Getting the Right Mix of Tenants for a Commercial Property

The main aim of any land or property owner is to get maximum income from their asset. However, this does not mean they should not concentrate on the larger picture and lease their space to anyone who shows interest. It is important to maintain a perfect mix to increase foot traffic, more spend, happy tenants and eventually more demand and greater rates for the area.

Here are five ways through which you can create the best blend of tenants.

Understand the demographic

The type of demographics close to you plays an important role in determining the type of retailers that will work. Perform thorough surveys and get information related to what the potential customers may like to see in the location around their vicinity. For example, pharmacy can be an extremely valuable addition for a population that is aging.

Speak to the existing tenants

Existing retail tenants can be an excellent source of getting insights for what products and brands can increase their store’s popularity and eventually benefit the landlord. Evaluate the performance of these stores and put more thought into what their strength is and what their weaknesses are. This will assist in overcoming the shortcomings.

Assorted brands

A center that has the right balance between the small and big brands and offers a bigger selection of product or service categories than just concentrating on a certain demographic gets better foot traffic. Select tenants from numerous product categories and make sure you include small brands and local retailers who have fresh and new things to offer. Also, apart from retail, offer facilities such as, ATMs to enhance the effort and time spent on creating that faultless tenant mix.

Making market assessment

Brands that lease may come and go. This can be a hurdle in the existing connection in the retail outlets. For example, women visiting the retail center for buying groceries at a specific outlet also grab a cup of coffee at the outlet next to it. It is important for retail centers to invest effort and time continually for assessing the market and making sure that their mix is improving the performance, overall.

Always sign a contract with a reputed commercial property management company

Commercial property management providers have been able to master the art of utilizing various proven techniques for finding the right mix for any form of retail space. They have the experts to study the area where the property is located, evaluate the geographical drawbacks and benefits of the area and have experienced real estate professionals to work. They check what is missing by doing a competitor analysis within the area and also work on obtaining quality tenants for their property.

Real estate companies, as well as landlords, can make use of such services for handling tenant relationships from the very beginning till the very end while also focusing on other important activities. However, it is very important to choose such providers wisely and to ensure that they have a good reputation in the market.