Vacant office space is a common occurrence today as the property market adjusts to the different levels of rental and incentives available for new tenancies. The levels of rental today are commonly not as high as that which was achievable a couple of years ago at the peak of the property market; that being said, the factors of supply and demand do have some relevance on a local property level.
Many businesses are today take the advantage of the opportunity to occupy newer premises at competitive rentals. They are also seeking to absorb the benefits of new lease incentives. This says that any landlord in today’s market should be flexible on the starting rental and the types of incentive offered in any new lease package.
To market vacant space today as a real estate leasing agent it is important to get the message out into the local business community. Most vacant tenancies will be leased to other local businesses. The more effectively you connect with these local people, all the better for your market share and listings.
The best way to tap into that leasing and tenant market is through the following strategies:
- Keep in contact with all the local businesses every 60 days to identify any changes or pressure on occupancy.
- Connect with the local property investors owning the key properties in the local area. They will have a need for assistance from time to time with their leases or tenancies.
- Identify the lease expiry dates with all local businesses and tenants. At the time of lease expiry or in the 12 months leading up to it there are likely to need assistance and local property knowledge.
- Monitor the changes to local property zoning and demographics in case any changes thereto will have a flow through affect to the tenancies and businesses locally.
- Look into any changes to local transport corridors such as highways and road configurations and that will impact tenants and businesses with access to their market places and customers.
- If your market is positioned around key industries such as mining, then take the time to assess the trends of that industry.
Ports, air ports, rail heads, and trucking depots all have a role to play in the local business community. Ideally they should be functional and expanding to allow business to similarly grows. Monitor these factors and points of despatch. To be successful in leasing office property today, the process of connection and communication to local businesses and tenants will always give you progress towards leasing opportunity and better listings.