carmencs  /   January 16, 2024

5 Ways to Optimize Operational Costs in Corporate Real Estate

Tenants generally have high expectations for commercial spaces. They want it all, whether it is a fitness center, common areas, or smart building tech. But how do we apply these things practically while controlling operational costs? You might need a professional commercial property advisor in Chicago, or anywhere in the world. But before that, below are some ways to optimize operational costs for commercial real estate.

1. Upgrade Security Systems to Save Time

Digital surveillance, restricted access, and elevator-controlling technologies can save you time and money in the long run. A single security guard is enough to keep an eye on an entire building using these automated systems.

To improve security further, you can also use “smart lockers” to protect confidential documents. Couriers will simply drop off your packages in this box without requiring anyone else to read your confidential information.

2. Accept Technology, Improve Efficiency

Our corporate real estate advisors in Chicago  suggest investing in core technology systems to automate and integrate with your day-to-day tasks. It’s also what everyone demands.

A study conducted by Dell and Intel showed that 44% of employees think their current workspace isn’t “smart” enough, and they want to change it in the next few years. But don’t worry, you don’t have to automate your building from A to Z.

Start with small tech devices, and link them to a single root network. You can consider automating HVAC, security, lighting, etc., and allowing property managers to monitor and optimize these systems. Plus, you can also consider using software to simplify management tasks.

3. Light for Less

Solar panels are dominating the world day by day. So, it is the right time to consider them in case you haven’t yet. Lighting consumes shockingly 39% of an average commercial building’s electricity in the USA. But it can be optimized by installing sensors that can automatically turn off lights in empty rooms.

And when it comes to replacing lights, always prefer LED lights instead of traditional bulbs. It lasts up to five times longer and consumes 70% less energy than a traditional bulb.

4. Apply a Smarter Approach to Control Temperature

Commercial space heating is responsible for almost 86% of natural gas consumption which can drastically increase your operation expenses during winter. Similarly, the cost of air conditioning in hot summer can be high.

To solve this issue, our commercial real estate advisors advise using a programmable thermostat. By reaching a given amount of temperature it will turn off your HVAC systems and save you energy. Additionally, using reflective roof coatings and black window film is a wise choice in summer.

5. Minimize Repairs with Regular Maintenance

Frequently running equipment like HVAC, lighting, fire safety, and elevators need regular attention from you. Regular maintenance of these utilities may save you from potentially expensive repairs in the future. Never compromise on the quality and always replace worn products with high-quality.

Tracking their maintenance from time to time can make the process easier for you. Instead of scheduling inspections, you can automate systems to determine when the equipment needs servicing based on data. This can save you from emergency repairs, reduce labor costs, and extend the life of your equipment.

In Conclusion

One of the biggest problems that commercial real estate owners face is operational cost. Sometimes things might not work your way even after trying everything. That is the time when you should seek the help of a professional corporate real estate advisor or real estate financial advisor in Chicago or any other part of the world.

Additionally, you can apply these strategies suggested by our experts at CARMEN CRE to optimize your operational costs. Call us now to get more personalized solutions for you.