It’s frustrating to own a commercial property that you can’t lease. Any vacant space opens to huge losses and many headaches in one’s life. If you can’t lease your property, you might need the help of a better and qualified leasing team to fix this problem. Pub brokers NSW have been in this field for a long. They have a strong record of diagnosing and fixing the commercial properties like hotels that aren’t leasing. Here, you will get issues that hinder your commercial property like hotels from proper leasing. You will also get some solutions to implement to fix the problems.
Noncompetitive rental rates
The main reason your space isn’t leasing is that the rates aren’t competitive. If the rates are high, you can miss out on important deals. The low rates will make the prospective clients doubt your property.
You need to make sure that your rates align with the current market. The project leasing broker should give market information and competitive analysis. It will aid you in understanding the rental market rates in your area. You will be able to price accordingly.
Use the experience and intelligence of your local boots to lease your space.
The tenant improvement allowances don’t match the market or free space needs
You will lose leases when you fail to offer competitive tenant improvement allowances. If you own a space that needs more work, you need to offer slightly more than the market to lease the space.
Research on other similar properties to get the ideal tenant allowance. You also need to be attentive to the market trends, location, and other vital factors. A space with hard wall offices and conference rooms needs to be a bit expensive than an open layout space.
Un updated property
If your space is old and worn out, it will need capital improvements. Renovations will also make it a modern building. Cost and location play a major part in space desirability. Amenities and aesthetics are also vital.
You need to consult your property managers to check for the necessary renovations. They will provide crucial information on what they hear from the ground. The leasing team will also give insights into competitive properties and their improvements.
It lacks attention from your marketing and leasing team
If your property stays vacant for long, you need to revisit your marketing efforts. Are they using any means to bring new interest to your property? If your property doesn’t get attention from your target tenants, it won’t get leased. You need to encourage the leasing team to propose new ideas. They will aid in resurfacing some attention and life to your property.
The leasing team should market the property using basic marketing materials. It can include email campaigns and flyers. If the property isn’t leasing well, the team should bring more fresh ideas. This will enhance interest and attention to your property.
The negative property stigma
Some properties can get poor stigma and reputation in the market. You can overcome all the above problems, but still, your property may stick. Some of the reasons for such a scenario are:
- A less desirable area with poor access or far away from amenities.
- The difficult property management team
- No amenities
- Inadequate parking
- Construction issues
- Previous accident on the property or building
You need to promote your property using new branding. You need to revamp the marketing efforts to reach a new audience. You may also need a new brand identity with a property name.
There are many reasons why your property isn’t leasing. The first step to solve this problem is to check for the main cause of the issue. Take action to rectify the problem.