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RETROFIT: what is it and what are the main advantages?

10/22/2021
Want to know everything about retrofit? Get to know this trend, which is a great differential in the market.

Retrofit

After all, what is retrofit?
Retrofit are projects that prioritize solutions for the modernization of spaces that have suffered from the transformations of time and are now considered outdated.

They can be renovated while preserving the original features of the architectural project. It is natural that over the years, trends, technologies and products become outdated. This is because more innovative options emerge.

The real estate market is no different. With the emergence of new options, some properties are no longer attractive. It is in this scenario that retrofit enters: to modernize without compromising the essence.

You've certainly heard of the Pinacoteca de São Paulo, and the Maracanã Stadium, in Rio de Janeiro. These are classic examples of retrofit.

How much does a retrofit project cost?
The older the installation, the higher the operating and maintenance costs. This impacts the image of the property on the market and increases the cost to owners and occupants.

In some cases, investing in a retrofit project can be more expensive than demolishing and constructing a new building.

But when it comes to preserving architectural heritage and reducing environmental impact, cost is of lesser importance.

Also, when well planned and executed, it pays to invest in a modernization project. The advantages for the future of the property are numerous.

Advantages of Investing in a Retrofit Project
• Modernization: removes the “abandonment” aspect of the space
• Adds value to the property: both the financial and the “non-tangible” value
• Preserves cultural heritage: maintains the history of what was built
• Long-term savings: with the implementation of technologies that optimize the operation
• Safety: adequacy of standards that did not exist at the time of construction
• New businesses: increases the possibilities for using spaces.

All retrofit projects developed by Cushman & Wakefield are designed to maximize the life of the property. For this, we use advanced technologies and have a presence in the global market.

Did you like the content? Learn more about the main trends and the most relevant issues in the corporate real estate market on our website.


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