Marketing empty commercial real estate is no easy task and property owners are faced with the challenge of constantly adapting to and anticipating market needs. Luckily, there are several things property owners can do if their office space is vacant.
1. Let yourself be discovered. This first step requires that you know your target client well and that you know to whom your office space can cater best to. Once this is settled, it’s time to let these potential clients know that your space is available. Keep in mind that most people and companies today search for everything online, so you need to make sure you have an updated website and a strong online presence.
2. Show off your space’s best attributes. Knowing well who your target tenant is will help you tell a story that’s bound to attract them. Telling your space’s story means showing off its best attributes. These could be things like technology, location, views, other building tenants, etc. Make sure you communicate the advantages and benefits of your space in your website, in your social media posts, and while touring the space.
3. Turn your space into a coworking or flexible workspace. The flexible workspace industry is here to stay. JLL estimates that by 2030, most corporates will use flexible workspaces as part of their real estate strategy. In fact, flexible workspaces have become the workplace of choice among the new workforce generation. If you have vacant space, turning it into flexible workspace might help you attract a wide range of tenants. If you’re interested in taking this approach, let us know!
4. Be graphic. Sometimes, it’s not about what people say or hear; it’s about what they see and how they perceive it. If you are trying to sell your space online, make sure you use images and video. Pro tip: it’s worth investing in a professional photographer. You can even take it a step further and consider uploading a 3D video tour to your site or using augmented and virtual reality while touring the space, so potential tenants can better visualize themselves in the space.
Stay in touch. Whenever you meet a prospect, make sure you have the right contact information and make sure you follow up with them. Just as marketing office space is a hard task, deciding on office space is just as harder. It’s a decision that usually takes a lot of deliberation, so be patient, wait in touch, and make sure you are answering the questions.