Politics and Business
Commercial Property Lying Empty? Great Ideas To Turn It Into Profit
For a lot of businesses, this last year has been one of flux. Whether there have been interruptions in a supply chain, increased demand for the stock, or even just a change of business direction, many businesses now have commercial property lying empty. However, this real estate can be affecting your bottom line if you are paying for its upkeep and business rates. Here are a few ideas that can quickly move your property from the ongoing expense column into the profit margins.
While you may not need the storage space, other businesses will. Many small businesses cannot afford a whole storeroom or warehouse themselves but will be happy to share rental costs with other organizations. You can subdivide a large space easily and offer rental on the square footage of the storage room. If you have space with a lot of height, consider using a pallet rack to maximize storage. Pallets are an easy way of communicating to potential tenants how much storage they can purchase and create organization within the facility. Be aware that if you rent to many tenants, there will need to be sound systems for access and potentially a forklift operator situated in the facility if there is a lot of goods movement.
Rehearsal Or Film Set
If your property has a unique look or is particularly characterful, then it could be an excellent location for film or theatre companies. Companies like Punchdrunk are always looking for new locations for their spectacles. This can be a great way to get a buzz around your property before you sell it on. It is also ideal if you think you will make use of the property again in the future. Film shoots and theatre runs can be very short but lucrative rentals, freeing up your property when you need it.
Pop-Up Art Gallery
There are vibrant and dynamic art scenes all across the country. Pop-up galleries are an excellent way for emerging artists to sell their work without the cost of permanent exhibition space. A pop-up gallery would work for an urban located property, but with some marketing, galleries out of the city centers can become must-see destinations too. The benefit of a pop-up gallery is similar to film set hire, in that you can dictate the time limits on the lease to suit your business needs. If you are working with emerging artists, their budgets might be limited, so don’t expect massive returns. You could be inventive, though, and offer a deal whereby no rent is paid, but you do get a small percentage of any sales. A deal like this shows you are committed to the artists and allows you to reap the gallery’s benefits, which becomes a massive hit for art fans.
Remember, if a venue is making a running loss and you don’t have the time or capacity to take on a new venture, selling is a good option. While you may need a similar space in the future, there will always be commercial property on the market, and it may cost you more to keep the space on the books for months or years than to rent whenever you need it.