For many businesses, the past year has been one of change. Whether there’s a disruption in the supply chain, a rise in demand for stock, or even just a change in business direction, many businesses now have vacant commercial properties. However, this real estate can impact your bottom line if you pay for its upkeep and business. Here are some ideas that can quickly move your property from the sustainable expense column into profit margins.
Storage
While you may not need storage place, other businesses do. Many small businesses cannot afford to buy a whole warehouse or shed on their own, but will gladly share the price of the rent with another organization. You can divide large spaces easily and offer rentals in large storage spaces. If you have a room with multiple heights, think about using a pallet rack to maximise storage. Pallets are a simple way to communicate to potential tenants how much storage they can afford and make arrangements within the facility. Be aware that if you’re renting to multiple tenants there will need to be a sound system for access and the chance of a forklift operator being at the facility if there’s lots of movement of goods.
Rehearsal Or Movie Set
If your property has a special look or is very characterful then it could be a wonderful location for a film or theater company. Companies like Drunk beat all the time searching for new locations for their shows. This can be an amazing way to get a buzz around your property before you sell it. It’s also ideal if you are thinking about using the property again in the future. Movie shoots and theater shows can be very brief but the leases are lucrative, freeing up your property when you need it.
Pop-Up Art Gallery
Some are passionate and dynamic art scene across the country. Pop-up galleries are an amazing way for new artists to sell their work without the expense of a permanent exhibition space. Pop-up galleries will work for properties located in urban areas, but with some marketing, galleries outside the city center can even become must-see destinations. The benefits of pop-up galleries are similar to those of movie set rentals, in that you can set rental deadlines that suit your business needs. If you are working with an up-and-coming artist, they may have a limited budget, so do not expect huge profits. You can be creative, and offer a deal where no rent is paid, but you get a small percentage of every sale. An agreement like this shows that you’re committed to the artists and lets you reap the benefits of the gallery, which is a large hit with art enthusiasts.
Remember, if a place is losing money and you do not have the time or ability to venture into a new business, selling is a good option. While you may need an identical space in the future, there will all the time be commercial properties on the market, and it may cost you more to maintain that space. on the books for months or years rather than renting anytime you need it.
