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After the global Coronavirus outbreak, many industries struggled to get back on their feet and regain their pre-pandemic success. One industry that has been significantly impacted by the pandemic is the commercial property market.
With buildings closed due to the pandemic and lifestyle changes, including the ongoing adoption of working from home, many commercial real estate managers are now struggling to make ends meet.
Thankfully, many politicians and organizations are pushing for workers to return to the office, and some businesses that struggled to have staff work remotely during the outbreak have already returned.
If you’re still struggling to get your commercial units filled following the pandemic, then read on. We’ve put together a practical set of tips to help you attract and retain tenants over the coming months and further ahead.
Add New Amenities
With the commercial real estate market so competitive right now, your buildings need to stand out from the crowd. That means offering the latest trending amenities and features to entice employers and make them feel that your property will help them to keep their staff engaged. These amenities could include anything from shared gym facilities to an in-house vegan eatery. Explore the latest amenities offered by other commercial properties in your local area to work out which ones will be the most enticing to potential tenants. You can then consider adding them to your property where possible.
Streamline Your Management Processes
As well as additional amenities, it would help if you also showed potential and existing tenants that you are able to offer them the service and support they expect. This approach can take a lot of time and effort, but there are ways to improve your processes. To ensure that you and your management team are able to offer tenants even more support while still being compliant with relevant property development rules, you need to streamline your management and compliance processes. Consider using Vision Pro Software to save time and still ensure that you are always on top of all of your compliance audits and maintenance tasks.
Find Innovative Ways To Advertise
In the past, when the commercial property market was booming, many building managers and management firms did not need to advertise too heavily. However, with the market evolving, you now need to adapt and ensure that you are reaching your target audience. Work out who your ideal tenants are, and where they are likely to be searching for a new property. This might include online platforms, forums, sector-specific publications, and more. Check out advertising opportunities on these platforms and then review the adverts offered by your competitors to ensure that yours are always ahead of the rest of the market.
Network Within The Commerical Property Market
Advertising to your target clients is vital, but so too is networking with experts in the commercial property market. By building connections with your industry peers and potential collaborators, you could find new markets to explore, stay ahead of emerging market trends, and more. In these challenging times, you might not be the only commercial property manager struggling, so consider reaching out to your fellow managers to see if there is anything you can do together to help one another. You could also attend local industry networking events or check out online conferences to learn more about your market, get recommendations for potential suppliers, find out more about the latest techniques that other commercial property managers are using to attract tenants, and much more. These connections might not be beneficial right now, but they could influence your future business prospects, so it’s well worth taking the time to cultivate relationships in the commercial property management market.
Consider Creating Co-Working Spaces And Hot Desks
One sector of the corporate property market that is bucking the trend and increasing in popularity is flexible workplaces, also known as co-working spaces. So, if you have large commercial office units in your property that you’re struggling to rent out, you could consider transforming them into co-working spaces and offering desks to rent. For commercial property managers with retail spaces, small businesses and shared shops could be an ideal alternative to traditional stores. These flexible workplaces are innovative and can bring in a new revenue stream for commercial property managers who cannot rent out entire office units thanks to the changing corporate landscape. As co-working spaces and hot desks are rented out on a more flexible basis, they can give you a better opportunity to collaborate with more tenants and create unique corporate workplaces that benefit you and other businesses in your local area.
Times are hard right now for the commercial property market, but there are still many opportunities to be had. Use this list to find new ways to evolve and adapt to the ever-changing commercial property market and ensure that you survive and thrive.