(Newswire.net — July 4, 2023) —
Commercial real estate has undergone many changes and iterations since 2020, and many building owners are still finding ways to adjust to these changes. Even during years with fewer major political and social shifts, economic trends are hard to track. If you’re a commercial building owner, understanding these changes and how they impact your business is essential.
With many companies moving more of their operations online and retail businesses struggling to stay open, commercial building owners have needed help maintaining renters. Some business owners are looking to save money by not renting commercial space at all, impacting those who own and maintain the buildings.
While this is a complicated problem, this guide will offer information on how to reduce vacancies in a commercial building.
Tip 1: Get Advice From Other Experts
Keeping up with trends and shifts in the industry is an excellent start to understanding how to get more renters and maintain your business in commercial real estate. By following, networking, and workshopping with others in the commercial real estate field, you’ll have the information and wisdom you need to make good choices for your commercial real estate business.
Connecting with other professionals is a great way to determine if you should sell or try to convert the property into a different kind of space.
Tip 2: Consider Mixed-Use Spaces
Because many companies that used to occupy commercial buildings full-time are pivoting, you may need to as well. Many office buildings, for example, may find that their previous tenants are moving away or looking for a space that provides more flexibility.
So, if you want to keep up with new needs, it may be worth renovating or changing up your commercial building. For example, you could make the building into a coworking space or provide areas where businesses can rent out rooms temporarily. While this might not even out your bottom line, it can be a good stop-gap measure for a time.
Tip 3: Ofer Outdoor Areas
Another way to attract more commercial printers for your building is to add a courtyard or access to an outdoor space. As more people are working flex schedules, meaning they work at home some days and in their office other days, they want to be able to move around and work in more than just a cubicle.
With these outdoor areas, the employees can get some fresh air. This is the type of benefit that many businesses want to provide. So you’re more likely to get those tenants you’re looking for if you have extra amenities.
Tip 4: Upgrade The Foyer Area
First impressions make a huge difference. Therefore, the foyer of the building should look more contemporary and put together. This is a relatively simple way to attract new renters to the building. You can even make minor changes, such as adding new furniture or repainting.
Make sure any changes you make comply with commercial building code, and don’t hesitate to make your building stand out. Within reason, it helps to add a distinct decorating style that’s not just boring.
Tip 5: Keep Up On Landscaping
Finally, don’t forget to maintain your landscaping. Before potential tenants even walk in the door, they will see the outside of the building. This means you need to keep the grounds looking clean, green, and welcoming.
With these five steps, you can find ways to handle changes in the commercial real estate industry and keep your building full of commercial tenants.