Exploring commercial leasing. Expanding your commercial real estate business.
The commercial real estate (CRE) market is constantly evolving, and businesses that don’t adapt to change are likely to miss out on opportunities. One of the most important trends in CRE today is the growing demand for leasing services.
In 2023, businesses of all sizes are still leasing commercial space. Small businesses are leasing space to accommodate their growth, while large businesses are leasing space to expand or scale back their operations.
Modern demand for leasing
There are several reasons why businesses lease commercial space. Small businesses often lease space because it’s a more affordable option than buying. They also don’t have to worry about the upfront costs of renovations or maintenance.
Large businesses lease space for a variety of reasons. They may need to expand their operations into a new market, or they may need to consolidate their operations into a single location. These large businesses may also be looking for a more flexible lease that allows them to adjust their space needs as needed.
Commercial real estate professionals who serve leasing have long been using the demand for leased commercial space to bolster their businesses, many building entire careers and businesses around tenant representation. In the last six months we’ve seen growing demand for commercial space for lease in markets such as: Phoenix, Los Angeles, San Diego, Seattle, Orange County, Harris County, Miami, and Las Vegas.
If your CRE business doesn’t serve leasing, you’re missing out on a major opportunity to generate revenue and grow your business. Here are a few tips for incorporating commercial leasing into your business:
Target the right clients.
Not all businesses are looking to lease commercial space. Focus your efforts on tenants that are actively looking to lease, such as small businesses that are growing or large businesses that are expanding or consolidating.
Build relationships with landlords.
Landlords are a valuable resource for finding commercial space for your clients. Get to know the landlords in your market and build relationships with them. These relationships can be mutually beneficial for years to come and continually generate recurring business as tenants cycle over time.
Use technology to your advantage.
There are a number of online tools that can help you find commercial space and manage leasing transactions. Use these tools to streamline your workflow and improve your efficiency.
OfficeSpace.com has unique solutions designed to help you expand your business and grow your lead pipeline. Click here to learn more about our solutions for CRE pros serving leasing.
Who can serve the demand for commercial leasing?
There are many different types of businesses that can serve the demand for commercial leasing.
Tenant rep brokers specialize in representing tenants in lease negotiations. They help tenants find the right space for their needs and negotiate the best possible terms.
For sale CRE brokers who are looking to expand their business can also serve the demand for commercial leasing. They can use their knowledge of the market to help tenants find space and negotiate leases.
Residential brokers with commercial spaces for lease can also get involved in commercial leasing. They can use their network of contacts to find tenants for their commercial properties.
Find a network that works for your success.
Brokerage networks can be an excellent way to make new connections and help build stronger businesses. CORFAC’s Jonathan Salk says” we want good, quality people”. A true testamant to the types of relationships CRE pros can build within brokerage networks. While connecting with like minded professionals alone won’t double your business overnight, the sharing of best practices and knowledge is another excellent advantage brokers can take advantage of. You can learn more about CORFAC by visiting their website here.
How to get started in leasing.
If you’re interested in getting started in commercial leasing, here are a few things you can do:
Get your first commercial lease.
This will give you experience and build your confidence. You can start by working with a tenant rep broker or a for sale CRE broker who has commercial leasing experience.
No lead left behind
Be willing to serve any commercial lead that comes your way. Often, businesses looking for a small commercial lease will return when it comes time to expand. Build your network by helping tenants to find the perfect space and helping owners fill their spaces.
Position yourself as an expert
Be the leading CRE pro in your market by serving for sale and for lease (because your competitors don’t). This will make you more valuable to clients and help you attract more business over time as your network grows.
Key opportunities in commercial leasing
There are a number of key opportunities in commercial leasing including:
- Unlock new revenue streams. Commercial leasing can be a very profitable business. By incorporating commercial leasing into your CRE business, you can tap into a new revenue stream and grow your business.
- Lots of low cost tools to help you succeed. There are a number of low cost tools available to help you with commercial leasing. These tools can help you streamline your workflow and improve your efficiency.
- Position yourself as an expert in your market and own your position in you market. By serving the demand for commercial leasing, you can position yourself as an expert in your market and attract more business.
If you’re looking to grow your CRE business, commercial leasing is a great opportunity. By following the tips above, you can get started and start generating revenue today.