Landlords owning commercial properties around the country are today facing a new kind of challenge. They have more empty spaces than tenants and they are facing a severe problem of cash flow. Rent of commercial properties are no doubt high, but these landlords need to lower their vacancy rates to generate a positive cash flow. Here are some easy ways of attracting more tenants to your commercial property.
Improve the looks of the interiors and exteriors
One of the easiest ways to catch the attention of tenants is to improve the looks of your property. Tenants these days are interested in occupying spaces in buildings that are not just modern but also clean and attractive. If your building is old, it is time to revamp the looks by working on its interiors and exteriors.
In fact, it is the exteriors of a property that are noticed first by prospective customers. You can create a nice first impression by making the exteriors beautiful. You can do so by hiring a landscaping company and a gardener. It does not cost you a fortune to transform the exteriors and only a little bit of planning and effort is needed to make your property stand out from the rest of your competitors.
Give your prospective clients a modern and contemporary look and a warm and welcoming feel which is so important for their business. They should find the environment vibrant and comfortable where they can visualize their employees and customers.
As far as interiors are concerned, you need to keep it simple yet elegant. You can make use of design features like art, statement walls, and living walls to create interiors that are attractive and pleasing to the eyes. However, make sure that the interiors appeal to your target group of customers.
Turn your building more energy efficient
Tenants find properties that are green and energy efficient more appealing than other properties. There are many ways of achieving energy efficiency.
You can make your building green by switching to solar energy. This may cost you a lot of money up front, but you should make the most of the subsidies being offered by the government. With no carbon footprint, your property will attract environment conscious clients and it will become the talk of the town.
Double glazed tiles
Double glazing makes sure that the interiors of your building remain cooler than the outside temperatures to lower the cost of cooling. In winters, your building remains warmer than the temperatures outside to keep the environment warm and comfortable for your tenants and their employees.
Replace all incandescent bulbs and halogen lights with LED lights. This lighting is white and cool and it eats up much less electricity than traditional lighting products.
You can improve the energy efficiency of your commercial building considerably by getting insulation of the building done. It is a very cost-effective way of keeping the interiors warm during winters and cool during summers.
Develop good relations with local businesses
Try to develop good, cordial relationships with vendors providing services in the area. Your tenants will need their services and if they are being offered at a discount, they will prefer to occupy spaces in your building. If possible, negotiate for a discount with these vendors to make your prospective tenants happy about the monetary benefits they will receive if they become your tenants.
Understand your target group of customers
It is important for you to understand the psyche of your target group of customers. If you can do this, you will be able to provide them tailor made services that they require. For example, you can provide high internet speeds if your target group of customers are tech companies.