The commercial real estate landscape has changed a lot since 2019. With more and more companies encouraging hybrid in-person and work-from-home scenarios, potential tenants are looking more closely at building amenities and offerings. Even if your commercial spaces are at or near capacity, it’s always good to think ahead on how to keep tenants renewing year after year. These same strategies will also help draw new tenants to your building.
Focus on Tenant Improvements
Don’t wait for tenants to ask for improvements down the line. Think about including a tenant improvement allowance clause in every new contract. This will not only make your commercial real estate holdings more marketable but will potentially raise your income per square foot on spaces in your holdings. It also gives tenants flexibility knowing they can decide the changes that will be most meaningful to their company. This tenant improvement budget opens up a clear line of communication to find out changes that can make for a happy, long-term tenant relationship.
Invest in Upkeep and Maintenance
Even simple changes like offering daily sweeping and cleaning services can help bolster tenant morale. If your tenants and their employees are seeing your team’s effort daily, it will be something they remember when inevitable problems arise or simply at their time of renewal. Also, consider deeper maintenance services like hiring an on-site engineering contractor. This trusted person can do routine things like change lightbulbs, perform regular maintenance, and emergency repairs. Think about plugging in Rubicon Contractors’ comprehensive Facility Management Service .
Landscaping & Common Spaces
Don’t forget about shared or common spaces on your grounds or inside your commercial buildings. Take pride in keeping your lobby, breakrooms, restrooms, hallways, and outdoor/green spaces looking their best. Many offices are looking for ways to encourage their team members to return to the office, and having green space for employees to break or take their lunch break can be a game-changer. It’s also important to remember that any visitor on your commercial properties is a potential future tenant, regardless of your current occupancy. The way your property looks on a daily basis is a reflection on you, even more so than your business card or LinkedIn Page.
Don’t be overwhelmed. If you are not yet ready to bring on a trusted partner like Rubicon Contractors to help you take care of any or all of the above — start with a manageable goal. Focus on a small green space at one of your properties — make it look nice. Or pick one of your existing employees or contacts to oversee a building. It’s better to start somewhere and then grow as your business grows.