Market News

Creative Uses for Vacant Spaces

Have you noticed properties sitting vacant, some of these spaces for possibly long periods of time?   Are the rents too high, parking inadequate, exterior or interior neglected?   Vacancies can cause physical deterioration, negative energy in the neighborhood, and can even drive investors or other tenants away from surrounding properties. To avoid these situations, why not try and maximize on the vacant space while you are attempting to lease it?


There are several creative ways to repurpose a vacant space, all of which provide an opportunity to reinvigorate economic activity in such properties. Let’s take a look at ways you can market 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.  Some income is better than no income - 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 and other galleries.   


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, it shows the potential of a vacant space and 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 - Why not turn your vacant space into a temporary space to help local youth events and/or fundraising efforts?   Allow the local Humane Society to pick a weekend to help adopt pets?  It’s only temporary, but it’s sure to make a big impact and will be noticed in the community.


There are plenty of creative ways to use a vacant space to your advantage.  Hopefully one of the above has sparked your interest enough to take action.  Perhaps your next tenant will be walking downtown or driving through the community and notice your property in a completely different light.  Gives reason for clients to at least notice the property, which is what marketing is all about.