Investing in commercial spaces can be precarious, considering how many companies have pushed pause on their operations due to the pandemic. While some companies have returned to the office, many have delayed their return indefinitely – others have even decided not to return at all. Still, if you want to take a chance on this type of commercial space, there are things you can do to mitigate the risk, and make sure you actually profit off of your property.
In this article, we’ll share a few office building management tips to get your office leased. We’ll also take a look at what features to look for in an office space in the first place.
What to Look For in an Office Space
Commercial tenants can be as picky as residential tenants. They’ll set their sights on the property that provides the amenities they need. For that reason, if your property lacks certain features, your tenants will likely choose your competitors’ properties. To ensure that you rent out your property, your office space should offer these features:
#1 Parking Space
It pays to find an office space with parking. Not all tenants will want to commute daily, which is why you need to provide your tenants (especially those with top-level employees) with sufficient parking space. By doing so, you’ll be able to solve the logistical problem of not being able to park, particularly in properties where parking along the road is banned.
Not all buildings will come with parking, so be sure to partner with a property management firm that can help you identify which ones do. Property management companies can also help you score a good deal on your commercial building.
#2 High-Tech Amenities
From voice control to card access, modern-day tenants prefer to rent an office space that comes with smart features. Considering that today’s workforce has embraced hybrid work (where employees can choose to work from home on certain days), office spaces need to adapt to this, too. Your tenants need to be able to communicate with one another, whether via teleconference or call. That said, your property should provide reliable internet connectivity, conference rooms for remote meetings, and more.
Because the modern office is ever-evolving, it pays to invest in smart innovations such as smart lighting (this can also cut your electricity bills), video monitoring, and climate control. You can examine what your competitors are providing and then “copy” what they’re doing to improve yours.
#3 Common Spaces
Your building shouldn’t be filled only by office spaces. Your tenants will want to escape the office for a breath of fresh air, so be sure to create common spaces where all employees can unwind. Some tenants may also allow their employees to work anywhere, so consider placing pods around your building.
Remember, your tenants won’t be there only to work – they’ll also want a place to have events such as seminars, workshops, and so on. Therefore, it pays to create conference rooms or open-air areas where tenants can use the space according to their needs.
How to Prepare Your Office Space for Rental
If you’ve already invested in an office space, you need to make it “rent-ready”. Here’s how to do that:
#1 Clear the Office Space
Compared to residential properties that you need to stage, commercial properties need to be as blank as possible. When commercial tenants rent with you, they expect an empty shell that they can convert into whatever they want. That’s why it’s important to clear out the office space. This will allow your potential tenants to envision themselves there, and determine if the space is sufficient to hold all of their furniture.
Get rid of any belongings that your old tenant left. Remember to clean the space as dirt, dust, etc. may be exposed. Work with a professional cleaning company that can wash the windows, vacuum and clean the carpets, and more. By showing your tenants a clean space, you’ll be able to demonstrate to them that you’re a reliable landlord who cares about maintenance.
#2 Make Minor Repairs
Minor damage to the floors, walls, etc. should be addressed before you show your property to potential tenants. Conduct a walk-through of the office to check if anything needs to be touched up. For instance, you may have to conceal the flaws on the wall with a new coat of paint or replace the stain-covered floors.
If your office space looks out-of-date, consider making minor changes like choosing a lighter colored paint. This will make your office look more spacious than it actually is. Neutral colors will also appeal to a wider pool of commercial tenants. You should also consider knocking down walls to create an open floor plan.
#3 Let There Be Light
Commercial tenants prefer an office with wide, open windows. They want their workspace to be bright and welcoming, and if possible, have a view of the outside. But what can you do if your building doesn’t have big windows that let the light in?
The good news is you can tweak a couple of things to brighten up the building. For example, you can change the light fixtures for something more illuminating or paint the walls white.
#4 Partner With an Office Building Manager
The bigger your office building, the more tenants you’ll have to deal with. Managing tenants can be time-consuming, so it’s best to partner with an office building manager to whom you can delegate tenant liaisons. As professionals in office building management, they’ll make sure that your property is well-maintained, and that your tenants stay satisfied. In case of vacancies, they’ll also help you find a replacement tenant fast so your cash flow won’t suffer.
Office Building Management in South Florida
If you’re looking for someone to manage your office building in South Florida, look no further than the experts at Luxury Property Care. We’ve been in the commercial and residential rental business for years, and have established vast connections that enable us to provide the best property management services. From marketing your office space to making sure your tenants stay on top of their rent, we’ll be your reliable partner in office building management.