Leasing Space in a Down Economy

[ original publish date: 09/08/11) ]

One thing that is readily apparent in this stubbornly down economy is that the competition to lease available space in a buyer’s market is fierce. Taking a walk through any commercial district will display an abundance of ‘for lease’ signs. This is the troubling realty for all professionals in the real estate and allied construction professions. And with job numbers and local business investment stagnant, this trend unfortunately shows little sign of reversing in the near future. 

So the question becomes, as in any highly competitive market, how do I make my space as attractive as possible for lease? Why should the commercial or retail investor choose my space out of the thousands of square feet in leasable space available in my market?

One simple way to make your space standout is to provide your potential clients with accurate existing conditions drawings in PDF form. This allows your potential leasee to determine quickly and confidently that the space is adequate for the desired use. 

Another method of casting your space in a positive light is to conduct your leasee walkthroughs with a design professional who can explain the potential of the space to the leasee. Often the leasee will appreciate hearing the pros and cons of the space from someone who can help execute their vision.

A final method is to spend a few hours working out some feasibility test fits showing how your space can be efficiently utilized. While this will take a small investment in time and money, this is solid way to show an oddly shaped or proportioned space.

Using some of these techniques will help give your space a fighting chance to be leased by a successful tenant, ensuring a positive experience for all parties.