If you want to be successful in commercial office leasing and particularly at the top end of the property market, it is wise to tap into all of the local businesses in your town or city. Over time you can get to know the occupancy needs and requirements of each business in every high quality building. In understanding the movements of tenants you can do something to relocate them at the right time. In saying that, those tenants should remember you as the leasing expert for the area.
It should also be said that a focus on high quality buildings will allow you to achieve better levels of enquiry from local tenants and successful businesses. When economic situations improve or grow, and businesses are successful, they look to relocate to high quality properties in better locations. That is where your high quality listings will create better interest over time.
The leasing fees that you can convert from a high quality building will always be better and particularly given the negotiated lease rental levels, and the size of the premises to be leased. Tenants like to occupy high quality buildings, and on that basis any negotiation to lease or occupy will be a lot easier with a quality asset; high quality buildings attract more property enquiries.
Commercial Office Leasing Tips
Here are some of the things that I have learned about CBD commercial office leasing:
- LOOK FOR LEADS: Leasing activity is always ‘on the boil’ providing plenty of commissions for any agent or broker. Find the buildings under occupancy pressure. Look for the buildings going through levels of change, renovation, or refurbishment. Also look for the buildings that are under some form of shift due to age, material change of use, unstable ownership, or high vacancy factors.
- GROW YOUR DATABASE: On a day by day basis the growth of your database with new business people and tenants will help you consolidate market share in leasing. In contacting local businesses and tenants, you can easily identify where future leasing needs will occur. It is then just a matter of staying in contact with the right people in the right way. Relevance is everything when it comes to winning new leasing business opportunities and helping tenant clients today.
- MARKET RENTS AND INCENTIVES: Understand the market rentals that apply to your location and also to the property types. Market rentals will vary based on quality of building and levels of enquiry. Throughout the year track the changes when assessing net rentals, gross rentals, and incentives. They will all have an impact on the lease deal and the levels of enquiry that you can attract with a quality property listing. Assess the factors of supply and demand that can impact your property segment and location.
- TENANT ADVOCACY: Don’t be afraid to work for tenants directly and exclusively; it is a special process. That suggests you can be a tenants advocate or tenants agent. The process works quite well when it comes to large corporate tenants; they pay reasonable fees for expert leasing help. From time to time they seek to relocate and invariably they will not have the necessary expertise within their business find the right property to lease, and then control the relocation process. You can get a fee for both services providing you understand the tenant requirements and have the right professional skills.
- KNOW YOUR LANDLORDS: If you concentrate on those local landlords with property portfolios, the leasing appointments are relatively easy to achieve. Once the client understands and respects your professional skills, and the comprehensive nature of your tenant database, listings will come your way at the times when vacancy pressures and tenancy mix issues arise.
- RENTAL AND LEASING STRATEGIES: Understand the strategies behind the different rental types, incentives, and lease documentation. Every lease deal can be improved through individual strategies like this in each category. That is how you can help your landlord clients specifically.
Commercial office leasing can be highly rewarding if you focus on the right properties in the best locations. With every leasing appointment and client engagement, take to the process your professional skills at the highest level. Help the client see how your single lease strategy can improve the property overall when it comes to occupancy, values, and business image.