Having an amazing commercial space that just won’t lease is a problem even the most successful landlords run into.
The answer to the question, ‘why won’t it lease?’ when the building itself is not the problem, is not a simple one. In fact, there are several factors beyond the building itself that determine how long it will take to lease vacant commercial space. Many of these are beyond landlords’ control such as current economic conditions or basic supply and demand economics.
Don’t get discouraged! There are several factors landlords can influence that can go a long way towards leasing that top-notch vacant space.
Top influential factors that can increase the demand for your vacant space include landlord and building reputation, marketing and listing strategy, and where your incentives are focused.
Do you know your building’s, or your, reputation amongst eligible tenants? Is your building simply being listed instead of marketed? Do you have an effective marketing strategy that’s helping your building stand out from the crowd? Are you getting enough (qualified) prospects through your building? Are enough prospects converting to paying customers?
If you answered ‘no’ to any of the above questions, it’s probably time to sit down with your commercial real estate agent and review your strategy.