Owning commercial office space can be an incredible investment or an overwhelming undertaking. The difference lies in the type of tenant you are attracting. The right tenant will help to make your job as a property owner easy by being responsible, accountable, and reliable. The wrong tenant, on the other hand, could easily wear you out with a long list of demands, an inability to pay their rent on time, or an irresponsible attitude that might lead them to damaging your investment. The good news is that there are several things that you can do to ensure that you are attracting the right tenants who you can build a lasting relationship with.
Proper Screening of Tenants
It’s a common misconception that tenants in a commercial office space are less likely to pose problems or be unreliable than tenants in residential dwellings. This could not be further from the truth, though it probably originates from the thought that a business has higher stakes riding on it. Getting a proper background check on your potential tenants is a critical first step to determining whether or not they are the right fit. Consider if you will, that a residential tenant is much more likely to have a fixed monthly income, whereas a business will fluctuate from month to month to some degree, particularly if you are in a seasonal area. Your tenant’s inability to pay on time could seriously impact your cash flow, causing major problems for you. Your property is also likely in an area with higher visibility, meaning that your tenant’s unwillingness to take proper care of the space could be a direct reflection on you.
The location of your commercial office space will directly impact how much you can charge for it. A higher price tag will draw in businesses with firm foundations that are financially stable and able to understand what they can afford. Tenants who are searching for prime office space will also understand the value of what they are paying for and may be more likely to give it the care and attention that it deserves.
Make Sure it’s in Good Repair
If you want to attract the right type of tenant to your commercial office space, you will have to first appeal to their visual sense. A property that is left in mediocre condition is going to draw mediocre renters.
- Exterior: Make sure the exterior of your building is in a state of good repair. Doors and windows should appear sturdy and be in working order, the building exterior should be freshly painted, and any signs hung on the property should be cleaned and refurbished. Professional landscaping is a must.
- Interior: The same goes for the inside of your building. Draw in the right tenants by giving your space a fresh coat of paint, replacing fans and fixtures, and making sure plumbing, electric, and HVAC systems are in working order. You may even take this a step further and upgrade your space with hard wood flooring and granite countertops in the reception space.
If your commercial office space has on-site parking available, this should be a selling point you will definitely want to capitalize on. The last thing your tenant wants is to have his/her employees coming in late to work because they were driving around for thirty minutes searching for a parking spot. This is a great feature to keep your space distinctive from its competition.
If your commercial office space will house more than one business, make sure it offers some common areas that can be used by each one. This may mean shared kitchens, restrooms, elevators, or meeting rooms. This will help you to keep the overhead cost for each tenant down (as they will split the cost of these shared spaces) which will certainly be attractive.
The commercial office space of today is far from what it used to be. With new technological advances emerging each day, your tenant is going to want to be sure that the infrastructure of your building can handle their growing workload. Failure to have the proper fiber optic cables, satellite dishes, and in-building wireless LAN solutions, among others, could encourage your tenants to install them independently which can interfere with neighboring tenants and cause big issues down the line. Make your property more appealing by having your space wired for your new tenant’s success.
Leasing Your Commercial Office Space in Tampa Bay or the Surrounding Areas?
Whether your commercial office space is ready to lease out, or you need help determining what should be done to ensure that you attract the right tenant, John Milsaps is ready to help you make it happen. He’s spent the past decade building a reliable database of clients to guarantee that the right landlord and tenant make the right connection at the right time. Contact John today to see how he can help you find the perfect tenant for your commercial office space.