Making Your Commercial Space More Appealing to Tenants
- By walther.alvarez
- February 10, 2020
As a commercial property owner, you want your space to fetch good returns by securing promising and credit worthy long-term tenants. However, the real estate market is very competitive and cyclical in nature. To make your commercial space stand out from the competition, you will need to implement subtle changes and improvements that can attract tenants. Here are several simple ways you can make your office space more appealing to potential tenants.
Who is your target tenant? This question should be at the forefront of your mind before initiating any renovation process on your commercial investment property. For instance, if you are targeting tech companies, you should ensure the workspace is customized with a more open floor and accommodating electrical wiring for cubicles. By contrast, if retailers are you target, ensure there is ample visibility and fantastic signage.
Bathroom layouts and conditions are often of great importance to potential office tenants but not critical to some retailers. Indeed, shoddily designed and outdated washrooms will not only dampen the mood of a workspace, but will also kill the morale of its employees. That is why, if you want to attract potential tenants to your commercial space, you should ensure your bathrooms are updated and sparkling clean. Simple measures like installing hands-free sanitation devices and even painting old, tired stalls will go a long way toward winning over potential tenants.
When it comes to the kitchen or breakroom, potential tenants may pay attention to whether this area can accommodate the kind of team building social activities crucial for the success of their organization. Therefore, you must upgrade such spaces and give them a clean and comfortable aesthetic. Consider attractive additions like beautiful tile backsplashes that integrate modern, classic designs or shiny faucets and bright fixtures that are both eye-catching and easy to clean.
Many times it pays off handsomely if you renovate the exterior improvements and the grounds. These first impressions go a long way toward securing your most desired tenants. The signage should be dominant and up-to-date. Common areas such as courtyards, lobbies, and special features such as lake fronts should be routinely maintained and kept very attractive. Invest ahead of time to make sure you attract the ideal tenants and achieve superior rents.
Some things are best left to the professionals. An experienced commercial property manager can help you find the perfect tenants for your commercial space by determining who your target tenant is and elevating the value of your property by increasing the Net Operating Income. With a knowledgeable and professional commercial property manager, you can:
The group of commercial real estate professionals at Acquisition Consultants have over 25 years in the business. Such expertise makes all the difference when turning your commercial property into one that will secure a solid tenant rent roll and one that will not. Contact us today for more information on how we can meet your objectives and assist you in transforming your commercial space into a desirable location and highly profitable investment.