What are 6-Major Benefits to performing seismic retrofits?
What are the top benefits seismic retrofitting your commercial building?
6-Major Benefits of Seismic Retrofits
1. Mitigate Risk & Liability: Seismic retrofits significantly mitigate risk and liability associated with earthquake damage. By proactively strengthening a property’s structural integrity, owners and stakeholders can minimize the potential for injuries, fatalities, and property damage during seismic events. This proactive approach not only safeguards lives but also shields against potential legal liabilities that might arise from negligence in providing a safe environment.
2. Increase Property Value: Investing in seismic retrofitting increases the overall value of industrial real estate assets. A retrofitted property is considered more attractive to potential buyers because it provides a higher level of safety and assurance against seismic hazards. The improved structural resilience and reduced risk of damage enhance the property’s marketability and, consequently, its value in the real estate market.
3. Avoid Construction Cost Inflation: Waiting to address seismic vulnerabilities in your industrial real estate assets can be costly. Construction costs tend to rise over time due to inflation, labor shortages, and increased material costs. By proactively seismic retrofitting your property, you lock in the cost at the current market rate, avoiding potentially much higher expenses in the future.
4. Insurance Reductions: Insurance companies often provide premium discounts to property owners who have implemented seismic retrofits. By reducing the risk of earthquake-related damage, you can negotiate lower insurance premiums, resulting in ongoing cost savings over the life of your industrial real estate investment.
5. Increase Marketability: Seismic retrofits enhance a property’s marketability and desirability. In a competitive real estate market, having a property that is seismically resilient can set you apart from other options. Prospective buyers are more likely to choose a property that offers safety and reduced business interruption risk, making your property more attractive and easier to lease or sell.
6. Resiliency & Tenant Retention: Seismic retrofits contribute to building resiliency, ensuring that operations can quickly resume after an earthquake. This resiliency not only safeguards ongoing business operations but also supports tenant retention. Tenants are more likely to remain in a building that has been retrofitted for seismic safety, as it provides a sense of security and continuity, leading to longer and more stable leasing relationships. Tenant retention is not only financially advantageous but also reduces the costs associated with turnover and re-leasing.
In conclusion, seismic retrofits in commercial real estate offer a multi-faceted approach to risk management, financial gain, and market competitiveness. They not only protect your investment but also contribute to a safer, more resilient, and lucrative property portfolio.
Saunders Construction has over four decades of experience performing seismic retrofits. We have completed thousands of projects on every type of building and work closely with structural engineers to ensure the safety and strengthening capabilities of your real estate assets. We service five states, California, Washington, Oregon, Nevada, and Utah. If you are interested in protecting your assets, contact us https://saundersseismic.com/contact/