In a challenging economy, foreclosed office properties present a myriad of challenges to property managers who are often faced with the difficult task of rebranding a previously foreclosed property.
In many cases, such properties have been neglected and, consequently, do not present well to prospective tenants. Routine maintenance may have been deferred due to low cash flow and significant infrastructure upgrades can be required as a result.
Additionally, previously foreclosed properties often have a negative image in the marketplace that property managers must work to overcome. With the amount of available space in the market, tenants have the ability to be very selective. First impressions are critical, and a dull and dated property is at a significant disadvantage.
To quickly and efficiently improve the image of a foreclosed office property, best practices include: changing signage: landscaping: and renovating entrances and lobby interiors.
These efforts will freshen up the look and feel of the property and help ensure its future success. Funds, however, are often limited for rebranding efforts. as property managers must address major infrastructure problems and substantial repairs as well.
With these upgrades in mind, here are some important guidelines that property managers should consider as they integrate signage into their rebranding strategy:
Developing An Identity
It is essential for a foreclosed office property to adopt a new brand and identity. Doing this well will help convey the unique characteristics of the property and project its personality and value. Rebranding can incorporate a number of components, but it needs to be distinctive, attractive and cohesive. Signage can support this identity through a combination of materials, graphics, colors and shapes. In our experience, the identity is best tied back to some architectural detail or physical association that provides a connection to the environment. In a recent case, the sharp angularity of a new entrance lobby was able to be reflected in the new entrance and directional signage.
Carrying The Brand
Consistency in the presentation of a brand is important, but it shouldn’t stop at logos, websites and brochures. It’s very important to bring the brand throughout the entirety of the property. On site, it starts with the main entrance sign. This is the first impression that greets a perspective tenant upon entering the property. It is also important to ensure consistency across all directional and parking signage, as well as signage that greets a visitor when first entering the building. Tying property signage all together in a cohesive package indicates that someone has thought about the property and cares about the details.
Landscape
When the signage is combined with landscaping, the impact can be dramatic. I have seen signage integrated with masonry to change the entire feel of a property as you approach the facility. Adding color through flowers or seasonal accents can also add to the impact of the freshness.
When considering signage, there are a significant number of ways to create an impact without spending a lot of money. In fact, signage is a great way to enhance the look of a property on a limited budget. By defining the budget up front, a good sign designer can maximize the benefit to be derived. This can range from a total new sign program to a simple reworking of the existing signs. A physical upgrade signals that change and improvement are happening.
As the market slowly recovers, suburban office properties will continue to change hands. As vacant properties are enhanced, rebranding will become even more important for the remaining properties. What might have been sufficient to keep an office property afloat no longer makes the cut. The first impression and the initial image a property portrays are becoming more critical to bring tenants in and keep them renting. A consistent fresh look through an upgraded signage program is a great way to start.
Bill McConaghy is president of Advanced Signing, a sign company in Medway.
