All too often we come across vacant properties in office buildings or retail properties that have been vacant for too long. There will be reasons for the vacancies and those reasons should be resolved before revamping the listing, remarketing, and or repricing the rent.
Leasing Strategies to Review with Vacancies
So what are some strategies for working with these older listings? Here are some ideas:
- Review the vacancy factors in the local area
- Look at the condition of the property and compare it to others
- Can more be done with marketing?
- Can or should the rent be adjusted?
- What has happened with property marketing in the past?
From these factors, there are some local strategies that can then apply to revitalize the leasing and tenant interest.
Check out this special report about leasing vacancies and stale listings.