By Mel Schultz Commercial Properties, Commercial Property Management budget, leasing, maintenance, Property Management, tenants

Attract New Tenants with These 5 Alternative Uses for Vacant Commercial Space

If you’re struggling to fill vacant commercial building alternative uses this year, you’re not alone. Many commercial property owners are finding it challenging to attract traditional tenants for their offices, retail, industry, and other space.

To survive in a hard market, it is important to think outside the box. Here are a few alternative uses for vacant commercial space that could help you land your next loyal tenant.

Commercial Building Alternative Uses

1. Life Science Labs

Life science companies require a mix of office and laboratory space. If you’re willing to work with the tenant on the build-out, your vacant office space may be the perfect future home a biotechnology, food processing, or medical device firm. Your existing building may be a more attractive option to the right company than ground-up new construction.

2. Medtail

In a similar vein, your retail space may be the ideal home for a new medical office. The medtail model puts outpatient services in a retail setting. Not only is this convenient for consumers, it can open up an entire new tenant market for you. Medtail build-outs are relatively straightforward, and the new tenant may attract other medical businesses to your property.

3. Eatertainment

It’s eating. It’s entertainment. It’s eatertainment. The Twin Cities is home to several eatertainment venues (think CanCan Wonderland in St. Paul or Punch Bowl Social in the West End). If you have a big space to fill, a tenant that plans to combine a restaurant or bar with sports, music, or other social activities might be the perfect fit.

4. Glamping

If you have vacant land in a rural area that is awaiting development, consider marketing your property to potential glamping tenants. Glamping, or glamorous camping, is an increasingly popular way for non-outdoorsy people to enjoy the outdoors. Your acreage may be the ideal spot to attract vacationers.

5. Pickleball

Pickleball was 2023’s fastest-growing sport in the United States, so why not capitalize on the trend? Pickleball courts are popping up in empty big-box stores and other properties with tens of thousands of square feet. This is a great opportunity for commercial real estate owners looking to repurpose their vacant spaces.

For those who are unfamiliar, pickleball is a racquet sport that combines elements of tennis, badminton, and ping pong. It can be played both indoors and outdoors on a smaller court than traditional tennis, making it accessible for all ages and skill levels. The game’s popularity has exploded in recent years due to its ease of play and social nature.

With the rise in demand for pickleball courts, Commercial Building Alternative Uses owners are taking advantage of this trend by converting unused spaces into dedicated pickleball facilities. These spaces can range from empty storefronts to large warehouse buildings – as long as there is enough space to fit the necessary dimensions of a pickleball court.

For businesses looking to attract more customers or provide additional amenities for their tenants, adding a pickleball court can be a smart investment. Not only does it offer a unique and fun activity for patrons and residents, but it also presents opportunities for hosting events and tournaments that can bring in revenue.

Pickleball courts can also be a valuable addition to hotels and resorts, providing guests with another form of entertainment during their stay. They can even be used as an attraction for corporate team-building activities or family gatherings.

If you’re struggling to attract tenants, Clarity Commercial is here to help. Our property managers can help you market your portfolio and find the ideal tenant, even if they are outside the box. Contact Us Clarity Commercial today for expert property management advice.

For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.

July 14, 2022

By Mel Schultz Leasing marketing, Property Management, tenants

Marketing Your Commercial Property to Attract the Right Tenants

Marketing your commercial property effectively can attract the ideal tenants, enabling you to expand your commercial portfolio without the need for further property investments. Gaining a clear understanding of your local market, curating a list of prospective tenants, and utilizing effective marketing techniques are key strategies in securing the perfect, long-term tenants for your portfolio.

Understand Your Local Market

Your local market plays a large role in your success finding tenants. Let’s say you own a medical building. Are you the only medical building in your area, or are you close to other clinics or a hospital? What are the vacancy rates in the buildings around you? What amenities do these buildings offer, and how do they compare to yours?

Answering these questions in regard to your neighbors and neighborhood can help you understand your local market and the types of tenants who may be attracted to your area. Armed with this knowledge, you’ll be able to craft sales and marketing materials that speak to the benefits of leasing in your building.

Understand Your Ideal Tenant when Marketing your commercial property

Once you understand your local market, it’s time to do some research on your ideal tenant. There’s more to understanding your ideal tenant than simply wanting them to pay rent on time. You’ll want to decide how long your ideal lease is, the tenant improvements you’re willing and unwilling to make, and the types of businesses that would fit well with your current mix of tenants.

Invest in Photography

Professional photography is one of the best investments you can make in the marketing of your property. Many tenants look for space online, and having lots of beautiful photos of your property can separate it from other available spaces. You can take your listing to the next level with video or interactive walkthroughs of your building and tenant suites.

