January 23, 2021
Celestial Air HVAC
Covid-19 Presents Opportunity to Improve Indoor Air Quality in Commercial Establishments
Paterson, NJ— January 23, 2021
“Empty offices and commercial establishments present a timely opportunity to upgrade a HVAC system,” said Thom Khater, company president at Celestial Air HVAC
Is the current tenant demand for improved HVAC filtration and ventilation coupled with the current low interest rates the right time to make a significant capital investment in your building’s HVAC system?
Since interest rates are historically low, this period is always an opportune time for renovations. Unfortunately, given the low occupancy rates and the pandemic raging across the United States, many building owners and operators are understandably wary of major capital expenses.
Low occupancy rates in tenant-occupied commercial buildings have actually provided the perfect prospect for capital improvements.
A presentation of the case for capital improvement
Facilities managers should seriously consider HVAC system capital improvements right now because of the following five main reasons. They are:
1.You can accomplish it in less time. Major improvements can be more reliable without tenants or at reduced occupancy. Capital improvements will be easier logistically and likely take less time to complete with fewer workers to heat and cool as necessary during equipment installation and temporary power outages.
2. Interest rates are low. Renovations of facilities can be more affordable when the cost is less.You may be able to finish repairs you had previously thought you couldn’t afford.
3. Tenants want improved HVAC systems. Among tenants’ concerns as tenants return to work, air filtration and ventilation will be top of mind. Businesses with leases will look for proof that it’s safe to bring their employees back to work. Businesses seeking new leases may be even more demanding.
4. An opportunity to go green. An increasing number of companies are giving their employees the choice to work at home for life, but experts across a range of industries predict a shift in office needs, layouts, and amenities in the coming years rather than a complete withdrawal from office real estate in the short term. Once businesses return to the office, they’ll be looking to re-enter healthier facilities. Investing in your HVAC system now will give you the competitive advantage. You have the opportunity to pursue environmental standards you never considered feasible before. USGBC, LEED and WELL certification will help your building stand out among the healthier and more environmentally friendly options around town.
5. Improvement in energy efficiency and operational costs. The inclusion of new HVAC systems and renovated infrastructure to reduce energy consumption and, therefore, operational costs are always welcome.Oil, natural gas, and electricity prices may be unpredictable in the next four years, making it more advantageous to reduce building energy use today.
Capital improvements are not all created equal.
Building owners and operators need to know there are a number of considerations when constructing or renovating capital projects before the economy improves.
A pandemic just once every 100 years will not ruin the U.S. commercial real estate market for good. However, the major question remains: when will it rebound? As for our ability to answer this question, we only know that a facility that remains unchanging, circa March 2020, will be much less desirable than one that has upgraded its HVAC system and other infrastructure in the name of creating a healthier and safer environment for its occupants.
In the same way, temporary solutions won’t last in the long run either, because tenants will see through them as time goes on. Tenants will prioritize moving to a facility that prioritizes building occupant health, including upgrades to public spaces, restrooms, shared amenities spaces, elevators, and more.
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