05 Jul How to Monetize Unused Property Office Space
Searching for space: it’s an unpopular but frequent pastime for businesses. It can be difficult to find the right property just about anywhere, including Seattle, but small businesses need that space nonetheless. Could your unused office space take the pressure off a small business and provide your business with extra income?
The Need for Office Space
With a skilled talent pool and a booming tech sector, Seattle has become a hub of youthful innovation. According to Business News Daily, the rise of entrepreneurship isn’t just focused in the technology area. “As profits rise, startups open and more people flood into the state to seek jobs, entrepreneurs in other industries see their customer base expand and their clientele’s disposable income rise.” With a local economy that’s growing more quickly than the national average, Seattle’s businesses are expanding, and they need to move out of basements and home offices and into the Seattle property rental market.
Finding the Gaps in the Seattle Property Market
Startups and small businesses can’t always afford to rent an entire office suite of their own, nor do they need the space. However, having an office adds an aura of professionalism to a business. That’s why alternative rental models can help these businesses find their footing in the rental market. If you’re involved in rental property management or you rent or own office space with unused areas, this gives you opportunities to fill the rental gaps. These trends allow businesses to utilize an office space without the cost of renting an entire office.
Do you have an unused room in your building or your office? It doesn’t need to be large. It may not even feel like a traditional office. Perhaps it’s a storage room that a small business could use for a specific purpose. For instance, a sole proprietor such as a fitness consultant or counselor could use a small room when meeting with clients. A larger space could be used for meetings with small groups.
According to BPlans, “every desk is only fully utilized for around 45 percent of the time.” While you don’t want to make life difficult for your employees, if you have employees who work from home or are on the road, work flex time, or work part time, why not ask them to share a desk and liberate some of your office desks to rent?
Not only can you share your office space, you can also share services as well. If you have a parking stall that’s empty or a row of unused mailboxes, you could rent these valuable assets to those who rent your office space. By providing added value, you can make your rental more attractive and secure additional income. You can also choose to invite complementary services into your existing office space so that your customers and theirs will benefit from the added services.
Working With a Rental Property Management Company
As you look into options for increasing your rental income, talk with a rental property management company so that you can see your property with new eyes. Property managers are adept at seeing the opportunities in your space, and they know what tenants need. You need to attract the right people to your office space, and you need to have ways of ensuring that your tenants are trustworthy. You’ll also need paperwork: Share My Office suggests that you “consider creating a letter of agreement between you and those renting from you.” A property management company can help ease some of the logistics of renting out your additional office space.
Are you planning to add to your rental income by renting out unused office space? If so, contact Lori Gill and Associates. We’re property management experts in the Seattle area; connect with us today.