ProSpeak

6 Steps to Eliminate Vacancy in Commercial/Industrial Buildings
6/5/2017
Mike Dahm, SIOR, CPM, Senior Broker
ProSpeak

For some properties that have been vacant for over one year, where the owner has a vacancy and no tenant to lease the space, the property needs to be repositioned to lease. The good news is that we have a solution on how to achieve occupancy.

Consider treating your tenants as guests. They’re paying you for the right to use your product - your real estate. Follow these six steps to filling stubborn vacancies and reach 100% occupancy in your commercial space. By applying these steps, you will better understand your property and the tenants who need to use the space.

1. Why your property?
To attract and retain good tenants, you must own a piece of real estate that they could use to enhance their business and to generate income. It is your priority as an investor to help tenants identify and unlock the value that your property offers.

2. Your commercial real estate investment is a product. Step 2 is no longer about what you own, but rather what people want.

  • Ask tenants who toured your property why they didn’t lease your space.
  • We identify as real estate consultants all types of tenants leasing in your area and learn everything we can about their industries and trends, as well as where growth and contraction may be.

3. Don’t list your property - Position it.

  • When your property is listed on the market, it’s literally put on a list. Most listing services are pursued by real estate brokers when you’re asked to run a survey for a tenant in a specific market area, for a specific type of space.
  • The challenge you face is how to be different on this list. You have a split-second to catch the interest of the broker or the tenant perusing the list and if you fail to attract them, you’re unlikely to be added to the tenant’s tour.

4. Identify what makes your building unique, special and different.
We help identify differentiating attractions about your property and match to tenant demands. You have a message that tenants will value because they will see you as a unique opportunity that others aren’t offering.

5. Remember the Broker/Tenant Rep is in the Tenant Service Business.
Many commercial real estate investors become complacent and believe that tenants are lucky to use their space.

6. Don’t be the least expensive place.
Economics teaches us that when a market is oversupplied, the fastest way to simulate demand is to lower the price.

Bradley Company

Phone: (260) 423-4311

Website: bradleyco.com

Email: mdahm@bradleyco.com

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