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How to Attract and Retain Commercial Tenants

If you’re a landlord for a commercial building, part of your role is making sure your tenants have the right setting to conduct their businesses.

Research is key. While there are some broad trends in the labor market, some needs differ by region. Understand your local market and what your competition is offering (or not offering). Paying attention to general workplace and labor trends is equally important. More and more people are working on contract agreements or looking for work-from-home arrangements. You need to show your tenants that having a physical workspace matters, and that your space is the best place for them.

Ensure the property is attractive, safe, and functional. Invest in landscaping and consider incorporating greenery in the interior as well. Provide on-site security guards and good lighting. Maintain reliable air conditioning and heating systems. High-quality Wi-Fi is a necessity; consider installing charging stations for devices throughout the building. Offer suitable parking and consider your proximity to public transit.

Turn vacant spaces into amenities that can meet employees’ needs. Consider establishing coffeeshops or restaurants on-site. Gyms can help workers maintain their physical and mental well-being; childcare facilities can be useful.

Use concerns about environmental sustainability to create business sustainability. Invest in making the property energy efficient. Offer recycling and, if possible, consider compost programs. Consider building rooftop gardens or perhaps community gardens.

Foster community with your tenants. Know each lease’s individual details. Give rewards for loyalty, and conduct satisfaction surveys. This will tell you what’s working and what needs improvement.

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