Commercial properties might be lucrative, provided there are tenants. Whether you own a shopping center or office space, you need tenants to survive.
Unfortunately, among the common problems that property investors experience is attracting commercial tenants. That is because every commercial tenant has a set of requirements, which differ from those of residential tenants.
So what can you do to attract good tenants to your commercial properties? Well, if you are in commercial real estate, here are strategies you can use:
Make the Location Worthwhile
As far as real estate is concerned, location remains the eternal mantra. Newer generations of tenants demand accessibility to nearness to bicycle routes and public tenants.
According to experts at Sands Investment Group, it is also vital to match the location with the kind of tenants you want to attract.
For instance, Starbucks, Walmart, and McDonald’s always look for large offices and ground leases of specific sectors, such as law firms, along with the same place.
This will enable you to modify your properties accordingly and help you understand the customer persona of your target tenants.
Provide Commercial Cleaning Services
Commercial tenants want decluttered and clean surroundings. You will not be able to lure new tenants to your commercial properties, which look cluttered and outdated. They require a clean, flexible, and peaceful place to ascertain a maximum level of productivity.
Your tenants may also want to either ask you to have the surroundings cleaned or arrange for commercial cleaning services. Whichever way, it is your duty to ensure the interiors and exteriors of your properties are both:
Get the Word Out
It is important to publicize the vacancy of your commercial properties through different media. You can post it online or on social media platforms and email the people in your contact list. If possible, give people some incentives to give you a hand in finding the right tenants.
Remember also to let other neighboring businesses or tenants know that you are searching for a new tenant. If the neighboring companies are doing great within the area, they will be happy to offer recommendations to other businesses to your properties.
Your commercial properties shouldn’t just depend on a lease sign. Rather it must be findable by commercial brokers and online.
Visuals, which speak to the space details combined with the necessary information, need to show transparency in the listing.
Most tenants depend on those details and research they do before making any decision. So ensure your properties and their details are simple to find.
Offer Shared Amenities
You can convert an unusual vacant space into training rooms or shared conferences. For instance, you can turn basements into shared exercise amenities for a childcare center for parents working on site.
If any of your tenants have requested an on-site dining option, consider providing deals on rent to food vendors or prospective coffee.
Ultimately, every prospective renter wants shopping centers, which they may see themselves leasing and renewing for many years to come.
Moving an office is time-consuming and expensive, so the longer they stay at your properties, the better for them. Hence, give your tenants what they need with very competitive perks.