Owning and managing a successful commercial real estate development asset is one thing. Ensuring its long-term success is quite another achievement.
Buildings, like people, have a shelf life. Proper maintenance plans, constant upgrades and attention to their inner machinations are vital to their long term health and ultimate long term viability and success.
Our original Tower at Preston Square, formerly known as Commerce Plaza, was constructed in 1990. That’s nearly 25 years ago. While the exterior envelope of the building has not changed at all during this period, the interior has been transformed on several occasions. Lobbies, common areas, building systems, roofs, parking structures, elevators and elevator interiors, lighting, etc, all require constant maintenance and eventual replacement or refurbishment. These replacements and refurbishments are known as capital expenditures. Some of these costs may be passed on to your tenants. More often they are borne by the landlord.
Building codes, styles, design, efficiencies, etc, all change throughout the useful life of an asset. Staying ahead of the curve and planning will ensure that your assets look and feel like they were constructed yesterday.
Knowing and reacting to new building codes, trends and life cycles of various moving parts of a building is all part of the day to day operations for your team.