Too Much Office Space, Not Enough Tenants

It’s been a rough few years for commercial high rise real estate landlords. After the COVID-19 pandemic, many office buildings remain empty, and the state of the economy remains bleak. Construction companies have gone broke, freeing up a lot of space in once occupied office buildings. The demand for office space has decreased too with the rise of remote or flexible work. As a result, commercial landlords have had to reduce rent to incentivise leases.

The Return to the Office

Last year, the number of work from home employees finally declined by a small percentage. Whilst flexible work is likely to remain an option for some, recent return-to-office mandates signals a return to the office for many workers.

So, it’s time to turn your office buildings into somewhere employers are proud to welcome their employees and clients to —starting with the exterior.

Making an Impact with Improved Street Appeal

When it comes to the look and feel of your office or retail space, we automatically think about the interior design. But we don’t consider how important the exterior is until a potential customer or client walks by the building or looks up the business on Google. It goes without saying that a shabby building will not entice clients and customers – which means it won’t entice commercial tenants. 

Tenants need a space that conveys the look and feel of their brand. For a lot of professional office work, that means a clean, maintained and chic image. So, you’ll need to freshen up the outside and hire the right abseil painters to ensure a professional look. Now is also the time to take care of much-needed exterior repairs and checks with rope access building maintenance.

By investing effort into the street appeal of the property, you can increase both its real and perceived value, which also has a roll-on effect. Your street appeal means a speedier sale or leasing process, giving you more negotiation power and tenants willing to pay more. 

Once the office space is leased out, the condition of your property contributes to your tenant’s marketing and image. They’ll use it to attract clients both in person and online, and their reliable and stable income means a reliable and stable rental income for you. Again, this effect rolls on into more employees in the office and expanding office spaces – and more financial stability for commercial landlords.