April 23, 2018
Whether it’s your current tenant’s lease approaching its final months, or your first foray into leasing, chances are you’re considering the best way to make your space as appealing as it can be.
For the moment, you’re in luck. Perth’s CBD has been filling up in recent years – the Property Council of Australia’s 2018 Office Market Report showed a second consecutive period of positive demand. While the office building vacancy rate in Perth is still high, there’s great improvement.
Your potential commercial tenant is going to have a sharp eye for detail and lot of questions when they arrive, so best to be prepared beforehand.
First impressions have a lasting effect for those shopping around. What grabs the attention is only the potential that a commercial space has, but how much of the hard work has already been done.
Even if you’re renting out a completely empty space, you still have four walls, a roof and a floor to pay attention to – if the flooring is old, chances are potential commercial tenants will notice that and feel that the place hasn’t been properly taken care of.
Making sure the wear-and-tear of your previous tenants is taken care of will do wonders when trying to rent your commercial space out. Chips and marks on walls are easy to spot. If there’s not much to fix, a nice coat of paint could be enough. If not, consider repainting the walls.
Check the floors for any scratches or signs of age – do your lino tile floors have air pockets? Find out what commercial flooring can do to improve the likelihood of your space being rented.
When was the last time the lightbulbs were replaced? Are you able to use eco-friendly bulbs? It may be an added cost upfront, but the other option might be an uninterested tenant.
Commercial tenants will be thinking about how to cater for their own employees. Some commercial spaces don’t have the facilities to host anything more than a basic kitchenette – or toaster on top of a bar fridge. Are there showers for the keen cyclists of the office? Are the bathrooms unisex or separate, and are they shared with the rest of the building? Also consider whether you are open to the tenant building their own amenities inside.
During the summer months offices can heat up pretty quickly – even with an air-conditioning. In most cases, not having adequate blinds is the cause for hot spots around the office. If you haven’t already, install a good set of blinds around the space. Make sure your air-conditioning units have been thoroughly checked. You can’t get a sense of how an office handles the heat or cold when visiting, so ensure all systems are good.
You’re bound to have the question regarding parking spaces. The CBD is notorious for not having enough available, so what makes a space more appealing is ease of parking – a tip would be to know where alternatives may be around the neighbourhood, like parking lots and rentable spots (check the City of Perth mobile app). If you have bike sheds available, make sure to highlight this as well. Cycling enthusiasts will want to know if these sheds are locked for security – those carbon frame bikes aren’t cheap.
Those who’d rather take the train or bus to work would want to know if a new office space is close to any stops. Having knowledge of this can help ease the deal if an office has a high number of commuters.
Got keycard access to your space, or surveillance cameras in the lobby? Flaunt it! Any feature that alleviates a tenant of any security worries is a sure-fire way to ensure a commercial space has an added layer of protection.
Are you located near a strip of cafes, drycleaners or a daycare? Chances are the tenants and their employees will be curious about nearby food spots for lunch. If your commercial space is not close to much, suggest the arrangement of a coffee van to do the rounds.
Best to shop around yourself to see what the current rate is for similar commercial spaces. Chances are the cost is the most important above all else, so consider what the rental rate includes – such as cleaning and utilities.
Last but not least, Commercial real estate agents will have a history of not only what factors you’ll need to take to get your space rented out, but also where to look for potential tenants. Groups like Colliers and LJ Hooker are reputable names to look into.
Are you considering refurbishing your commercial space? Feel free to reach out for a free measure and quote.
