It’s October 2019, your building is bustling with floor upon floor of various businesses from law offices to startup technology companies. In fact, you almost have zero vacancies for the new potential tenants who inquired about an office space last week. Fast forward just four months, and instead of busy elevators and buzzing businesses, there’s silence. Absolute silence.
With the pandemic, those tenants moved to a work from home environment and now, your commercial location is almost vacant and you’re wishing that the phone would ring for any other reason than business owners wanting to cancel their leases. There are two ways that you can look at this situation:
1. Doom and gloom, it’s never going to bounce back
2. Businesses are slowly trickling back in, this isn’t the end of the world. How can you fill those vacancies?
We like to think that most real estate leaders are of the optimistic mindset, and because of this, we’re going to lend you a helping hand. Location intelligence is the answer CRE companies have been looking for. Here are three ways that location intelligence can help you fill those vacancies and return your peace of mind.
Reach Tenants Who Convert
Location intelligence is based on where consumers go in the real world. This means that if a potential tenant is looking for a space for their business, you will gain near real-time insight not only into where they are looking but why.
Instead of shooting your ads out blindly, not knowing who will respond or even if they will respond at all, real estate leaders can trust that the analytics garnered are accurate and true, helping you deliver targeted ads at the right time and to the right people.
The biggest benefit here is that you will save a lot on ad spend, investing your time and energy into the ones who have the highest likelihood of converting.
Identify What Works for Your Area
You have an empty building to fill. Without the right data to analyze your neighborhood, how would you know what would be the most successful business to target for your area? Location intelligence lets you get valuable market insights into your area by analyzing the foot traffic patterns of the population.
For example, a busy block in Brooklyn is going to have vastly different tastes and needs than a quiet neighborhood in suburban Charleston, South Carolina. Commercial real estate leaders have no way of knowing who would not only be successful but who would be best to target without the proper data in place.
With foot traffic data you gain insights into what sort of businesses would thrive in your space, and which ones wouldn’t do so well. The more successful the business, the less chance of them vacating the property.
Valuable 2020 Insights for Commercial Property Groups
No matter what industry you fall into, one thing is certain: 2019 insights don’t apply for the new 2020 landscape. If you used to garner CRE trends based on previous years, this year is very challenging because there isn’t anything to go on; we’ve never experienced anything quite like this in our lifetimes. So, how would a CRE leader know where to turn to make accurate business decisions?
Location intelligence does exactly that: it gives you visibility into the data that you need to make smart business decisions. Fulfilling leases at a time like this seems impossible, especially if you’re taking your shot in the dark.
Having 2020 insights right at your fingertips will help you strategically plan the road ahead, even if it’s a twisted and bumpy road.
Location Intelligence Solutions for CRE Companies
You don’t have to navigate this new normal alone. We provide our clients with high-quality location intelligence to make better business decisions. If you want to see what location intelligence can do for your CRE business, contact us to speak with one of our experts today.