You've renovated a commercial property. How do you entice high-value tenants and ensure maximum returns?

A picture is worth a thousand words. Well-lit, high-quality images for press, social media, and professional brochures are key in real estate marketing. These visuals capture attention and convey the property's appeal effectively. Equally important are well-crafted texts tailored to your target audience. However, the true linchpins in this process are commercial real estate agents. They are the primary contacts who can assess the market and advise on how renovations should be carried out to maximize value and appeal. Engaging these experts early, even before renovations, ensures that the property meets market demands and stands out to potential tenants and buyers. Their insights are invaluable in aligning your project with expectations.

Landlords or developers will stand out if they are willing to deliver an elevated shell. Buildings are more complex. Tenants no longer want to take on the HVAC installations and cost, or have to xray and core drill PT slabs. If the property is in an opportunity zone or low traffic area, or the "next hot spot neighborhood" consider ramp up rent terms. Give the tenants space to build their business before having to pay market rents. When successful, they will pay hundreds of thousands if not millions on the term. A stable long term lease with options holds its appraisal value. Vacant space trades at zero. It's a symbiotic relationship and all parties will benefit from supporting each other from start to finish.

Know what potential tenants are looking for. So often, amenities are like gym memberships - people want to have them, but rarely use them. Find cost-effective methods of including amenities that will attract tenants, improve the rentability and sales potential of your property, and increase rents. For example, convert the top of your covered parking garage to a pickleball court(s). A building in my market just did it and businesses are foaming at the mouth to rent their space.

Kickstarting the marketing of a property with a combined business and real estate event can effectively introduce it to the market, possibly with a new name and concept. Hosting such an event creates excitement and buzz around the property. Consider temporarily incorporating art exhibitions or other non-profit projects in the vacant spaces. This not only brings activity and interest to the area but also provides a beautiful occasion, like a vernissage, in the partially empty spaces. These strategies can significantly enhance the visibility and appeal of the property, attracting potential tenants and buyers by showcasing the versatility and potential of the space. Have you tried similar approaches in your property marketing?

Revitalizing a property with current ecological standards and New Work principles is essential and highly beneficial. Actively promoting these features can set your property apart. Institutional tenants and large corporations need such spaces to meet sustainability goals. Clearly communicating these advantages can give you a significant market edge. Startups, with their innovative and flexible structures, are also drawn to modern, sustainable spaces. Emphasizing eco-friendly designs and New Work environments aligns with current trends and meets growing tenant demand. Highlighting these aspects attracts diverse tenants and positions your property as a forward-thinking, desirable location. What are your experiences with that workspaces?