Controlling building have vacancies?
Is your building suffering from persistent vacancies? A thorough market analysis can help to find out why your tenants are leaving, if your lease rates are competitive and what your competitors are offering. Understanding these main factors will be a great insight into how to attract and retain quality tenants:
- Demographics. Which target markets can your building serve? Studying the people that live in the surrounding area will give a clear picture of the types of businesses that would likely succeed in your particular area.
- Competition. What types of buildings are your competitors located in? Knowing the classes of buildings within your area will give you an idea of your competitive edge.
- Traffic counts. High traffic counts attract a specific type of tenant while lower traffic counts will attract another.
- Compare rates. What lease rates are your neighbors charging? Are they offering Triple Net or Full Gross? Understanding exactly what your competition is offering can help your negotiation strategies when dealing with lessees.
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5 Tips to Lowering Vacancies in your Property
- Knowing your market
- Understanding tenant needs
- Winning first impressions
- Attracting quality tenants
- Finding a commercial real estate agent
