How to lease your vacant commercial office space
In most cases, time is of critical importance. You might have an upcoming refinance date, and so you need the money. Your time sensitivity will actually regulate most aspects of your leasing strategy.
Your commercial office space undoubtedly has its strong points, but it also has weaknesses. You need to brand it by focusing on the advantages and marketing them. It is important that you know the marketplace for the type of office space you are trying to lease because in such a way you will be better able to target potential tenants’ needs and preferences. This will automatically make your offices more attractive to them. So you need to base your marketing strategy on the offices’ location, amenities and condition, among other factors. For example, if your offices are small, you should consider that as a good point. This is because a small office space will be ideal for start-ups or sole owners. Furnished offices are going to sound much more appealing, so you may wish to add some office furniture if there is none, as chances are you are going to attract more people to rent it in such a way. If your offices are considerably big, you should target bigger companies who are going to need more space for more employees, or who tend to focus more on leasing prime office space that has room for various facilities.
Obviously the location of your offices is key. You certainly cannot change where the offices are located, but you can highlight positive aspects about the location to prospective tenants. Commercial buildings are best located in busy areas. However, even if your commercial office space is not in the centre of the city, you can still focus on other positive aspects, such as the fact that there is no noise pollution and no problem for parking. Bear in mind that office space demand is diversified, and just as if you have a house for rent, you just need to reach out to those prospective tenants who are going to see its positive attributes. To a certain extent you are going to act like a real estate agent. So, just like real estate agents, you need to be willing to focus on people’s needs, instead of focusing solely on the property. Then, based on those needs, you have to try to make your office space look appealing to them.
Market trends also need to be taken into account. Lately, for example, there has been an increase in the demand for office space leased by tech companies. There are also several firms in the IT sector, such as e-commerce firms which want to set up a virtual office. You might wish to target these types of companies to rent your offices as the demand by such firms is on the rise. Serviced offices are also being considered as the way to go by many companies. If you can see to that, you are likely to attract more attention and more lease enquiries.
Your goal is to lease your offices. But even though your intention is to earn money, bear in mind that it is impossible to suit all budgets. The best option is to price your office space according to current market conditions, while bearing in mind its strong points. rental office space kolkata