Leasing space in a commercial property can be a great way to make money, but there’s more to the process than meets the eye. Here are our tips for finding and keeping new tenants in your commercial space:
Do your research
Researching the market is the smart first step to determining how, when, and for what rate to lease your space. Are there current economic trends that may interfere with your ability to lease your space, or impact your desired rental rate? Researching market conditions upfront will save you time and headaches moving forward in the process.
It’s also important to do this research to determine your lease terms. How many months will your lease be for and what rules must your tenants follow while renting your space? Use this information to set your lease terms and create a legally-binding document that both you and your tenants will sign and follow.
Determine your rates
A crucial step in the process of leasing a commercial space is determining your rental rate. This can be tricky. If you overprice your space it will turn potential tenants away and potentially leave your listing on the market longer than expected. You don’t want to underprice your space either, potentially losing money and undervaluing what your space and services provide for your tenants.
How large is your space, and what amenities do you provide? This is also a good time to begin to think about any updates that might need to be made to your commercial space: new carpeting, appliances, office equipment. These things will have a significant impact on the rate you will be able to charge for your commercial space.
Make needed improvements
After your research, you should have a clear idea of which aspects of your commercial space need updating. Though they can be upfront expenses for you, regular maintenance and updates are worthwhile investments as they increase the longevity and value of your space.
Whether it be cosmetic fixes like new carpeting or updated lighting fixtures, or updates that can service new tenants like updated appliances or ergonomic desks and chairs, making these updates consistently will consistently attract new tenants to your space.
Seek help from professionals
Finding new tenants can often be a lengthy and tedious process. One way to alleviate your stress and smoothen the process is by hiring a commercial real estate agent to find the perfect tenant for you. For those located in the Charleston, South Carolina area, Caldwell Commercial Real Estate can help. With over 80 years of combined experience in commercial real estate, we have the necessary understanding and expertise to guide you through this process. When you’re ready to find your next tenant, contact us to get started.