Ordering a commercial construction is a part of your business as a building owner/landlord. Your next step is to find tenants to occupy the spaces. We’ve worked with several commercial businesses and business owners in our time, and have a few tips for you.
- Scope out the neighbourhood
Before commercial construction can even begin, you’ll look at the surrounding real estate and scope out the competition. Do you see any similarities or gaps that your building can fill? How can you make your space stand out, or attract a similar business to others in the area? If your project is being done in a high-income or high-traffic area with little available real estate the odds are in your favour.
- Think like a tenant
Think about your target market or have a casual conversation with businesses in the existing commercial properties. Are they happy with where they are? Some shop owners want to expand or set up another location nearby. Ask them about their landlord as well and make notes about what you can do (or do better).
Think about amenities as well. Parking space for staff and clients, amount of floor space (metres squared), and location are among the top of a tenant’s wishlist.
- Get a property manager
These guys are the experts in putting office space up for lease after the commercial construction is completed. Their office is also the public face of your building when putting up ‘for lease’ or ‘for rent’ signs.
Property managers don’t have the same emotional attachment to the building or the tenants as landlords do. This is how they easily deal with problems like setting the rent or evicting tenants. When your commercial construction is done, the property manager will organise advertising, interview tenants, and deal with them after they move in.
- Make the space showroom ready
Your commercial space is on the market, and it’s time to dress it up. Or at least make sure it’s clean. The trades who took care of the commercial construction will clean up after themselves, but getting a professional cleaner is worth the expense. Depending on the type of building you’re leasing, you can furnish it for show. Or you can just leave it empty and let the visitors use their imagination.
- Can you offer incentives?
The commercial property market is experiencing a ‘glut’, and on top of that other commercial building owners are offering pretty attractive deals. Phrases like ‘free rent for a set period’ or ‘furnishings included’ are thrown around on advertisements.
If this doesn’t suit you, highlight the amenities and benefits that tenants will experience. Highlight the coffee shops and post offices nearby that businesses will use everyday. What cost-saving measures did you put in during the commercial construction?
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