The COVID pandemic has had a significant impact on commercial real estate. In the fourth quarter of 2020, over 59% of commercial property owners reported a large number of tenants with late payments, missed payments, and partial payments.
The modern generation of tenants is looking for co-working spaces and flexible workplaces where they can carry out their individual gig jobs efficiently. They want an office located in close proximity to their customers. Despite the slow growth of commercial real estate due to the Pandemic there is a high demand for rental workplaces. Here are a few tips for attracting tenants to your commercial properties.
Improve Exterior and Interior Spaces
Your surrounding has a direct impact on your productivity. Tenants often look for a commercial property with nice exteriors and landscaping. When surrounded by greenery and a pleasant atmosphere, employees tend to be more productive.
It doesn’t have to cost you a fortune – small improvements to the exterior and interior spaces of your properties can make a difference. You can plant trees outside the building and install pot plants in common areas.
Have the Latest Amenities
The days of bland office cubicles are over. Today, commercial real estate is seeking inspiration from Google and Facebook to create a workplace that offers advanced amenities. These companies are offering their staff yoga classes, gym equipment, a social hub, an outdoor pool, and other modern amenities for attracting new tenants.
You don’t necessarily have to build a swimming pool in your office building. However, a few modern amenities, such as a gym or daycare, can increase tenant retention. It also improves the value of your property and its curb appeal.
Sustainability
Sustainability is of serious concern for businesses these days. Considering the current efforts of the government in making this world a healthy and safe place to live. Companies have started embracing the sustainability trend. Additionally, going green can significantly reduce your business’ operating costs.
Making a few changes to your building to make it a sustainable and eco-friendly space can go a long way in attracting new tenants and retaining your existing ones. Start with your ventilation system, lighting, windows, and flooring.
Flexible Working Space For Attracting New Tenants
Businesses are transforming at a rapid pace. No tenant wants to rent a space that inhibits growth. As their business grows, they want the physical workspace to grow with it. That’s why Gen-Z tenants are looking for office spaces that are flexible enough to expand as their operations grow.
Improved Security
A 24-hour security system is a must for your commercial property. Epecially if your target audience is gig workers who work outside typical business hours. Well-lit areas, CCTV, modern door locks, alarms, fire safety equipment, and other security protocols are necessary for all commercial workspaces. A strong access control system is essential to restrict visitors’ access to certain areas of the building and to protect your tenants.
Professional Commercial Cleaning
Tenants want a clean and de-cluttered environment. You can’t attract new tenants to a commercial property that looks out-dated and cluttered. They need a flexible, peaceful, and clean place to ensure maximum levels of productivity.
Your tenants might either arrange commercial cleaning or ask you to have the space cleaned. Either way, it’s the landlord’s responsibility to make sure the exteriors and interiors of your property are clean and hygienic.
A Comfortable Parking Space
A spacious parking lot is an absolute necessity for commercial workplaces. Tenants look for offices which have no shortage of parking space. If your commercial property has minimal street parking, work with professional vendors that offer a dedicated place for parking. It’s best if you can find a well-lit commercial parking place equipped with modern security tools. An example would be access control units and CCTV cameras.
Ensure your Tenants’ Satisfaction
A tenant survey is the best way to collect insights into your tenants’ satisfaction. Ask if your tenants are satisfied with the space and how well they like the amenities. Accept their feedback and use it to create a safe and flexible working space for your clients.
Your tenant’s satisfaction should always be your number one priority. If they complain about the property, lighting, parking space, or anything else, always listen to their complaints and take the necessary action. Simple things like this will give your clients a good impression.
Final Thoughts
When choosing a commercial space to rent cost and location are not the only things that tenants consider. Amenities, environment, interior design and exterior landscaping are equally important. If you don’t already have high-speed internet connectivity options and other modern amenities installed on your premises, now is the time to consider equipping your property with this infrastructure.
This post is a collaborative effort and may contain relatable, relevant affiliate links. All opinions are our own and for informational purposes only,