Finding commercial tenants for your office space can be a daunting task. We have put together a list of tips to help you find the ideal tenants for your office space.
1. Use an Office Broker
Office brokers (like us) can help simplify the office rental market for you. They are experts in the serviced office industry and can provide in-depth knowledge about trends and pricing.
When using an office broker to market your space, ensure that you provide up-to-date information about the space, including sizing and pricing. Clear, attractive images of the space are also key in generating interest.
2. Understand the Market
It is essential to have a thorough understanding of the office space rental market before looking for a new tenant. Whether you have space in Central London or the West Midlands, your knowledge should cover the demographics of the area, the average desk rate in the area and the unique features of your building.
It’s also key to understand the types of companies looking to rent office space in your area, are they start-ups or larger corporations? Lots of areas have seen growth in the volume of offices for rent in London, such as Soho and Mayfair, so think about which areas need space when starting up.
3. Survey Current Tenants
If you currently have tenants within the building, their insight can prove to be invaluable. They can provide you with feedback on how to make the space more attractive to new and current tenants alike. This could range from maintenance issues to suggestions for larger renovations.
4. Improve Onsite Amenities
Businesses looking for serviced office space are expecting more than four walls and a roof. Productivity and employee-wellbeing are now a key factor when choosing an office.
Enhancing the building with onsite amenities such as a gym or a café, can help to lure new businesses. Smaller enhancements can include converting a disused office to a meeting room or installing phone booths.
5. Focus on Local Amenities Too
Is your office space next to a station? Excellent transport links are a key deciding factor when companies are looking to rent office space. Local amenities such as places to eat and outdoor spaces can also have an influence.
6. Ensure Pricing is Competitive
It is important to make a profitable return on your office space however, overpricing can turn away potential tenants. Here at Freeofficefinder, we have developed our own pricing tool which offers an insight into the average desk rate in popular UK and London areas.
You should consider what benefits you can offer to justify a higher cost, such as onsite amenities and flexible contracts.
7. Provide Flexible Contracts
In today’s fast-paced business landscape, flexibility can be a major lure for companies. Shorter leases and scalable workspaces can provide companies with the flexibility to expand their space as they grow or rent office space on a shorter term. This appeals especially to start-ups and smaller companies looking for lower-risk commitments.
8. Offer Referral Rewards
If you currently have tenants renting office space, a referral reward could encourage word-of-mouth marketing. This reward could be a discount on rent or a one-off payment for referring a new tenant to you.
Referrals are powerful as they come with a level of trust and endorsement for both you and the potential tenant.
9. Network
Attending local business events and connecting with current tenants can help you build a network which will greatly increase your chances of finding an occupant for your office space. Networking is key to building relationships which can lead to greater business opportunities in the future.
10. Physical Signage
Going back to basics, a well-placed, attractive sign can catch the eye of potential tenants who may live and work in the area. The signage should be professional and include up-to-date contact details.
Finding the right tenant for your office space requires time and effort, and although we can help market your office space, the above tips will prove to be invaluable when you are looking for a new commercial tenant.
