The strategy for leasing office space at 201 Hillsboro Avenue revolves around three key components. First, thorough market research is essential. This includes analyzing current market rates, understanding supply and demand dynamics, and evaluating competitors’ offerings. For example, investigating what amenities neighboring properties offer can help tailor the leasing package to be more appealing.
Next, developing a competitive leasing offer is crucial. This involves setting attractive rental prices and determining flexible lease terms. For instance, offering shared space options or including tech infrastructure as part of the deal can attract diverse businesses and startups.
Finally, executing a robust marketing plan ensures visibility. Leveraging real estate platforms and social media, along with engaging local business networks, can enhance reach. Organizing open houses or networking events can directly connect with potential tenants, maximizing exposure.
The strategies
⛳️ Strategy 1: Conduct market research
- Analyse the current market rates for commercial spaces in Edwardsville
- Identify the demand and supply of office spaces within the area
- Research competition by looking into similar properties being leased in the vicinity
- Evaluate the general economic conditions or trends affecting commercial properties in Edwardsville
- Gather data on the type of businesses in the vicinity that might require office space
- Check current tenant lease terms in neighbouring office buildings
- Assess logistical considerations such as access to major highways and public transportation
- Investigate incentives or grants available for commercial tenants
- Review the expansion plans of popular businesses in the area
- Determine seasonal market fluctuations that may affect leasing agreements
⛳️ Strategy 2: Develop leasing offer
- Set a competitive rental price based on market research and property assessment
- Determine lease terms including duration, renewal options, and rent escalation clauses
- Include amenities or benefits like parking, shared services, or tech infrastructure in the offer
- Draft a clear and concise lease agreement that minimises ambiguity
- Create appealing promotional materials highlighting the property’s advantages
- Develop flexible leasing options or packages for potential tenants such as shared or collaborative spaces
- Coordinate with a property management company to handle day-to-day issues
- Determine the security deposit and any other upfront costs required
- Consider including tenant improvement allowances to attract more business types
- Prepare a standard procedure for background checks and credit evaluations of potential tenants
⛳️ Strategy 3: Execute marketing plan
- List the property on commercial real estate platforms
- Engage real estate agents specialising in commercial properties
- Organise open houses and walkthroughs for potential tenants
- Utilise social media platforms to boost property visibility
- Create and distribute flyers targeting businesses within Edwardsville
- Network with local business associations or chambers of commerce
- Engage in email marketing campaigns targeting businesses within selected industries
- Collaborate with local publications for print or online advertisements
- Host networking events at the property to generate interest
- Monitor and optimise online advertisements based on performance metrics
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