Blend Traditional and Digital Marketing Strategies

With your professional photography and videography in hand, it’s time to create your property’s listing. You will have a greater chance of finding the ideal tenant if you blend traditional and digital marketing strategies. Develop a one-pager for your property that you can send digitally as a pdf or hand out to potential tenants. Be sure to create an online listing for your available space and promote it on social media, too.

Property owners who partner with Clarity Commercial can take advantage of our online listings as well as our full suite of done-for-you marketing services. We maintain and up-to-date list of available properties for lease on our website. Our property managers work tirelessly to market your property to your ideal tenants, including digital marketing, print marketing, and flexing their professional networks.

For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.

Eagan - For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.

• Spring 2023 IREM Property Manager Professional Development Events
• Commercial Property Spring Cleanup Tips
• Upgrade to Cloud-Based Access Control
• Weather.com
• Minnesota Department of Natural Resources
• HomeAdvisor
• Energy.gov
• National Roofing Contractors Association

For expert help marketing your commercial property, get in touch with the Clarity Commercial team today.

Expense Reconciliation - operating expense reconciliation

May 12, 2022

By Mel Schultz Property Management landlords, operating expenses, tenants

Understanding Tenant Operating Expense Reconciliation

Operating expense reconciliation is a common practice between tenants and landlords. Performing this type of reconciliation can help property owners better understand their tenant income and expenses so they can create more accurate annual budgets and better anticipate future costs.

Here’s a look at how Clarity Commercial helps our property owners with operating expense reconciliation.

Explaining Operating Expense Reconciliation

The first step in helping property owners with operating expense reconciliation is to explain just what it is and how it helps them. Operating expenses include utilities, property insurance, real estate taxes, maintenance, repairs, cleaning services, and other expenses. These expenses are passed on to tenants every year. The amount tenants pay is based on an estimate of what the property owner anticipates these expenses will be based on past data.

Sometimes, the property owner’s estimate is spot-on. Other times, expenses exceed the estimate. And happily, there are times when expenses come in lower than anticipated. Once the final numbers are in, property owners have the responsibility to share the results with tenants. Generally, if tenants are underpaid, the property owner bills tenants for their share of the overage. If tenants overpay, the landlord cuts them a check for the difference or issues a rent credit. How reconciliation is performed should be stipulated in the tenants’ lease agreements.

Why Reconciling Operating Expenses Is Important

Without going through the process of reconciliation, property owners would not have an accurate picture of their expenses or whether their current rent rates or lease agreements adequately cover expenses. Over time, the reconciliation process should provide an increasingly accurate picture of expenses (other than large, unforeseen costs). This can help a property owner better manage their income and cash flow. If property owners habitually undercharge tenants for expenses, they may not have enough cash to cover expenses throughout the year. If they overcharge tenants, they may face cash flow issues in the next year after rent credits or checks have gone out.

Operating expense reconciliation is an important step in the property management process. The Clarity Commercial team performs reconciliations for our clients. For help with your own operating expenses or other tenant management challenges, get in touch with our team today

For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.

]

February 24, 2021

By Mel Schultz Uncategorized maintenance, tenants, upgrades

4 Tips for Building Strong Tenant Relationships

Medical - Tips for Building Strong Tenant Relationships — DCIM100MEDIADJI_0136.JPG

Every commercial landlord wants to have happy, long-term, paying commercial real estate tenants. Just like anything worth having, building strong tenant relationships with your tenants takes work. Here are Clarity Commercial’s top tips to strengthen the relationships you have with your tenants to ensure they stay happy, long-term tenants who pay the rent on time.

Communicate Regularly to Building Strong Tenant Relationships

Open and honest communication is the foundation of a strong tenant-landlord or tenant-management relationship. During lease negotiations, be clear about the expectations tenants can have for you regarding when, how, and how often you’ll communicate with them, and vice versa.

Tenants are busy people just like you, so use a variety of methods to reach out to them. Letters in the mailbox or under the door, phone calls, emails, and texts are all effective ways to keep in touch with your tenants. You may also consider using a property management app to manage your communication with tenants.

Be Firm Yet Fair

Your property is a business, and your tenants have all signed agreements with you to pay rent every month for a certain length of time. As last year taught us, life happens. When dealing with tenants on any issue, but especially on issues regarding payment, it helps to be firm yet fair and empathetic. You and your tenants are not adversaries. If an issue arises, work together to find a solution.

Maintain and Repair Tenant Spaces: Tips for Building Strong Tenant Relationships

You expect your tenants to pay on time and be considerate to their neighbors and to you. In return, they should trust that you will answer their questions and address their requests and concerns directly, quickly, and professionally. Take maintenance and repair requests seriously and solve them the right way the first time. Implement a property improvement plan that includes property updates and upgrades to anticipate and prevent future tenant complaints.

Be Interested in Your Tenants’ Success

Your tenants are business owners, just like you. Be interested in and invested in their success. The more successful they are, the more likely they are to continue to rent space from you and possibly even expand their footprint. Your interest in their success will also make it easier for them to recommend you to the other business owners in their networks.

