How to Quickly Lease Up an Office with Quality Tenants
"There are quality tenants in every market and for every class of property."
ORLANDO—Yes, even in Orlando leasing up a building can be difficult especially if your goal is to have quality tenants. For the 4th consecutive year, Orlando is leading the nation in future job growth while Central Florida’s office market continues its solid performance for the first quarter of 2019. Not surprisingly, landlords have held firm on keeping rental rates at current levels with many of Orlando’s top office submarkets experiencing record high rental rates.
Yet even in a low-vacancy market such as Orlando, office leasing takes some footwork.
Quality Tenants
“There are quality tenants in every market and for every class of property. The question is how to get them to consider your property for their office needs,” says Colliers International Central Florida’s office broker Rick Solik. Strategies include proactive marketing where prospects are “touched” on multiple levels, so your property is always on the “must see” list, he tells GlobeSt.com. “This can also include traditional web-based marketing, email blasts and direct mailings.”
Additional efforts can further include personally delivering marketing materials to potential tenants, supporting local community events, as well as actively participating in local organizations such as the Chamber of Commerce or economic development organizations, Colliers International Central Florida’s office broker Matthew McKeever tells GlobeSt.com.
Marketing an Office Building
When it comes to capturing additional prospects, Solik suggests leveraging your existing tenant base and market to their referrals. Tenants may know other companies that want to be in the same building and can serve as a walking endorsement for the space and the management team. “Your existing tenants are often your best sales tool,” he says.
McKeever advises intentionally staggering lease expiration dates and limiting renewal rights for the smaller tenants to accommodate larger tenants’ future growth.
“Also encourage owner reps to be available for direct contact with prospects and current tenants,” Solik says. “Potential tenants want to know the building has a strong management team and will be well-run, and this direct contact will help ease their minds.”
And when it comes to the tenant’s wants and needs, strive to be the market leader.
“Stay on top of the latest trends and be aware of what tenants are seeking,” McKeever says. “This includes technology, amenities and socially conscious efforts such as recycling, energy efficiency and giving back to the community through blood drives, etc.”
