete their retrofit program as quickly as possible. However, this isn’t always attainable, especially if the landlord has embarked on a large capital investment program. If this is the case, the landlord will inevitably have to stage the project.
“Structural restoration work is usually the most unpleasant for tenants, so try to get that out of the way first,” says Hutchison. “Once the structural work is done, move on to common areas and curb appeal items and then finish with the suites, which you can only upgrade when they become vacant.”
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