Strip malls are an important part of commercial real estate, providing convenient access to a variety of goods and services. However, strip malls can struggle to maintain their value over time, as tenants come and go and the surrounding area changes. One effective way to increase the value of a strip mall is to improve the surrounding area, such as by improving public transportation or building nearby amenities. By doing so, property owners can make their strip mall more desirable to tenants and visitors, which can in turn increase property value.
Improving Public Transportation
One way to increase the value of a strip mall is to improve public transportation in the surrounding area. By doing so, property owners can make it easier for people to get to and from their strip mall, which can increase foot traffic and ultimately increase property value.
There are many different ways to improve public transportation in an area. For example, a property owner could work with local authorities to improve bus routes or add new stops near their strip mall. Alternatively, they could partner with ride-sharing services to offer discounts to customers who use those services to get to their strip mall.
Another option is to invest in bike lanes or other infrastructure that makes it easier for people to bike to the strip mall. This can be especially effective in areas with a lot of bike commuters or a high concentration of young people who are more likely to bike than drive.
Building Nearby Amenities
Another way to increase the value of a strip mall is to build nearby amenities that make the area more attractive to tenants and visitors. For example, a property owner could invest in a park or public space near their strip mall, or they could partner with local businesses to offer discounts or other incentives to customers who frequent both their strip mall and nearby businesses.
Another option is to invest in restaurants or other food and beverage establishments near the strip mall. By doing so, property owners can make the area more attractive to foodies and other people who are looking for unique dining experiences. They can also help to create a sense of community in the area, which can make the strip mall more attractive to tenants and visitors.
Improving Safety and Security
Another important way to increase the value of a strip mall is to improve safety and security in the surrounding area. By doing so, property owners can make their strip mall more attractive to tenants and visitors, who are more likely to frequent an area that they feel is safe and secure.
There are many different ways to improve safety and security in an area. For example, a property owner could invest in security cameras or other surveillance technology to deter crime and help catch criminals who do commit crimes in the area. They could also partner with local law enforcement to increase patrols in the area, or they could work with local business owners to create a neighborhood watch program.
Another option is to invest in lighting or other infrastructure that makes the area feel safer and more secure. For example, a property owner could install brighter streetlights or invest in landscaping that makes the area feel more welcoming.
Improving Environmental Sustainability
Finally, property owners can increase the value of their strip mall by improving environmental sustainability in the surrounding area. By doing so, they can attract tenants and visitors who are interested in sustainability and environmental responsibility.
There are many different ways to improve environmental sustainability in an area. For example, a property owner could invest in renewable energy sources like solar panels or wind turbines. They could also partner with local environmental organizations to promote recycling or other sustainable practices in the area.
Another option is to invest in green infrastructure like rain gardens or green roofs, which can help to reduce stormwater runoff and improve air quality in the area. This can make the strip mall more attractive to tenants and visitors who are interested in environmental sustainability.
Conclusion
In conclusion, increasing the value of a strip mall by improving the surrounding area is an effective way to make
the property more desirable to tenants and visitors. By investing in public transportation, building nearby amenities, improving safety and security, and promoting environmental sustainability, property owners can create a more vibrant and attractive community around their strip mall.
In addition to increasing property value, these improvements can also have a positive impact on the surrounding community. By investing in public transportation or building nearby amenities, property owners can help to improve access to goods and services for people in the area. Improving safety and security can also help to reduce crime and make the area a more pleasant place to live and work.
Furthermore, promoting environmental sustainability can help to reduce the carbon footprint of the area and create a healthier environment for everyone. This can have a positive impact on the health and wellbeing of residents and visitors, as well as on the long-term sustainability of the area.
In conclusion, improving the surrounding area is an effective way to increase the value of a strip mall. By investing in public transportation, building nearby amenities, improving safety and security, and promoting environmental sustainability, property owners can create a more desirable community that attracts tenants and visitors alike. These improvements not only increase property value but also have a positive impact on the surrounding community and the environment.
Last modified: March 22, 2023
