Nothing can threaten the return on your commercial property investment like property vacancy. Fortunately for commercial property owners in the Inner West, property values are high and demand is strong for all kinds of commercial properties.

How to Attract Commercial Tenants

What can you do to attract commercial tenants to your Inner West commercial property? The following 6 incentives will help you to attract great tenants and keep them once you get them.

#1 – Improve Your Parking

Access to easy parking can make or break a business. If their customers avoid visiting their business because it’s easier to park at their competitor’s, your tenants will climb an uphill battle.

Therefore, improve your current parking conditions, even if it means creating a working relationship with nearby parking vendors. Keep tenant safety in mind by improving the lighting in the parking areas, especially for tenants who will be on site after hours.

#2 – Add Security

Your commercial property may be in the good end of town, but it’s still important to think about security. Some property owners will go as far as to employ a security guard or implement card access, but you improving property security can be simple.

Cut back overgrown shrubbery and add motion lights to help your tenants feel safe and secure at the property. You could also add a security system or security cameras if you don’t already have them.

#3 – Improve Street Appeal

First impressions are important for businesses, so you can attract great commercial tenants by giving your exterior a facelift.

Small improvements can go a long way, and come at a relatively small price. Consider adding greenery and potted plants to your entries, and investing in a new coat of paint or signage.

#4 – Offer Rewards for Referrals

Satisfied tenants can be your best marketing tool. If your existing tenants love your facilities, give them an incentive to share the good news with their friends and business contacts.

Rewards for referrals could be anything of value, like rental discounts, gift cards, or even concert tickets. Also remind your tenants about your loyalty program from time to time to incentivise referrals.

#5 – Help Tenants Save Money

Businesses are always looking for ways to cut costs. If renting from you helps them to save money, your property will increase in value.

For instance, if your property offers on-site parking, fibre-optic Internet, and energy-efficient doors and windows, new tenants may spend less on their businesses with you than they would renting from another property. Advertise these money-saving features in your marketing materials.

#6 – Offer a rent free period

The number one incentive used in commercial real estate is the rent free period. This is a great tool to get a deal across the line. When considering rent free periods, always calculate out the effective rent. In other words, the average annual rent when you take into account the rent free period, vacancy period, and rental increases.

Commercial Property Manager Inner West

It’s a great time to be a commercial property owner in Sydney’s Inner West. Businesses are looking for places to settle in to the vibrant community, and there are plenty of opportunities for growth. If you’re looking for a property manager that will attract commercial tenants and keep your property well-maintained and occupied, give us a call at Nutshell.

If you’ve got a vacant commercial property, download our popular eGuide on how to avoid property vacancy below:

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