Is your building’s lobby an untapped resource? And is this hurting your business?
Think about the first moment you step into a hotel, apartment building, or resort– what do you see?
The lobby is the first point of contact between you and the property you’re visiting. So as the age-old saying goes, “You can only make a first impression once.” This is why commercial interior design is crucial. It creates an uplifting, emotive experience for homeowners and their guests as they move through the lobby and common area spaces.
This is why your building’s lobby may be an untapped resource.
If you’re not using this space to its full potential, you’re missing out on utilizing the building’s structure to create a meaningful connection with the property owners and their guests (profit). But how will you know if your buildings lobby, common area hallways, and amenity rooms are an untapped resource? Place edit here.
If your current lobby and common area hallways are lacking:
Luster and energy
Essential design elements, including balance, scale, and color
Comfort and durability
Then, you have not recognized that the lobby is a functional and visual resource that can engage, delight, and provide comfort to those passing through this built space.
If you invest in your shared spaces now, you’ll mitigate the loss of building morale and the loss of potential buyers later. Here’s why. Spaces that practice powerful commercial interior design will:
➊ Increase Happiness
It is incredible and surprising to see how important building upgrades become to homeowners once the makeover ends. They begin to appreciate the building as a whole, not just their apartments.
When you buy your apartment, you also receive the lobby and common area hallways—the good, bad, and ugly. This is how potential buyers think.
It is not just the beauty of the space that brings value to them but also the psychology behind creating the right environment. Having access to amenities like gym and pool areas boosts well-being and satisfaction. Happier owners equal better reviews and referrals.
➋ Build Positive Morale and Reputation
As an interior designer, my first goal is to increase property satisfaction. I accomplish this by understanding the building’s demographics. Who lives and works in this building? How can I focus on their comfort and safety?
Then, I gear the design towards that population and community. For example, a mature demographic prefers a traditional and classic aesthetic. So we may see crown molding, chair-rails, and a variation of textures and curved lines.
But, a younger demographic where single and young families live will attract a more modern aesthetic. Even if the building is older, this community will expect modern-looking updates. Contemporary art, stylish furniture, and sleek lighting express this group’s contemporary leanings.
There is an art to retrofitting a lobby and common area the right way.
It must harmonize functionality and beauty.
Commercial interior design aims to create a space that residents feel a sense of pride in. This builds positive community morale and a positive reputation for your property.
➌ Prevent Financial Pitfalls
Many reputable apartment condominiums are currently for sale in this downturn in the economy. When there are a boom and bust in the economic cycle, real estate does exceptionally well on both ends of this scale, and Vancouver is no exception.
Both low-rise and high-rise buildings would be remiss if they did not do their best to stay competitive in the marketplace. The Strata Council acts on behalf of all homeowners and is mandated to be proactive in setting aside funds year-over-year for improvements and maintenance of their investment.
Renovating common areas increases property market value and prevents financial pitfalls.
The reality is that there is a high cost of not keeping a building’s public space in good order and repair. Maintenance and construction costs go up from year to year. So if your building needs an upgrade, don’t wait! You can add value to your building today and save on unforeseeable costs down the road.
➍ Boost Market Value
There’s no secret that curb appeal and aesthetics drive prospective homeowners to buy. If a potential homeowner enters a unit and falls in love within seconds, they’re making a mental commitment based on looks.
Curb appeal boosts marketability. This is why commercial interior design is so useful!
Realtors tell me that consumers also buy into individual buildings based on the common areas. Prospective home buyers will refuse to see an apartment if the look and feel of the entrance lobby and common area hallway design are unkempt.
“Plus, redesigning lobby spaces, common area hallways, gyms, and amenity rooms increase apartment value upwards of at least 15%. Why? These common areas impact the ability to get a higher price for a unit. “
For example: If you divide $400,000 by 100 units, you get $4,000 per unit. BUT, the return on a unit’s sale price will be much more.
➎ Are Profitable, Long-Term Solutions
Transforming residential lobbies, common area hallways, and amenity rooms to look more like boutique hotels add extreme value. These spaces can include concierge staff and a concierge or reception desk. Potential buyers consider this space design modern and appealing. This raises real estate value even further for years to come.
“A beautiful lobby with efficient space planning will sell apartments faster and translate into a higher ROI. “
This doesn’t mean that properties with only affluent budgets qualify.
Can’t afford to make updates every 7-10 years? Choosing a classic interior design scheme will provide you the best solution. You won’t have to worry about keeping up with trends. Instead, your property’s investment in interior design will last up to 15 years and beyond.
This is why keeping the lobby entrance, hallway, and common areas clean and updated should be non-negotiable.
But wait! Camille, when should I invest in commercial interior design?
This depends on two factors. What is the size of your building? How many occupants do you have? On average, 7-15 years is a typical time-span to reevaluate and invest in making over your lobby entrance and hallways.
I hope this information helped you, and thanks for stopping by! Be sure to post any questions you have about your property’s potential on my Facebook page here.
Also, when was the last time you redesigned your lobby space? If you need an evaluation of your current lobby entrance and common area spaces, I’m here to answer your commercial interior design questions.
I offer 1:1 phone call consultations, but we can also consult via video conference. If you’d like to meet at your property, please know we will use all current safety protocols.
In the meantime, please catch my most recent commercial interior design projects on my Instagram page.