What is the most effective way to reach out to corporate tenants for open retail/office spaces?
I just started off as a leasing broker for a boutique team. We have a few class A locations in prime downtown HCOL cities and wanted to find out how I could reach out to corporate tenants for open retail/office space. Many of the retail spaces are around 2500 square feet. Should I reach out to the real estate teams of each corporation in order to market the space? The team is already posting the available leasing spaces on Loopnet but what other strategy should I use?
Based on the most helpful WSO content, reaching out to potential tenants for open retail/office spaces can be a multi-faceted approach. Here are some strategies you might consider:
Cold Calling: This is a traditional but effective method. It involves reaching out to owners or potential tenants directly. It's a numbers game, so the more calls you make, the higher your chances of finding interested parties.
Understand Your Tenant: It's crucial to think from the tenant's perspective. Consider what type of tenant would occupy a space of the size you're offering. The size of the space determines the tenant pool since different retailers have different needs.
Location Analysis: Consider the location of your retail space. A retail box hidden on a side street might only interest smaller mom and pop retailers, so having a large box in a location like that might not make sense.
Tenant Mix: Do you have the right tenant mix to optimize the amount of traffic into your shopping center as a whole? Do you have an anchor tenant and do the small spaces compliment or detract from the anchor?
Online Marketing: In addition to Loopnet, consider using other online platforms to reach a wider audience. This could include social media, email marketing, and even SMS marketing.
Networking: Attend industry events and network with potential tenants. This can be a great way to build relationships and find leads.
Remember, persistence is key. It might take talking to 100 people to get 5 leads, and you might need 20 leads to get one deal. So keep at it and don't get discouraged!
Sources: Value creation in different RE property types, How to Effectively Reach Out to Owners for Off-Market Deals, What is your real estate end game and plan to get there?
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