The pandemic has had a significant impact on commercial properties. Businesses have been downsizing or relocating, which has led to an increase in vacant commercial properties. The pandemic has also made finding tenants or uses for these properties more difficult. Many businesses are hesitant to relocate or expand due to the pandemic, so the vacancy rate will likely continue to rise in the coming months.
Commercial properties are often difficult to manage and maintain, which is why many sit vacant for long periods. But you can do a few things to try and find a tenant or purpose for the property. You could search for businesses interested in moving in or convert it into something like residential units or a storage facility.
Here are a few tips on what you can do with an unused or underused commercial property:
Search for businesses interested in moving in.
Vacant or underused properties can be a significant burden for commercial landlords. In addition to the financial costs of maintenance and security, empty properties can also create an eyesore in the community and make it more challenging to attract new tenants. If you find yourself in this situation, it is essential to take action.
One option is to search for businesses that are looking to move into a new location. This can be a win-win situation, as you will be able to fill your property while also providing a needed service to the community. There are several ways to find businesses interested in moving, such as contacting local economic development organizations or searching online listings. You can find the perfect tenant for your commercial property with little effort.
Convert it to something like residential units or a storage facility.
When it comes to commercial real estate, there are a lot of options. But what do you do when you have a property that’s unused or underused? If you’re unsure what to do with it, consider converting it to something that can be used for storage or residential purposes. Storage units are always in demand, and by converting your property into a storage facility, you can make extra income while still keeping the property in good condition.
Another option is to convert the property into residential units. This can be a great way to generate income, and it can also help to revitalize a community. Whatever you decide to do, converting your unused or underused commercial property can be a smart way to make the most of your investment.
Decrease the time it spends vacant by regularly maintaining it.
If you’ve ever driven by a commercial property that’s been vacant for months or even years, you know how unsightly it can be. Overgrown grass, peeling paint, and broken windows are just a few of the signs of neglect that can make a property seem worthless. However, if you own a commercial property that you’re not using, it’s important to remember that it still has value. Regularly maintaining your property can help decrease the time it spends vacant and improve its curb appeal.
Regular property maintenance may require hiring a landscaping company to keep the lawn trimmed, hiring a cleaning crew to maintain the exterior of the building, and having someone regularly check for broken windows or other damage. Taking these steps will show potential tenants or buyers that you’re serious about keeping up your property and that it’s well-cared-for. As a result, you may find it easier to fill your vacant commercial space.
What to do when worse comes to worst:
Keeping your commercial property afloat can be tough when the economy takes a downturn. If you find yourself in a position where you can’t use your property, you may wonder what to do with it. One option is to refinance your mortgage. This can help you free up some cash that you can use to invest elsewhere or cover other expenses. However, comparing your options is important to ensure you get the best rates for refinancing possible.
Another option is to sell your property. This may be a good idea if you’re struggling to keep up with payments or if you need to raise cash quickly. It’s wiser to get professional advice before deciding to sell your property. Whatever you choose to do with your commercial property, it’s important to explore all of your options before making a decision.
The most important thing you can do with an unused or underused commercial property is to try and find a tenant or use it. If you can’t find a tenant, you might have to consider converting the property into something else. But with a little effort, you should be able to find a way to use your property.