Warehouses are both functional and trendy. For many years they were used purely for storage and industrial purposes, but increasingly they have become cool places to live. Warehouse conversions are now expensive and chic places to stay. But to many warehouses are still just that, places to store or manufacture items, often slightly rundown and on the wrong side of town. If you are the owner of a warehouse and you don’t feel like you are getting maximum value from your property, here are a few things to consider that could help you increase your returns.
Add to the floor space
You might think that you are operating at full capacity, but are you? Typically, warehouses have high, double volume ceilings. What this means is that it is possible to install a mezzanine floor. A mezzanine is a raised, open area at half the height of a double volume space. Obviously, it cannot cover the whole area as it is not designed that way. But from a storage perspective, or even from an administrative or office function, a raised area in your warehouse is a great solution. It means you can increase capacity without having to relocate.
If your warehouse is not being used regularly look to rent it out for events or photoshoots. Warehouse parties are very popular and if you are able to offer your site as the venue for a function you could be on to something. Raves or industrial bands are perfect fits for this type of venue. As are photoshoots where photographers are looking for a certain look. Speak to location scouts and leverage your network of contacts to see if they know of people who would be interested in using your facility. You might just be surprised by the response.
Just because it is a warehouse doesn’t mean that it needs to be used for industrial purposes. What about turning it into an action cricket arena or a cross fit gym. If the property is being under-utilized, you could even strike up an arrangement where you supply the premises and kit them out while your partners run things on a day-to-day basis. That way your asset is generating you income while you are out doing something else, your contribution to the partnership the facilities, your partners the operational expertise.
Residential is an option
As mentioned earlier people are increasingly enjoying living in warehouses and converted industrial buildings. If you are still using your business warehouse, but perhaps not at full capacity it might be a good idea to convert part of it into a warehouse living arrangement. Perhaps you even want to do it for yourself. Contact an architect who deals with these types of conversions and identify the best place to do the conversion. The conversation will be very different depending on if you want to convert the whole building or just parts of it. Then ascertain how you can derive the maximum benefit from the alterations while at the same time having the most minimal effect on the day-to-day operations at the warehouse. If you get that right, then you are on to a winner.