Hannah Whittenly, Negosentro | Owning business property means that you need to maintain it in order to keep generating revenue. You’ll be unlikely to attract businesses if you don’t find creative ways to stay competitive. Here are some tips for owning and managing an office park business.
Include Utilities to Attract Businesses
One of the best ways to make sure that your building is maintained is to ensure that the utilities stay on. Having them in your name can prevent a shutoff in the event that a company moves out. Include the utilities as a part of the lease agreement. You’ll need to adjust the price of the lease to reflect your portion of the utility costs. Consider whether you want to be on the hook for the entire portion of the utility expenses incurred.
Consider Parking Issues
Having parking available to employees and customers may be a huge perk for your business clients. This may make the difference between them signing a lease with you or going somewhere else. If there isn’t onsite parking, consider other ways that you can provide parking. You might want to purchase a nearby lot to create a parking area. Another solution is to rent spaces from another business in the same vicinity.
Create a Mixed Use Space
You want your office park to have unique features that your business clients may not find elsewhere. Consider carving out a little bit of space to create an outdoor area. Use a commercial paving company to get the job done. This space could be used as a basketball court, an outdoor dining area with food carts, or even a meeting area. Having this flexibility available for your clients can help to keep them happy and wanting to stay with you.
Focus on Maintenance Issues
Keep up on any maintenance issues as they occur. Unhappy business owners are more likely to start looking to set up shop in another building. This can cost you some revenue if your clients’ band together and decide to leave. A vacant building isn’t good for your bottom line. Have the building inspected semi-annually to keep it in good condition. Schedule regular maintenance for the HVAC system. Another thing to consider is the upkeep of the landscaping. Hire a monthly landscaping service to take care of this for you.
It’s a big responsibility to be the owner of a business office park. You have the added presses of maintaining the building and the grounds as well as keeping your tenants happy.