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What do you do if your commercial leasing properties aren't attracting tenants?

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Finding your commercial properties vacant for an extended period can be worrisome. It's a challenge that requires proactive measures to turn the situation around. In the world of commercial leasing, it's essential to understand that the market is dynamic, and what worked yesterday may not work today. You need to investigate the root causes of why potential tenants are passing by your properties. This could involve market trends, property condition, or even the terms of the lease. Once you've identified these factors, you can start to develop a strategy to make your properties more appealing.

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1 Assess Appeal

When your properties are not attracting tenants, the first step is to assess their appeal. Take a critical look at your property from the perspective of a potential tenant. Is the location convenient? Does the property have a modern, clean appearance? Are there amenities nearby that would benefit a business? Sometimes, the issue can be as simple as outdated decor or lack of maintenance. It's crucial to ensure that your property stands out in the market for the right reasons. If necessary, invest in upgrades or cosmetic changes that could make all the difference in attracting tenants.

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Jamie Heiberger Harrison

Managing Partner Real Estate law Practice
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When a space is not attracting Tenants it's generally going to be due to Price. It's not the location or the condition. Every space, in every location, that can lawfully be used and occupied has a price that will attract tenants. It may not be the price the Owner wants, expects or hoped for, but if there is no activity then the Price isn't matching the product. Ultimately a space is worth what a Tenant will pay for it. If there is no activity but the Owner wants the Price then time to make changes that will attract Tenants at the current rate.

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Thomas Wiggin

Attorney at Law, Thomas Wiggin PC
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The first thing I have heard from my clients is price per square foot for the type of space is the most important factor they consider. Is the property in a class A, B or C building? What does comparable price per square foot look like? With more vacancies now than ever, adjusting the price would be the first thing I recommend. Another factor I have seen help attract clients is prefabricated space. The out of pocket cost from many new companies is prohibitive and moving into a space that is furnished can be very attractive.

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Daniel Sterzeck Dian

Administrador de Negócios Imobiliários
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Imóveis comerciais s?o um universo à parte. Normalmente, quem aluga um imóvel comercial fará uma série de altera??es no imóvel para adequa-lo à sua atividade, ent?o a conserva??o e estado interno n?o s?o t?o importantes quanto o valor e a localiza??o. Quanto à localiza??o, n?o há muito o que ser feito depois de adquirido o imóvel. Quando ao valor, pode-se oferecer carência no aluguel ou escalonamento de valores, para amortizar os custos do locatário na adequa??o do imóvel.

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2 Competitive Pricing

In commercial leasing, pricing your property competitively is vital to attract tenants. Research the local market to understand the going rates for similar properties. If your rates are too high, you'll likely deter potential tenants. Conversely, if they're too low, you might be leaving money on the table or signaling that there's something wrong with the property. Finding the right balance is key. You might also consider flexible leasing terms or incentives, such as a rent-free period or contribution to fit-out costs, to make the deal more attractive.

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Daniel Sterzeck Dian

Administrador de Negócios Imobiliários
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Cada imóvel comercial tem a sua voca??o e faixa de pre?os. A localiza??o irá afetar muito o valor. Um imóvel na principal rua comercial da cidade, em uma esquina, terá um valor muito maior do que um imóvel que fique em uma rua transversal próxima, pois perde exposi??o.

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3 Marketing Tactics

Revamping your marketing tactics can play a significant role in attracting tenants. Traditional methods like signage may not be enough in today's digital age. Utilize online listings, social media, and even virtual tours to reach a broader audience. High-quality photos and detailed property descriptions can also make a significant impact. Networking with local businesses and real estate agents can provide valuable word-of-mouth referrals. Remember, it's about showcasing your property's best features to the right audience.

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Lou Boemia
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Determine what type of uses lack representation in the trade area and identify those best able to take advantage of the opportunity to operate with little or no direct competition. Attend HOA, neighborhood and community meetings, talk to residents, business owners, employees and frequent shoppers in the trade area, ask them about type of users and specific brands that are needed. Deliver them what they want. Fulfilling the needs of the inhabitants of the trade area will increase number of customer trips to the center and result in higher sales for existing tenants, increase demand for space in your center and raise fair market rental rates.

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4 Tenant Needs

Understanding and adapting to tenant needs is essential. The commercial landscape is evolving, and so are the requirements of businesses. For example, with the rise of remote work, some companies may prioritize smaller spaces with flexible terms. Others might need larger spaces to adhere to social distancing guidelines. Engage with prospective tenants to learn about their specific needs and consider how your property can meet them. This might involve reconfiguring the space or offering additional services like high-speed internet or enhanced security.

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Chad Schroedl

Commercial Real Estate Vice President | Complex Transaction Specialist
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With the rise of hybrid work, many downtown office markets have seen a steep rise in vacancy rates. To be competitive, move-in ready space is often needed to attract tenants. With many spaces to choose from, most tenants are not interested in a lengthy and potentially uncertain build out process.

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5 Legal Flexibility

It's important to review your lease agreements for legal flexibility that could entice tenants. Rigid contracts can be a major turn-off for businesses that may need to adapt quickly to changing circumstances. Consider clauses that allow for subleasing or contract alterations if a tenant's business model shifts. Ensure that your lease terms are clear and fair, protecting both your interests and those of your tenants. Legal transparency and the willingness to negotiate can be powerful incentives for prospective renters.

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6 Ongoing Engagement

Finally, establish ongoing engagement with the business community. Attend local events, join business associations, and stay informed about regional economic developments. By being an active participant in the community, you increase visibility for your properties and can build relationships that may lead to future leasing opportunities. Moreover, staying engaged helps you keep a pulse on what businesses are looking for in a commercial space, allowing you to anticipate and adapt to market trends proactively.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your commercial leasing properties aren't attracting tenants?

1

2

3

4

5

6

7

1 Assess Appeal

2 Competitive Pricing

3 Marketing Tactics

4 Tenant Needs

5 Legal Flexibility

6 Ongoing Engagement

7 Here’s what else to consider

Commercial Leasing

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What do you do if your commercial leasing properties aren't attracting tenants?

1

2

3

4

5

6

7

1 Assess Appeal

2 Competitive Pricing

3 Marketing Tactics

4 Tenant Needs

5 Legal Flexibility

6 Ongoing Engagement

7 Here’s what else to consider

Commercial Leasing

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