Imagine how invigorated you’d feel to know that you have a plan in place that’s going to increase your occupancy rates hence your rental yields for that commercial building! Yes, it’s possible to attain that feeling without having to go through expensive and complicated marketing strategies.
The real and most effective way of achieving the desired results from your building is through a blend of adaptability, innovation as well as future proofing. Regardless of the design of the building, there are a couple of things you can do to increase the number of potential tenants who can’t wait to vacate into your building therefore reducing the downtime between one tenant and the next.
Some owners of commercial buildings only think that performing renovations and repairs is the best way to keep tenants and attract new ones. While this may be true with residential buildings, the same does not necessarily apply to commercial buildings. We are familiar with building renovation, but there’s more to just that when it comes to increasing retail occupancy rates for commercial buildings. Let’s sample them out, shall we?
1. Adaptation to future trends
With the advent of intelligent buildings, new commercial buildings are chipping in at a high rate. Hence in order to satisfy your current tenants and secure new ones, it’s very important for you to put yourself in their shoes. This way, you can easily predict the trends that can impact their current and future requirements. And the biggest trend you should be on top of at the moment is a fluid and an agile workspace.
Owners of buildings and commercial general contractors need to abandon the outdated static offices. It is very crucial to consider the different clever ways of retrofitting that allow you to adapt your tenants to the future trends.
You don’t need to scramble in changing the space when the tenants make a request. That will definitely reduce your retail occupancy rates. The trick lies in making the retail space to be increasingly sought after by building fluid and agile rental spaces that cater to future businesses.
For instance, during the initial planning and construction stage, owners may consider using pre-engineered steel for construction. These are usually standardized and allow for any improvements or space expansions to be done with ease.
This will give you an almost certain assurance of higher occupancy rates in the forthcoming years. Simply work with retail contractor that best understands the concept and can incorporate features that take care of your tenants’ future requirements.
2. Adapting to match market requirement
In every way, each business has its own requirements hence unique. That simply means that each business has its own unique space requirements. By making use of his knowledge, you will be able to skyrocket your occupancy rates even as times change.
The trick for facility managers and commercial building owners lies in creating retail spaces that are completely adaptable according to every business’ needs.
It’s high time that building owners accept the fact that the traditional static spaces aren’t viable nowadays. Each building owner needs to put adaptability as the forefront of their minds if they really want to see good results in occupancy rates. Adaptability is achieved right from the starting point of the construction project. And this requires working with commercial general contractors that understand the future of commercial retail spaces.
3. Innovating the traditional workspace
Even in the case that the building was constructed with the traditional styles, it doesn’t mean building renovations can’t be done to achieve the trending needs. Owners of commercial retail buildings must demonstrate that they are offering carefully thought out, functional and innovative workspace.
Only through innovation can one building be set apart from competition. Owners, consultants and facility managers must constantly think how they can do things differently rather than following the usual approach. By innovating the current workspace offerings, owners can easily justify their course of increasing rent as this will be evident in the value of the innovative working environment they have been provided with.
4. Ensuring productive environment is prevalent
Most commercial buildings run more than 8 hours a day, with some operating on a 24/7 basis. As such, the workspace provided by the building owner should ensure maximum satisfaction to boost their productivity.
Productivity and happiness of workers usually go hand in hand and are instrumental when it comes to increasing occupancy rates. Working environments that are conducive for production is an ideal selling point. Should there be a rental increase, commercial building owners can justify their course. For instance, if the area where the building is located is often prone of seismic occurrences, it’s prudent enough to consider seismic retrofits in place. This will not only save you the burden of repairs or even losing the entire building, but the occupants will be at peace knowing that their equipment and structures won’t suffer much damage.
5. Time and Cost effective fit outs
As much as retail tenants would want to have their workspace set in areas with high customer turnouts, they’d also love commercial buildings with fit outs that help them save on costs as well as time.
Building owners should consider each aspect of their fit-out, including layout and functionalities such as power heating ventilation and lighting. If a commercial building is fitted with sensors to detect when someone’s not in the building then switches off the lights, most tenants would consider moving into such a building as it will save them a great deal of money in paying their utility bills.
With so many building in this technology conscious time embracing the idea of smart technology and many more features, is high time that building owners make adjustments so they are not left behind. Always work with general contractors with expertise and experience in construction of commercial retail workspaces to save you the future costs of unending improvements. Tenant improvements almost every other day can disrupt workflow of the occupants. Instead construct buildings that cater for a wide range of requirements both current and future one to give tenants the best experience and increase your building’s occupancy rate.