The closure of businesses worldwide due to the pandemic affected commercial property owners. In the United Kingdom, this was no different. A lot of businesses either went bankrupt or closed their doors for good. This left commercial property owners with a lot of vacant space.
Now that the world is slowly opening up again, commercial property owners are scrambling to find ways to increase tenancy in their buildings. If you own a commercial property in the UK, you may be wondering how you can increase tenancy. After all, the more tenants you have, the more income you’ll generate. Luckily, you can do a few things to entice potential tenants and fill those empty units.
Offering incentives is a crucial way to increase tenancy in a commercial property. By enticing prospective tenants with deals or special offers, landlords can make their space more appealing and increase the likelihood of securing a lease agreement. Landlords can offer many incentives, such as rent discounts, free months of rent, or waiver of specific fees.
Landlords should carefully consider the type of incentive they want to offer and the target market they are trying to reach. It’s also vital to ensure the incentive is feasible for the landlord – for example, offering a free month of rent may be more costly than providing a rent discount.
Offering incentives is an effective way to attract tenants and increase tenancy in a commercial property. Landlords who put effort into creating attractive offers will likely see better results than those who do not.
Have the Property Assessed
Property owners should get an Energy Performance Certificate or EPC before putting the property on the market. The EPC rates the energy efficiency of the property. Due to this, property owners should look for a reputable commercial EPC provider. The provider should have a qualified energy assessor to survey the property and determine its energy efficiency. By having the property assessed and getting an EPC, landlords can show potential tenants that they are committed to making their property as energy-efficient as possible.
The certificate is valid for 10 years and is provided each time a tenant leases the property. An excellent assessment will entice potential tenants due to their savings on utility expenses. It also allows tenants to reduce their carbon footprint. If the property gets a low rating, owners will receive recommendations on how they can improve their property’s energy efficiency.
Invest in Renovations
Renovating a property is a great way to increase the number of tenants interested in renting it. By making some simple changes, such as painting the walls, replacing the flooring, or updating the lighting, you can improve the property’s overall appearance and make it more appealing to potential tenants.
Not only will renovations help you attract new tenants, but they can also help you retain current tenants longer. Keeping your property in good condition shows your tenants that you care about their welfare. It also shows that you are invested in providing them with a comfortable and quality living environment.
Property owners can also divide larger rooms into smaller units to create more space. This can be an especially effective way to increase tenancy in a commercial property, as it allows landlords to rent out each unit individually.
Diversify Your Tenant Base
Another way to increase tenancy in a commercial property is to diversify your tenant base. Rather than relying on one type of tenant, consider attracting a variety of businesses to your property. This will give you a more stable tenant base and make your property more attractive to potential tenants.
There are several ways to diversify your tenant base, including:
- Offering a mix of office space, retail space, and industrial space
- Offering a variety of lease terms
- Offering a mix of furnished and unfurnished space
By diversifying your tenant base, you can make your property more attractive to a wider range of businesses.
Advertise Your Property
The importance of advertising a property cannot be overstated. By advertising, you are increasing the chances that someone will see your listing and the likelihood that you will find the right tenant for your property. Additionally, well-executed advertising can create a sense of urgency and competition among potential tenants, resulting in a faster turnaround time.
There are several ways to advertise your property, and choosing the method that will reach the most people is crucial. Traditional methods, such as print media and signage, can be expensive but can still be very effective. However, with the rise of online advertising, many landlords are turning to websites, social media, and search engines to reach potential tenants. Whatever method you choose, be sure to make use of photos and videos to showcase your property in the best light possible.
Commercial property owners in the UK have several options to increase tenancy. Following the tips in the article can make their property more appealing to potential tenants and increase the likelihood that someone will want to lease it.