When it comes to the performance of a commercial property today, the impact and sentiment of the local business community plus the greater global economy can detract from the income and capital growth for the property. This says that you have to be very careful regards planning property activity, lease strategy, and tenancy mix.To achieve this effectively, it is best to implement a business plan for the property asset. Whilst every property is unique and different, here are some of the main categories to consider and structure into the commercial property business plan:
In the initial instance, it pays to have a look at the property itself and the quality of improvements. Questions need to be asked as to whether the improvements in your property are sufficiently serviceable for the expectations of tenants in today’s property market. As part of this process, it may be necessary for you to look at comparable properties in the same area together with assessing their tenancy mix and rental levels.
Any physical matters of building performance or integrity of improvements should be assessed by qualified consultants. They would normally be engineers, architects, and quantity surveyors. From this group of experts you can obtain a clear understanding of property performance and longevity of the asset.
As part of the business plan you should look at the stability of income from the tenancy mix and the leases in the property today and those that are expected to change over the coming two years. Any new lease negotiations should be incorporated into the consideration of income. When you look at lease is, there are critical components to consider such as the exercise of option, the stability of income, the growth of income from the rent reviews, and the needs of expansion or contraction as they apply to each and every tenancy. It is best to meet with the tenants as part of this process and assessment.
The outgoings that apply to the premises have a direct flow through to the bottom line or net income. Your building should be compared to the others in the area when it comes to outgoings. Importantly your outgoings should be comparable to other buildings so that your attempts to leasing the vacant premises are not frustrated. When you assess the property outgoings, have a look at the larger categories of outgoings that could escalate in the immediate future. They would normally be council rates, energy, insurance, and repairs and maintenance.
Any items of capital nature should be removed from the net income cash flow. Capital expenditure items are normally handled separately to the day to day running costs for the property. This is because the taxation rules that apply to capital expenditure are distinctly different than those that apply to day to day running costs. When in doubt seek a good property experienced accountant or solicitor to help with this process.
These are some other main items that apply to the business planning process for a commercial property today. They can be modified and other issues can apply depending on the property type and location. It should also be said that retail property will have a far more complex level of business planning and performance. This is due to a critical need of tenant mix optimisation and the underpinning of sales and turnover for each and every tenancy.
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Casual Dining Furniture Can Lend Elegance to a Home
Many homes these days don’t have formal dining rooms. Homeowners who want to create good-looking dining areas often don’t want to spend a lot of money. Some people think that casual dining furniture might be an answer, but are concerned it may look cheap. There are some furniture stores in the Albany, NY area that can advise homeowners on what casual dining furniture would look best in their home. Whether one lives in Glens Falls, Queensbury or Albany, NY or elsewhere, purchasing casual dining furniture can add a touch of style to one’s home.
Casual dining furniture can look elegant and local furniture stores can introduce homeowners to collections of casual dining sets. Depending on the look that the customer is after, casual dining sets can be chosen to complement a modern or more traditional style. The shape of the dining table is the first element that people focus on when shopping for dining furniture. Some sets feature small circular tables, and others include square or drop-leaf tables. Rough-hewn tables offer a more rustic look. Chairs can make a statement too; slat back, bar stool or bench, the chairs offer more than a place to sit; they help complete the look.
Style is part of the process when selecting dining furniture, but the color of the dining set is a critical point as well. Ash or oak furniture with a light stain can brighten a dining nook. Walnut and cherry furniture can add warmth to a room. Darker stains such as an espresso brown offer an upscale look. Some sets even feature metal table frames with glass tops that give a light and classy look that offers a cheery setting for every meal.
Table height is another consideration when shopping for a casual dining set. People who want to have a space where food preparation and eating can take place together may want to consider purchasing a counter-height table. These tables are usually at least 36 inches high. They are perfect for people who have dining areas that overlook an opening between the kitchen and living room. The attraction of open concept homes is a larger kitchen. A counter-height table can provide more food prep space, extra dining space and a beautiful addition to the kitchen’s décor.
Homes that don’t include formal dining rooms offer people the flexibility to create unique dining spaces. Furniture store staff can help people decide on a dining set style, shape, color and even table height that will fit their needs. A good rule of thumb is to take photos of one’s dining area and bring them in to the furniture store to give the staff an idea of where the new furniture will be set up in the house. Some furniture stores even offer design services. Store designers sometimes will come to customers’ homes to help them plan out their furniture groupings. Shopping for casual dining room furniture doesn’t have to be difficult. Furniture store sales consultants welcome the opportunity to help people create comfortable and elegant dining spaces.