If you own, manage, or lease commercial real estate there is nothing worse than having a vacant suite that nobody wants.  What can be done to reduce excessive vacancy downtimes?

If executed properly, space prep work can dramatically reduce this the time your suites stay empty  and rent is lost.  But what is the formula to success?   Spending too much could ruin future deal economics while not spending enough might not make enough impact to lure interested tenants.  Below are a few ground rules:

1) Plan your space prep before spaces become vacant.  Be proactive and don’t wait to see what kind of interest the space will have.  The space prep plans can always be put on hold or cancelled if a lease comes in sooner than expected.

2) Don’t waste money on new flooring.  I’ve learned the hard way that a tenant can love a newly refurbished suite but only want to lease it if you rip out the brand new carpet you put in.  Landlords lately have attempted to attract tenants by shelling out money to polish exposed concrete to create an industrial look.  While it certainly creates a style that many tenants like, it isn’t for everyone and might not accelerate leasing or be the reason your space is chosen by a future user.

3) Demolish the obvious.  It is important to demolish and abate anything that virtually every tenant will need removed for their future build-out.  Don’t go too crazy with the sledge hammer when if comes to removing and improvements that could be reusable, but if you can’t envision another tenant reusing it, get it out.

4) Power up.  Ensure the entire premise is well covered with necessary power outlets and lighting.  New tenants often need to do electrical work before moving in and your space needs to be equipped.