Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
Issue link: http://cire.epubxp.com/i/206598
plementary businesses to the area. In some cases these businesses — such as restaurants, cofee shops, and gyms — can locate within the building as retail tenants, increasing a building's amenities and its bottom line. Planning for the Future The best time for commercial building owners and property managers to invest in capital improvement trends is during an economic recovery phase. Planning for such changes with the goal of retaining and attracting quality tenants requires investing in improvements that are modern, convenient, and fexible. For example, Southeast Financial Center, a 1.2-million-square-foot ofce tower located in Miami's central business district, recently executed an extensive renovation of the building's three major lobbies totaling 17,632 sf. Te lobby designs now incorporate adaptable architectural elements such as potted trees and strategic furniture placement, creating cloistered spaces where tenants can conduct Even the most iconic of buildings benefit from meaningful upgrades that are attuned to tenant perspectives — a worthwhile investment in terms of differentiation. semi-private meetings. In addition, technological advancements implemented include unlimited fber-optic broadband connectivity, video-conferencing stations, common-area Wi-Fi, and a 700-sf video conference wall showcasing community-focused information of interest and breaking news. Energyefcient lighting fxtures and the use of sustainable materials such as wool carpet and recycled glass on tabletops enhance the building's relevance to environmentally conscious tenants and help create a comfortable indoor atmosphere for the modern professional. An investment of more than $5 million, the renovation was part of Southeast Financial Center's ongoing commitment to retain its landmark structure and better serve the needs of its tenants. Te building's value has increased in the marketplace, making it more appealing to the professional community at large as the city's downtown business hub. More than an investment to increase property value, capital improvements express ownership's recognition of the value of tenants and appreciation for their continued commitment. Owners and commercial building managers who plan for the future with tenants in mind ultimately achieve the desired result of signifcant returns to the bottom line. Donald Cartwright is senior vice president for Jones Lang LaSalle and the exclusive leasing agent for Southeast Financial Center in Miami. Contact him at don.cartwright@am.jll.com. Log on for the latest CCIM member benefit National Virtual Deal Making Session CCIM Designees present property listings to CCIM members and prospective buyers in a free webinar. TUEDECEMBER 3RD ONLY ONE LEFT FOR 2013! Learn how Virtual Deal Making gets results: Read CCIM ROI on p.47. Visit ccimdealmaking.com for more information. Registration will close the day prior to the session at 12 p.m. Central. CCIM.com November | December | 2013 17