Use these win-win ideas to turn your empty commercial space into a profitable business.
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February 26, 2021
Read for 5 minutes
The opinions of entrepreneurs' contributors are their own.
Over the past year, locks and restrictions have closed store fronts and left hundreds of commercial office buildings empty. In the first three months of 2021, according to Moody & # 39; s Analytics, the vacancy rate was 18.2% for office space and 10.6% for retail space. Many employees are still working from home, and some small business owners are considering how long their remote setups will last.
If you have vacant commercial space, you should rent it out at least temporarily. You can advertise the space yourself or hire real estate professionals for advice.
Here are five ways you can make an empty office profitable:
1. Private events
After the pandemic, many people are looking for clean spaces to meet and organize private events. From book clubs to birthday parties, weddings, and baby showers, your empty office could be key to helping people get together and celebrate safely.
Before listing your commercial space for rent, consider what types of events work best and what you may need to upgrade to make them as attractive as possible to potential customers.
2. Vocational training
Some companies are not bringing their employees back to the office and may have closed their physical location. However, they may need a place to hold occasional meetings or provide staff training.
For example, companies may want to hold sales techniques workshops, and nonprofits may need high-tech offices to enable remote global meetings.
A pop-up is a short-term retail store, e.g. B. a craft store, summer brewery, grocery store, or clothing store. They usually last a few days or weeks, which is an advantage if you don't want to enter into a long-term rental agreement.
As the world recovers from the pandemic and people look for activities outside of their home, pop-ups can be a great way for businesses to increase brand awareness and sales.
Related: Do you hate working from home? This company brings you chairs, gadgets, internet and even babysitters
4. Co-working space
With millions of workers home for more than a year, many would like to pay for a place where they can focus on work, hold meetings, and socialize.
Turning your empty office into a co-working space could be an excellent option if you have desks, chairs, internet access, phone lines, and a few conference rooms to take calls. Having amenities like a gym, kitchen, and lounge can add significant value to your space.
5. Photo studio
You can also turn your unused commercial property into a location that is good for photographers. Many professional photographers require large spaces to set up equipment, invite clients to photo shoots, or photograph clients' products.
Your office could benefit photographers who want to show professionalism but need the flexibility of a short-term contract. If you are interested in this option, consider whether your office has good lighting, storage space, and a clean design that would be attractive to photographers.
What to consider before renting an empty commercial space
Before listing your commercial property for rent, do the following research:
Rate your offer. Consider what types of events are best based on factors such as rental length and square footage, facilities and amenities. For example, a book club may want to use your conference room while a wedding party needs a kitchen. Create a list of potential customers based on your offer.
Be aware of your risks. What can happen if you rent out your space? The risks vary, but can include theft, injury, and damage. Ask your insurer what type of coverage you need; B. a public liability insurance, and whether tenants should sign a liability waiver agreement.
Set security standards. Establish rules for everyone who wants to rent or enter your building. For example, you could require people to wear masks and disinfect the room before leaving. That way, you can keep them safe and protect your interests.
Check the legal restrictions. If you're currently renting out your office, check your lease to see if you can sublet it to others. If possible, find out about local laws on safety, inspections, parking regulations, and tenant rights before signing a contract.
Calculate the cost of keeping the room open. Add up how much it would cost to upgrade, add furniture, run the utilities, hire someone to clean, and do reference or background checks. You must include these costs in the price you have calculated or include them in agreements with tenants or tenants.
If you've been concerned about the cost of keeping your empty office open, letting it to businesses, organizations, and professionals can be a solution to generate income, or at least break even. Keeping an open mind about how your space might be of use to others can turn it into a win-win proposition.