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As a building owner, your number one priority is getting tenants in and contracting them for leasing. However, you notice all of the other white-box finished spaces in the area and see other tenants leasing those while yours remains empty. In 2020 and 2021, the U.S saw a jump in vacant retail space of 4.9% due to the COVID-19 pandemic. You might be wondering, “I did everything right in creating my commercial build out, what more is there to do?”
What makes your space different from the rest? Why should a tenant lease from you? At Premier Construction, we work with business owners just like you to help attract tenants so that their building space doesn’t run empty. With this blog, we’ve curated a few tips that will get you thinking about the ways you can attract new tenants to your space.
If you’re still deciding on whether or not to invest in a commercial build out, check out our other blogs such as the Do’s & Don’t of Building Out a Commercial Building and How To Estimate the Cost of a Commercial Build Out.
Over the past few years, we have seen a significant change in business needs, especially with the COVID-19 pandemic. People began to go virtual, retail and food service relied on carry-out or delivery, and so much more. We also began to see a change in business needs once precautions were lifted and people evaluated what was important to them.
Take time to research and analyze what business owners in 2022 need, especially in your area. Whether you’re located in the Des Moines metropolitan, a suburb, or small town— all of these locations have tenants who are looking for specific buildings that can meet their demands.
Tip: This is the MOST important step!
Some business owners need versatility when it comes to their business, and that’s what you as a landlord or building owner can offer. When your commercial build-out is done in a white box finish, it provides all the basic necessities for a business without removing any creative integrity. Maximize your white box finish as a high selling point for potential tenants, so that they can dictate all other needs for their business within the lease agreement.
Tenants may stray away from commercial build outs that are too unique or don’t allow them the chance to grow their business in the way they want. With your white box finish, they are allowed the opportunity to create their own spaces how they see fit.
Maybe, keeping a standard white box finish isn’t the way you want to go. No problem! Adding more enhancements to your commercial build can also be a selling point for your potential tenants. Are tenants concerned about sustainability? Construct solar panels, upgrade lighting to be energy efficient, or add more elements of natural lighting to avoid fluorescents. Tenants will be more attracted to spaces they can feel not only comfortable, but have a sense of environmentalism in.
Take a look at your commercial build out, is there adequate room for your tenants’ customers? This may look like adding more walkable space outside of the building, or redoing the parking lot infrastructure. If spaces for customers look to be a challenge, your tenants are not going to want to lease your building. No customer for your tenants, ultimately leaves you with no customers for yourself.
Some additional spaces may also look like shared work and common areas for your tenants’ employees. These can either be work-focused or recreational depending on the tenant. Many businesses seek unique spaces that can fulfill their employees and customers’ needs in our post-COVID climate.
Making your commercial build out more energy efficient, adding more customer access or even simply sustaining your white box finish as a selling point can be great ways to attract tenants. However, this may not always be the case. That’s why it is important to carefully assess your potential tenants’ needs before you begin contracting any sort of changes to your commercial build out. When you are ready, Premier is here to get the job done!
Need help getting started leasing out your commercial space? Let Premier Construction take the reins on what you need to begin attracting tenants to your building!