| In a down market with potentially high vacancies, | | | | 2. Make your floorplans available in CAD so prospects |
| there are many opportunities for landlords to | | | | and space planners have great planning and |
| incentivize existing clients to renew a lease and to | | | | configuration tools if they need them. |
| ensure that the market is aware of their product. On | | | | 3. Consider more shared amenities: conference |
| the flip side, tenants will be looking for "deals" and | | | | rooms, wireless Internet, free parking, cafes - |
| incentives and real estate brokers will need to work | | | | amenities go a long way when it comes to perceived |
| hard to bridge the gap, getting creative to keep all | | | | value. |
| parties happy. | | | | 4. Re-focus your thinking on the value of a fully |
| In a commercial real estate market such as Boston, | | | | rented building versus old market rates. Often times |
| there are a few things landlords should consider to | | | | market perceptions are no longer truly what the |
| help garner sales and communicate value when | | | | market is willing to bear. Base your offering on true |
| vacancy rates are high or growing: | | | | costs and your own unique situation. Those of you |
| 1. Make sure you have a solid marketing plan. Brokers | | | | willing to restructure leases and provide incentives will |
| and prospective tenants first and foremost need to | | | | likely fill your vacancies. In the long run it will be easier |
| be educated about your property. If your buildings | | | | to re-finance or keep your building's perceived value |
| are clean, well-lit, secure, handicap accessible, LEED | | | | high for likely investors. |
| certified, well-managed - you should be advertising | | | | Even in down markets people need places to live and |
| your competitive standouts. In today's marketplace | | | | work. Quality products that are well maintained and |
| there are numerous things you can do outside of | | | | managed will always attract and retain residents. If |
| "traditional" marketing to get the word out. Try a | | | | you are willing to step outside the box every now |
| business blog or dabbling in social marketing mediums. | | | | and again to consider creative plans, Boston can |
| The opportunities for online visibility are endless and | | | | continue to provide for a very successful |
| it's more important than ever to get your message | | | | marketplace. |
| out there. | | | | |