If you are a commercial landlord, you need rent-paying tenants to thrive. So, naturally, you do not want vacant spaces. However, when your tenants are evicted, go out of business or relocate, some creative solutions can help breathe new life into your properties.
For instance, you could rent out your space for private events.
Focus on private events
One option is to market your space to rent for parties, fundraisers, art sales and other private events. As long as your business is safe to inhabit and has Wi-Fi, bathrooms in good condition and lighting, you should be good to go. To be able to sign leases with all types of private clients, keep your paint and furniture neutral. You should work with aligned businesses such as caterers, party planners and bars. They will help your clients put on their events and send lots of referrals your way.
Depending on how many events your space does, you could even end up making more money this way than through traditional renting.
Recruit medical offices, including vet offices
Another trick is to rent your space out to recession-proof businesses. Medical care is one of these businesses, especially vet care/pet care. Many people will skip a doctor’s appointment for themselves but would never dream of denying their pet health care.
Speaking of health care, gyms can be another good group to rent space out to. They may not exactly be recession-proof, but they are a pretty solid business. Moreover, there are many niche gyms, such as those focusing on cycling only or yoga only, and they need space. So, even if you see your space as on the small side, it could be just perfect for a few types of fitness establishments.
Go with the arts
Art galleries, theaters and museums sometimes have to scrounge for affordable space. You could partner with, say, a local artists’ cooperative or a museum to transform your space into a community gathering center.