The challenges facing retail businesses during the pandemic have been too severe for many to endure, and unfortunately many retail spaces have since been abandoned. As commercial real estate investors evaluate their options in light of changing property demands and an influx of new properties, opportunities await those willing to seize the day.
Think Outside the Box
Investing in real estate comes with risk, but smart investors are able to seize the day and use the present situation as an opportunity to get ahead of the competition. Here are some of the ways REITs can take advantage of abandoned properties and turn them into profitable leasing spaces:
- Rethink vanilla boxes – Vanilla box construction creates a neutral, lease-ready space that the tenant can turn around and finish per their specs once the lease agreement is signed.
As property demands have changed, one way many commercial real estate owners are taking advantage of the situation is by converting vanilla boxes and other larger spaces into two or three smaller spaces for greater leasing opportunities. As we know, retailers must balance their onsite and online presence and a smaller footprint may enable them to do so more economically.
- Create community – Retail centers have long been a staple of community life. More than just a place to shop, retail centers create a space to gather and connect. Redeveloping retail centers in a way that makes them an integral part of the communities they serve is essential. To do this effectively, hire a local contractor who knows your community and its needs.
The retail industry has been hit particularly hard by the global pandemic, but as the community reemerges, they will be looking for new spaces that meet their needs. Give your tenants the fresh start they need by partnering with us at Seacoast Construction to reimagine your leasing opportunities. Contact us today to schedule a consultation.
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