Commercial Landlords, get ready for the upturn

 
Great news!  The BBC announced recently that we are over the worst of the recession.  This is what we all needed to hear, but what exactly does it mean in practice for us?
 
Commercial landlords have been hit particularly hard by the current economic climate.  Those with tenants in place already have had to face the possibility of those tenants being unable to pay rent, or worse, becoming insolvent.  It is a sad fact that we have seen some of the biggest retailers in the country going into liquidation.
 
Those with empty properties have been hit with a double whammy.  The difficulty in attracting new tenants has coincided with the abolition of empty property relief, leaving many landlords in the unenviable position of having to pay rates on empty buildings.
 
Realistically, changes to the property market are not going to happen overnight.  Pessimists predict that it could take another year before we see significant improvements.  But in that time, businesses will start to pick up, and to grow, and will inevitably begin to look for larger, and better premises.
 
So, what can you, as a landlord do, to be ready for this when it happens?  How will you be able to attract new tenants in at the best terms and rent to suit you?
 
Take a hard, honest look at your premises.  When were they last refurbished?   Would you want to run your business from them?  If a tenant can move straight in, it will make the premises much more attractive, with the added bonus to you of being able to avoid rent free periods whilst the tenant redecorates.  
 
Chances are that your premises will need an Energy Performance Certificate (EPC).  These can take a little while to obtain, but they do last for 10 years, so get them done now.  In that way you’ll be able to impress a potential new tenant by having it available immediately.  If you need guidance on where to get one, Berwins can point you in the right direction.  
 
As any boy scout will tell you: be prepared!