Leasing high-quality commercial space in Boston is extraordinarily costly. The city’s Central Business District is one of the most expensive areas in the nation to lease commercial space. Surrounding areas are quickly becoming equally as expensive. Cambridge, for example, had the fourth most expensive submarket for office space in the country in 2019. High operating costs in addition to high property taxes are only part of the problem behind Boston’s unaffordability. Operators of commercial space in Metro Boston need to be particularly conscientious and strategic about reducing their operating expenses and attracting good lessees.
Screen Tenants Stringently
Perhaps the most expensive aspect of owning or managing a large commercial space is vacancy. In a city where leases and operating costs are extraordinarily high, even the most experienced commercial leasing agents can struggle to find acceptable tenants. However, eagerness to fill a vacancy should never cause you to relax your screening standards. Taking on a tenant who doesn’t have good credit or a good rental track record is very likely to result in a defaulted lease and further costly vacancy and turnover.
Improve Energy Efficiency
Improving your building’s energy efficiency can help you attract a higher caliber of lessee. You should establish a relationship with a HVAC contractor Boston MA who is experienced in both servicing and upgrading commercial systems. This can help reduce ongoing operational expenses for both management and tenants, and it creates an added level of appeal to businesses striving to minimize the environmental impact of their operations.
Enhance Your Marketing and Outreach
When you’re listing commercial space for rent, it’s imperative to use several listing platforms. In order to command attention, your listings need to contain a large volume of professionally shot, high-resolution photographs. Customer and client experience is particularly important to businesses who are looking for commercial space, so they want to be able to visualize what it’s like to be physically present.