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I wanted to start a conversation to see how everyone is dealing with vacancies on commercial space? We have had success with different things, some work OK but non great. Whats everyone else doing?
For us, it's been as simple as offering lower rents than the guys down the block. Some rent is better than none. Marketing galore doesn't help lately, everyone likes a bargain though.
My answer is that each property is unique so the approach can start out with general concepts, but it should be tailored to the needs of the property, client, tenant profile, tenant mix, demographics, geographics. If you had a specific pain point about a particular property type and situation maybe we can offer some specific ideas.
The general answer, which many not apply is "focus" and there is nothing else that matters every day. Each hour and minute of time it is vacant you need to calculate what it is costing the owner. If it is $75 per hour, it tends to put things in perspective and makes you realize how much money you are wasting if you do not make some extreme efforts to fill it.
It may be other uses or repurposing, but whatever it is, you cannot waste time as each hour is $75, for example. There are new businesses opening every day, even in bad times. The question is, are the new businesses opening in your market? If not, why not? What is it that your market needs or your building to attract interest? There is so much to consider and it is an exciting topic, but is it there are no tenants looking or they look and they have objections?
Over the years, when I was hands-on leasing, we made a big deal about every single showing. We also kept the brokerage community informed and were very aggressive with respect to marketing to brokers. Again, it depends on your situation. With today's technology there are things that can help you promote your property, but what is your specific pain? Is it promoting, is it cost of renovation, is the location, it is lack of tenants, etc.? Understanding the issue is the first step.
Linda Day Harrison, CPM, CCIM
Founder of theBrokerList.com