If your commercial property isn’t bringing in as many tenants as you’d hoped, it could be because it just doesn’t offer enough.
Bare-bones buildings are a dime a dozen, so it’s important that you make your property stand out. There are a number of ways you can do this.
Do More With the Landscaping
Angelo Ingrassia a real estate developer and other commercial property owners knows that first impressions begin as soon as someone pulls up. The more well-groomed and beautiful a building’s landscaping is, the more appealing it will be to those who are interested in leasing space.
At a minimum, you must ensure the lawn has proper drainage, mow it consistently, aerate the grass annually, and use grass species that thrive in your local climate. It is also a good idea to plant visually appealing trees, shrubs, and flowers. Some durable, low-maintenance options include roses, daises, and dwarf Alberta spruces.
Whether you own office space or apartment buildings, people love renting from landlords who provide a wide array of amenities. Common options include fitness centers, concierge services, coffee bars, conference rooms, and business centers.
You can also consider whether there are income-producing amenities or services to provide, such as adding a rooftop pool and renting it out for parties, using your roof to maintain cell towers, adding a coin-operated laundry room or providing laundry services, or renting out common areas for community events such as art shows.
Change the Way You Use Your Building
There’s no rule that says the office building you purchase needs to remain an office building. Think about ways that you can repurpose your properties to make them more appealing to people.
For example, an office space can become a medical facility or an industrial building can be turned into indoor markets or other types of retail spaces. Keep in mind that zoning laws do apply. Take the proper legal steps to ensure your repurposing idea fits within the legalities of zoning. Keep in mind that fines for operating outside of zoning laws can be quite hefty, so avoid taking shortcuts.
Create an Outdoor Common Space
From luxury apartment buildings to high-end co-working spaces, commercial properties are more desirable when they have at least one gorgeous and functional outdoor space for people to use. Depending on your space, you can create a small courtyard with a couple of picnic tables for people to enjoy lunch or simply sit in the sunshine.
If you have a larger space, consider adding fun amenities like a fountain or splash pad, a fire pit, grills, and even a small free library, so people can read while they enjoy the outdoor space.
Of course, there are some things to keep in mind as you create this common area. Build it in as secluded an area as possible to ensure it maintains its ambiance. If you place it too close to high-traffic areas like parking lots or the building’s main entrance, the space will often be too loud or distracting to enjoy.
You want your commercial property to be visually appealing, easy to navigate, and convenient for your tenants. By sprucing up the outdoor spaces and adding plenty of amenities, you’re sure to start bringing in the power tenants you dreamed of when you purchased the building.