Times are tough in a lot of cities these days when it comes to keeping commercial space rented. There are vacant buildings, and blank store spaces in malls and shopping plazas, looking like so many empty promises. In every case, the emptiness impacts not only commercial property management, but also the neighborhood or shopping space these vacancies reside in – and not in a positive way.
The good news is that a lot of creative minds are finding new ways to utilize empty commercial space no matter where it is, or how big. Here are some innovative ideas on giving empty spaces new and profitable identities.
If you don’t mind putting in a bit of effort and money into renovation, building conversions are a good way to repurpose old warehouses. Section that space into separate offices or retail spaces, and rent to a number of different smaller clients, instead of one big client. One owner converted a distribution warehouse into a courthouse and parking garage. An old warehouse with refrigeration and freezer facilities is now used by a transport company which specializes in temperature-controlled time sensitive food transportation. In another case, a manufacturing plant found new life as a church and a school.
Turns out empty big box retail stores are a perfect location for expansions from community colleges or universities. The locations have good access to roads, plenty of parking, and can easily be changed into flexible classroom space.
Vocational schools fit well into shopping malls. Massage schools as well as make-up and hair dressing schools complement the shopping atmosphere. As well as paying the rent, there’s an influx of people coming in who who’ll end up frequenting the stores and food court.
Vacant mall spaces are also ideal for those not yet of school age. That’s why you’ll find daycares and preschool spaces popping up in local malls and shopping centers. Parents can pick up their children and conveniently get their shopping done in one trip.
Another trend sees government offices moving into shopping malls, mainly in the mall wings which are usually difficult spaces to rent. It’s ideal due to the availability of parking, public transportation, and the shopping space itself being a natural community focal point.
Medical clinics are finding homes in shopping centers, malls, and shopping plazas. Everything from emergency clinics to dialysis centers. Being in a retail location gives them visibility, provides easy access and they have all the parking spaces they need. If you’re considering this, make sure property management checks out the exclusion clauses of the space.
When long-term solutions are not readily available, inject some short-term marketing creativity to help pay the bills, brighten the space, and make these commercial spaces more enticing.
Pop-ups are becoming increasingly popular and are no longer limited to holiday sales. There are pop-up restaurants, and pop-up shops with every kind of product or service you can imagine. A successful online business may want a temporary tangible retail space for a special promotion –and end up as a viable tenant.
In between those short-term and long term tenants – fill that ugly gap with the help of local artists who’d love somewhere to display their art. It brightens up the space, generates interest, and may get someone thinking that this is not a bad place to locate a business! Whether or not you charge, it’s a much nicer venue for commercial property management people to show to a potential renter!
Long-term, short-term, temporary - it’s better to have someone in that retail space than to leave it bleak and empty. So, shake up those creative marketing juices of yours and try out some new ideas!
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