It’s a moment in time we’ll never forget. With most of us working from home, separated from our colleagues, commercial buildings are all but empty. (If you’re feeling bored, go ahead and check out our Social Distancing Together playlist.) Eventually, however, the isolation orders will be lifted, and the tenants will return. As a property manager, how will you prepare your building now for when we’re all allowed back in our offices? We have four suggestions to get you ahead of the game.
Update Stacking Plans
Just like the physical parts of your building, your stacking plans need ongoing maintenance to remain useful. For many buildings, however, keeping stacking plans up-to-date often falls to the bottom of the priority list — after all of the daily firefights. If you’ve fallen behind, now — when you’re not swamped with endless tenant requests — is the perfect time to get your stacking plans back in order. After all, knowledge is power, and accurate stacking plans give you the knowledge to manage your buildings with confidence. Updating them now will ensure you know which spaces need your attention and promotion most.
Upgrade Amenities and Common Areas
It seems clear now that we’re headed for at least a small recession, if not a large one. That means we’re likely to see a surplus of available commercial real estate with fewer tenants looking to sign leases. To attract the tenants that are still in the market, property managers will need to differentiate their properties. One of the best ways to do that is to upgrade your common areas and amenities. To make your building more rentable, focus on creating common areas that are useful to tenants and adding amenities that boost your building ROI.
Proactive Property Marketing
You’ll also want to utilize this slow period to take your property marketing materials to the next level. Blurry smart phone photos and out-of-date space drawings won’t cut it in this market. You need to make sure that prospective tenants know how great your vacant spaces really are. That means professional photography and space drawings designed specifically for marketing. You’ll also want digital and printed property marketing materials that show prospects why your office should be their new home.
Build Out Spec Suites
Another way to help your vacant spaces stand out is to upgrade some of them into move-in ready spec suites. A space that sits there for years just costs you money. When you clean up a space and turn it into a spec suite, prospects can see themselves in it much more easily. It may not be absolutely perfect for them, but it’s move-in ready. They don’t have to make a lot of decisions or go through the full tenant improvements process. Spec suites typically lease much more quickly — and at higher rates — and that’s money in the bank.
Getting Through This Together
At PlanForce, we’re committed to helping our clients get through this. If you’re looking for ways to get your buildings better positioned to attract and retain tenants, contact us today.