Marketing to commercial tenants has always posed a challenge for property owners. Markets continue to evolve, and meeting the changing needs of tenants can often require forethought and creativity.
Investors who specialize in commercial office space have had to adapt to a rapidly evolving marketplace by marketing to specialized office tenants, a difficulty that may not be associated with other types of commercial properties.
Following are five things to keep in mind when faced with vacant office space:
1. Understand the Market
Office tenants typically require access to technology. They often need access to multiple phone lines as well as extensive Internet and networking infrastructure.
Since many office tenants have also become more image-conscious, marketing green-building features will draw more attention to your building.
2. Advertise Where Office Tenants Are Looking
Particularly with office tenants, you’re dealing with busy professionals who are looking to maximize their time. While advertising vacant office space in trade publications is still warranted, you will seriously limit your ability to attract tech-savvy office clientele if you do not have an Internet presence.
3. A Bad Website Is Worse Than No Website at All
If your website is poorly laid out and hard to navigate, prospective tenants will look elsewhere.
If you are not prepared to put in the time, effort and money required to develop an effective website, you are better off having nothing at all.
4. Define What Makes a Good Tenant and Advertise the Features That Will Attract That Type of Tenant
Who is your ideal tenant? Every landlord has one. What can you offer that meets their needs?
Create your marketing plan around this factor and attract the tenants you want.
Typically, office space attracts tenants looking to rent for a period of three to five years.
Commercial landlords are always looking for clean, stable and financially secure tenants, regardless of the type of property, so ensuring tenants meet these characteristics is essential.
5. Use a Real Estate Agent
Commercial leases are complex legal documents, and screening tenants can be time-consuming.
A professional real estate agent can offer advice; plan effective print, online and word-of-mouth marketing strategies; and connect you with qualified potential tenants.
If you choose to go it alone, then seeking sound legal advice is essential to ensure that you are protecting your investment and safeguarding your interest in a property.
Marketing has become a large component of any real estate sale or lease venture. Investors need to be aware of current market trends, what tenants want and the fair market value for an available lease space.
By setting up an effective marketing strategy, you can attract the type of high-quality, long-term tenants who are willing the pay the rental premiums you desire.
Picture Credit: Flickr
Contact a San Antonio Commercial Real Estate Expert:
Contact Luke LeGrand, ePRO via email @ [email protected] or call 210-843-5853
Contact Link LeGrand, CCIM via email @ [email protected] or call 210-789-5465