Too many times I’ve walked through a smaller down-town area and noticed prime properties for lease. It’s not the property I notice first though, it’s the vacant space. Some of these vacant spaces sit for long periods of time, possibly because the rent or taxes are high. This can cause physical deterioration, negative energy in the neighborhood, and can even drive investors away from surrounding properties.
To avoid these situations, why not maximize on the vacant space while you have it? There are a number of creative ways to re purpose a vacant space, all of which provide an opportunity to reinvigorate economic activity in such properties. Let’s take a look at 5 ways you can turn a vacant space into something more:
Simple – If you’re a landlord that has other properties for sale or lease (and the space is street-side), turn it into a virtual showroom of your other properties. By making the space inviting, you’re already one step closer to generating interest.
Mainstream – Pop-up restaurants and shops are a great way to turn vacant spaces into revenue generators for a short period of time. If you’re having trouble renting a property, offer the space at a discounted price on a month-to-month basis. This has become a popular option for local artists.
Virtual – Architectural imaging companies specialize in 3D technology that allows tenants to re-imagine vacant lots using 3D vinyl graphics mimicking a real shop. Not only is this a great marketing tool, these virtual shop fronts give the impression that the vacant space is actually occupied. If you want to show the potential of a vacant space, this is a great way to do so.
Urban – Repurpose a vacant space into an urban green space to tap into the local community. This goes a long way with the local press, especially if the community plans a picnic or social activity in the space.
Fun – You’ve probably seen the images of fútbol fans around the world gathering in large empty spaces with a TV propped on top of a truck, all for the sake of watching their beloved team go after the glory that comes with winning the World Cup. Why not turn your vacant space into a viewing venue? It’s only temporary, but it’s sure to make a big impact.
There are plenty of creative ways to use a vacant space to your advantage, and hopefully one of the above has sparked your interest enough to take action. Perhaps the next time I’m walking down-town, I’ll notice a quirky pop-up shop with holiday scented candles or an art gallery full of colorful paintings and sculptures. I wouldn’t even be surprised to hear the roar of an announcer who just witnessed a game-changing GOOOOOOOOOOOOAAAAAAAAAAALLLLLLLLLLLLLLLLLLLL!
Written by:
John Boyer, Director of Marketing
Nicole Epps, Marketing & Communications Specialist
Coldwell Banker Commercial Affiliates
