How to get your new commercial office space ready to lease
Add to Board

If you’ve taken steps toward purchasing and fixing up a commercial office space, now is time to start leasing your space and put cash back into your pocket.

Take a moment to recognize the hard work you’ve put in, including construction, interior design work and coordinating furnishing costs. Don’t let yourself get bogged down by daunting work from home statistics, because the demand for office space is on the rise as COVID-19 cases recede, according to the article from CNBC.

In fact, office demand jumped 20% from February to March 2022 compared to February of 2022. Plus, the average office vacancy rate is about 18.1%, down 18 basis points from 2021. If you hit the market, now could be the best time to rent office space because the rise in demand is increasing rates from 0.2% to 0.3%. Here’s how to get your office space ready to lease:

1. Understand your ideal customer

Although knowing exactly whom you want to lease to right off the bat is difficult at first, you’ll want to work to create a profile of what your ideal customer looks like.

For example, are they small- to medium-sized business owners or large business owners? Which industry do they work in? How much money do they take home every year? These are all crucial things to figure out because the sooner you know, the sooner you’ll be able to market yourself without wasting valuable marketing spend.

2. Specify your specific lease type

In the world of commercial office space, there are several types of leases. When reaching out to specific tenants, be sure to specify right away which particular type of lease you’re going for.

For example, is your property a full-services lease, net less or modified gross lease? The most common type of lease is a full-service lease, where the landlord is responsible for paying expenses associated with the property, including property taxes, maintenance, insurance and repairs.

3. Partner with a brokerage, if necessary

If you want a more hands-off, professional approach, it’s a good idea to partner with a brokerage to help take care of your leasing needs.

Keep in mind that there are two types of real estate brokers involved in the transaction: the listing agents and tenant brokers. Listing agents are hired by you to list your commercial property, while tenant brokers represent the tenants and their interests. Remember – if you do work in these parameters, you’ll need to pay a commission of between 3% and 6% of the total lease.

We hope you found this article informative. To learn more about how to improve and list your current commercial office space, visit our website.