Building strong tenant relationships takes work, but it pays off in timely rent payments and happy, long-term tenants. For help building and maintaining strong relationships with your tenants, partner with commercial property management company Clarity Commercial.

For more information or to request a free estimate, visit their website at https://myclaritycommercial.com/ or give us a call at (952) 370-224-2699.

Affiliations & Credentials: We are proud members of IREM, CCIM and MNCAR along with various professional organizations and hold relevant certifications in the real estate management field. Our affiliations and credentials demonstrate our commitment to excellence and our ongoing efforts to stay up-to-date with industry best practices.

June 1, 2020

By Mel Schultz Leasing commercial, COVID-19, tenants

Ways Property Managers Can Help Their Tenants Open Safely during COVID-19

A Note on COVID-19

The Clarity Commercial team is watching the COVID-19 pandemic closely and is following all guidelines from the CDC and the State of Minnesota. Our team is stepping up hand hygiene and practicing social distancing to help slow down the spread of the virus and ensure we are healthy and able to serve you and your properties through the pandemic.

The COVID-19 pandemic is unlike any public health crisis we have faced in our lifetimes. Over the last three months, many businesses in Minnesota moved to remote work or were forced to shut down to prevent the spread of the virus. Now, Governor Walz is slowly reopening the state, and many businesses are back to work.

But back to work does not mean back to normal. Businesses are required to work at 50 percent occupancy and take precautions to ensure the health and safety of their staff and patrons. This can be an enormous task for small businesses. Property managers are in an excellent position to lend a hand and be an advisor for their tenants. Here is how a property manager can help tenants open safely during the COVID-19 pandemic.

Understand Who Is Allowed to Reopen When Covid-19

On May 18, Governor Walz’s Stay Safe order went into effect, allowing many businesses to reopen under strict circumstances. Businesses that were allowed to reopen included retail stores, malls, and businesses that sell, rent, maintain, or repair goods.

Bars and restaurants could continue to be open for delivery and takeout service only. Hair salons, spas, tattoo parlors, and nail salons are not allowed to reopen until June 1. Additionally, companies whose staffs were working remotely must continue to do so.

Help Tenants Enforce Social Distancing Rules

Enforcing social distancing within a business requires some planning. Offer to help your tenants reconfigure their break rooms, shop floors, office space, and retail floors to ensure staff and patrons can maintain at least six feet of distance. Some businesses will need to limit the number of people in their space at one time, which may include staggering work schedules and asking patrons to wait in their cars until it is safe to enter.

Temporary signage is a helpful tool for enforcing social distancing. Wayfinding signs and floor decals can help keep people six feet apart and inform people of a tenant’s social distancing policies. Offer to help source these items for your tenants using your own professional network.

Support Tenants’ Efforts to Sanitize Their Spaces

Maintaining a healthy and sanitary space will be another top priority for your tenants. They will need to frequently clean high-touch surfaces such as door handles and point-of-sale devices and provide hand sanitizer for staff and patrons. Many will require staff members to wear masks and wash their hands frequently.

Property managers can support their tenants’ efforts to maintain clean and safe spaces. Ensure your team is cleaning and sanitizing common areas frequently, including lobbies, meeting rooms, and bathrooms. Consider how you can make it easier for your tenants to purchase hand sanitizer, cleaning products, and masks.

Keeping our community healthy and safe is everyone’s responsibility. Property managers can play their part by supporting their tenants as they reopen safely. For more information about how Clarity Commercial can support you and your business during this time, contact us today.

Tag: tenants

Attract New Tenants with These 5 Alternative Uses for Vacant Commercial Space

Commercial Building Alternative Uses

1. Life Science Labs

2. Medtail

3. Eatertainment

4. Glamping

5. Pickleball

Marketing Your Commercial Property to Attract the Right Tenants

Understand Your Local Market

Understand Your Ideal Tenant when Marketing your commercial property

Invest in Photography

Blend Traditional and Digital Marketing Strategies

Understanding Tenant Operating Expense Reconciliation

Explaining Operating Expense Reconciliation

Why Reconciling Operating Expenses Is Important

4 Tips for Building Strong Tenant Relationships

Communicate Regularly to Building Strong Tenant Relationships

Be Firm Yet Fair

Maintain and Repair Tenant Spaces: Tips for Building Strong Tenant Relationships

Be Interested in Your Tenants’ Success

Ways Property Managers Can Help Their Tenants Open Safely during COVID-19

Understand Who Is Allowed to Reopen When Covid-19

Help Tenants Enforce Social Distancing Rules

Support Tenants’ Efforts to Sanitize Their Spaces

Client Testimonials

Affiliations & Credentials

Office

Give us a Call

Send us an Email

Hours