Tips for Selling a Commercial Retail Space

Tips for Selling a Commercial Retail Space Building Maintenance Management November 28, 2023
Commercial Retail Space

If you are a commercial property owner or manager, keeping your building occupied is vital. Empty commercial space is lost revenue. That’s why when you have vacant space, you need to get it filled quickly. That’s where BMM can help. We want to provide some tips to make your commercial retail space attractive to and ready for the next tenant. Our team can also handle these commercial property tasks for you.

Depending on the commercial space you offer, you may have similar or different tenants. If it’s a retail space, the needs for each tenant can vary. One tenant may be a gift shop while the other is a restaurant. So, your job is to make the space appealing to your target tenant or to the types of businesses you’d like to see there. If you are open to several different types of businesses, you’ll want the space to mostly be an open slate where they can build it out according to their preferences and needs.

The first step in preparing the space is to clean it up. If the previous tenant left furniture, equipment or other items, you’ll want to clear those out of the space. You basically want to get it down to the shell. By having an open, unhindered space, potential tenants are more likely to see their vision for the area. Along with removing unneeded items, you also want to thoroughly clean: removing trash, dust and grime left by previous tenants. A fresh, clean space is much more appealing to business owners.

Next, you’ll want to check for any capital improvements that are needed. Does the HVAC system need to be updated? Does the exterior need new paint or siding repair? Are the doors, windows and fixtures in good condition? If you notice any things that need repair or updating to the shell of the building, it’s usually worth the time and money to get those done. Any commercial real estate buyer will spot these problems, and they could cost you a deal.

In addition, adding more curb appeal by improving the landscaping outside or the lighting inside can pay off when it comes to your property’s valuation in the eyes of a prospective investor. Just like a house, the more appealing the space looks, the easier it is to sell.

Does the task of updating your empty commercial retail space seem daunting? Let BMM help! We specialize in commercial property maintenance and renovations. We can fix up your property to help you get it leased faster. Call BMM today at 763-541-4886 or contact us.