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Not every shopping center is created equal. There are many different factors that intersect to cause a center to be “troubled”. This varies from location, size, and amenities to changing demographics in the area and more - the list goes on. But just because a center has its troubles doesn’t mean it isn’t the diamond in the rough for the right tenant.
Considering the sweeping changes the pandemic brought to the commercial real estate industry, our first piece of advice for filling these troubled spaces is to be creative.
- Be creative
Have you done your research and considered the expanding range of businesses that could be a good fit for your open space? Diversifying your holdings and looking into atypical tenants like a coworking space, medical office or self-storage center may be the answer to the center’s woes.
- Narrow in on the right use
Taking the time to narrow down the best use of the space will save you a great deal of time and energy prospecting. And once you can narrow in on the type of business you’re looking for, speaking directly to that use in your outreach will pay off big as your prospects will be more likely to connect with a message directed toward them. What’s important to a coffee shop owner is likely different from what’s important to a liquor store owner.
An example of this would be speaking to the traffic of commuters in the area that would likely be stopping for coffee.
- Give concessions when possible
Is it possible to offer concessions to make the space more attractive? We’ve seen TNI, discounts, and flexible leases sway potential new tenants toward a space they were initially turned off to. Building a relationship with your prospects will help key you into what types of concessions would be most valuable to them.
- Equip your team with the latest tech
These troubled spaces are a perfect fit for Resquared as it is almost always a small business versus a chain that would fill the space. The prospecting platform gives you visibility to businesses you maybe wouldn’t have known existed!
One of our customers, a Leasing Manager at Brookfield, explains in an email to our team how Resquared was able to connect him with a new tenant for a “tough to fill” space.
Overall, aim to lead with a “pull not push” mentality. While this piece of advice is certainly relevant for any kind of prospecting, it is especially important for tricky to fill spaces as they most likely won’t sell themselves.
People aren’t going to move or expand to a troubled property unless it is cheaper, has a better demographic, or a more flexible lease or better visibility than where they are currently. So, ensuring you understand the wants and needs of the business owner from the get-go is the path of least resistance to success.
If you are working on a troubled center, reach out today for a demo and we’ll show you how Resquared can help you find the business that is right for you!
