Since the COVID-19 pandemic brought lockdowns in 2020, owners of commercial and office spaces have encountered difficulties in filling vacant units as companies switch to hybrid and work-from-home setups.
While selling the unit may bring commercial real estate owners profit, there are other, more creative solutions to fill up and earn from the space. Below are some options you can consider to generate income from the empty office space.
1. Private Events
One of the byproducts of the COVID-19 pandemic is an increase in people looking for clean places to host their celebrations. While there are plenty of empty space chains, most of these spaces are not cleaned between events due to higher foot traffic.
Empty office spaces can function well as an event space. However, there are several things to consider before advertising your unit, including what types of events can be held in your space and what upgrades you would need to appeal to target customers.
2. Pop-Up Retail
Pop-up retail spaces are great, especially for start-up designers, seasonal shops, and mobile art exhibitions. Pop-up retail shops also attract top retailers in the market looking to test out their newest products and services to see how well residents in the locality will receive them.
If you're planning to rent out your office space for pop-up retails, ensure the unit is connected to WiFi to allow point-of-sale payments and that the building has enough parking to accommodate large crowds.
3. Co-Working Space
While work-from-home schemes have increased in popularity, not all workers have access to a space conducive to success. As such, co-working spaces can attract remote workers to rent a seat at your office and bring some profit your way.
It is important to note that co-working spaces don't only attract solo employees. Some small businesses and large companies also use co-working spaces instead of opening up another office in a different city, effectively reducing their overhead costs.
4. Experiential Space
In recent years, well-being and mental health have become a top priority among HR managers. Renting out your vacant office unit for experiential activities can help you leverage this trend. Some of the most popular experiential businesses include meditation studios, art collaboration rooms, game rooms, and farmers markets.
5. Businesses With Kitchens
If your empty office unit has functioning kitchen facilities, you could rent it out for short-term use. This may include community soup kitchens, bakeries, sandwich artisans, and self-serve counters. Some chefs can also rent your kitchen space to train aspiring cooks and food service teams.
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