Commercial Office Leasing - The 13 Keys to Marketing Vacant Space Faster Today
As a commercial real estate agent, a special part of your services will be directed to leasing existing office buildings for landlords; in fact you should have leasing specialists for the task.
It is notable that property managers in a large commercial real estate agency are usually too busy to really market a vacant area well.
This is because they have many other things on their mind most of the time relating to daily function of the property.
Dedicated leasing managers are the best way to serve landlords when it comes to quality property portfolios.
In this way the landlords get the focus and expertise they deserve.
It should also be said that dedicated leasing managers are specialists that know what is going on in the leasing market and how to draw on it.
When looking at the marketing of office space for the landlord of a property you have a number of issues to balance such as:
For this reason you are to be keeping on top of not only the existing vacancies, but also the predicted vacancies.
Part of this process of monitoring should involve constant contact with existing tenants on a monthly basis to ensure that their business circumstances have not changed; by change we mean contraction, expansion, or relocation.
What you do not want is another real estate agent taking your tenant from the building to another vacancy nearby; and you should expect that they will if given half a chance.
Landlords get very annoyed when such lapse of concentration by the leasing agent allows such to happen.
If you look at the office property as a living and breathing cash flow, you start to appreciate the big picture that should be preserved for the landlord.
The marketing of office space to lease takes on a whole new importance.
It is notable that property managers in a large commercial real estate agency are usually too busy to really market a vacant area well.
This is because they have many other things on their mind most of the time relating to daily function of the property.
Dedicated leasing managers are the best way to serve landlords when it comes to quality property portfolios.
In this way the landlords get the focus and expertise they deserve.
It should also be said that dedicated leasing managers are specialists that know what is going on in the leasing market and how to draw on it.
When looking at the marketing of office space for the landlord of a property you have a number of issues to balance such as:
- Levels of current enquiry
- Competing properties in the area
- Levels of existing rent
- Levels of lease incentive
- Types of lease incentive currently on offer in the area
- Services and amenities on offer in the building
- Existing tenancy mix and balance with the vacancy
- Anchor tenants that can impact other tenant enquiry
- Location of current and future vacant space
- Marketing methods of lettable vacant space
- The ideal target market for the vacancy
- Control and status of enquiry from prospective tenants
- Inspecting the premises with qualified tenants
For this reason you are to be keeping on top of not only the existing vacancies, but also the predicted vacancies.
Part of this process of monitoring should involve constant contact with existing tenants on a monthly basis to ensure that their business circumstances have not changed; by change we mean contraction, expansion, or relocation.
What you do not want is another real estate agent taking your tenant from the building to another vacancy nearby; and you should expect that they will if given half a chance.
Landlords get very annoyed when such lapse of concentration by the leasing agent allows such to happen.
If you look at the office property as a living and breathing cash flow, you start to appreciate the big picture that should be preserved for the landlord.
The marketing of office space to lease takes on a whole new importance.