Commercial property can be an excellent investment for owners, with the potential for long-term leases and strong returns. However, it is essential that owners attract the right tenants to ensure the asset is well maintained. With the current rate of vacancy in Brisbane hovering around 11 per cent, there can be strong competition to attract tenants.
A vacant property will not only result in foregone revenue, but it will also continue to incur costs such as maintenance, utilities, and property taxes.
So how do property owners attract tenants to a commercial property? There are a range of key ways owners and managers can create an attractive rental offer and secure a quality tenant quickly.
Creating an ideal fitout to attract tenants to a commercial property
The interior design and practicality of an office are very important for tenant attraction and retention. Upgrading the interior spaces involves a thorough consideration of the internal layout, people flows, uses, design elements, and amenities that enhance the function and form of the space.
A flexible design will suit a range of businesses and allow for their changing needs. Flexible floor plans, or even features such as operable walls, can accommodate various office configurations or layouts that can appeal to different tenants.
Aim for a design that is modern, inviting, and adaptable to different business requirements. Consider factors such as colour schemes, lighting, flooring, and furniture that create a united and professional environment. Neutral tones with pops of colour can provide versatility while maintaining a contemporary look.
Other ways to increase a layout’s flexibility are through modular furniture, partitions, or storage areas that allow tenants to customise the space.
Onsite amenities to attract tenants
In the current rental market, the office market is about more than just the office space. Amenities, such as end-of-trip facilities, fitness centres, lounges and shared facilities, play a significant role in the overall experience within the property.
Technology inputs are also increasingly important. Features such as high-speed internet connectivity, low-energy lighting and metred air-conditioning, and secure access control systems can help to future-proof the space for owners. Some owners are also opting for features such as touchless entry or automated sensors for sustainability.
Working with professionals for office leasing
When trying to determine the market for a property, it helps to work with professionals in office fitout and design. RAW Commercial Projects managers have experience working with interior designers and contractors to help translate a vision into reality.
This involves working with owners and tenants, if there is a lease in place, early in the design, to understand their needs and preferences.
Sensible design with flexibility will create attractive properties with appeal to a wide range of potential businesses.
Creating an attractive frontage
“Street appeal” is the first impression for potential tenants, and it can help the business when it meets clients and customers. It can also set the property apart from its neighbours.
Ongoing maintenance is important to demonstrate that the property is cared for and managed. Landscaping and gardens provide a welcoming entrance, so they must be maintained. In Brisbane, where the region is prone to extreme weather, it can help to choose drought-tolerant plants or native options.
Signage is also important. This can reflect the company branding, and provide clear wayfinding for visitors.
Proper lighting, fittings and fixtures will also be a foundation to attract tenants to commercial property.
Attracting tenants to a commercial property
Interior design and office fitouts can make a significant impact when trying to attract tenants. Together with a great location and competitive lease terms, a fitout can accelerate the time between leases and ensure property owners get the maximum returns on their assets.
RAW Commercial Projects are expert in office fitouts, with happy clients across southeast Queensland. Find out more about their services and recent projects.
