If you’re struggling to fill retail space through traditional avenues or you want additional suggestions on how to utilize your property, you’ve come to the right place. In this blog, we explore several options to consider for bringing in more revenue. With a little creativity, there are a variety of ways to increase your profits.
Consider entertainment. Nowadays, there is no shortage of entertainment options, from bowling alleys, and arcades to escape rooms and trampoline gyms. Leasing space for an entertainment venue is an option worth considering.
Create smaller spaces. If you own a number of large commercial properties, consider subdividing them. This will make your property more attractive to entrepreneurs and small business owners. It can also create space for other uses, such as storage or parking.
Consider temporary options. Instead of allowing a vacancy to sit, consider filling it with a temporary substitute. You could advertise the space as a pop-up location for job fairs and networking events, or if it’s around the holidays, you could lease the space to a holiday-themed retailer.
Storage and warehousing. Your commercial rental space may work well for storage or warehousing. If you don’t want to rent the space out to others, use it to house some of the equipment you don’t have room for at home.
Consider health and wellness. Is your commercial venue big enough to house workout equipment like ellipticals or treadmills? Then consider converting it into a gym or training facility. Another wellness option worth considering is a community clinic or urgent care facility.
Think of other community solutions. Some community-centric organizations, like churches and daycares, need additional space. If you have plenty of parking available, consider advertising it as a temporary meeting place.
Open yourself up to co-working. Lots of people are now telecommuting. But not everyone prefers to work from home. Providing a co-working space is a great solution. Affordable office space might also be attractive to entrepreneurs or small business owners who can’t afford the cost of rent in the big city.
Government agencies. Believe it or not, commercial rental spaces can attract government contracts. For example, various branches of the military often use commercial buildings for their recruitment efforts.
You don’t need to wait for a traditional retailer to rent out your commercial space. Especially when there are so many options for filling vacancies. Just keep in mind, some options require rezoning, so do your research before moving forward. If you have questions or need assistance, please connect with us at PMI: . We’ll help you prepare the property, find the right tenants, and manage it successfully. Get in touch today!
