If you own commercial real estate, attracting quality tenants is crucial to maintaining cash flow and getting a return on your investment. Money is lost with each day a building remains unoccupied. At the same time, you want to find quality tenants that reliably pay their rent and plan to stick around, thereby stabilizing the property as a long-term revenue source. Below are a few ways to find tenants for your commercial real estate space.

How to Attract Tenants for Your Commercial Building

1. Offer a Move-In Special

Provide incentives that generate interest among prospective tenants, and offer some unique benefits in choosing your property over another. Suggestions include a reduced or free first month's rent, a reduced security deposit, no-fee applications, or a specific period of time in which you cover all or part of an essential operating cost. For example, you might offer free Wi-Fi or discounted parking rates.

However, the special doesn't need to be a significant expense. Even extending a gift card to a local restaurant or home improvement store demonstrates your interest in a tenant and their happiness.

2. Invest in Security

Potential tenants are drawn to buildings where security is a high priority. Equip your building with amenities that show you want tenants and their property to be as safe and protected as possible.

Install security cameras, hire security guards, and ensure all spaces are well-lit. Also, promote these amenities. Feature security perks prominently on all marketing materials, in advertisements, and in your communications with interested applicants.

3. Be Flexible on the Lease

Ideally, you want tenants to sign extended leases. However, if a commercial property has sat empty for a while, be willing to compromise on lease terms. This especially appeals to new business owners who are looking for a place to launch their enterprise.

While there is a chance they may outgrow the space, there is also a chance that this will be their long-term headquarters. It’s more desirable to have a respectful, responsible tenant for six months than it is to have a destructive, nonpaying tenant for the next three years.

If you're in the market for commercial real estate in Greater Cincinnati, OH, contact KW Commercial. Their real estate agents specialize in commercial spaces and will ensure you find the ideal property to meet your needs and budget. Whether you're a first-time buyer or a longtime investor, they will provide you with exceptional service at every step. Call (859) 359-6805 or visit them online to learn more about their current listings.