What to Do with Your Empty Commercial Space 

Unoccupied space is a huge hit to your balance sheet. Any unused space is costing you money and finding a way to generate income is your best bet in minimize financial loss.   Keep in mind that constraints on creativity include zoning, restrictive covenants and obligations to other occupants. you come up with will be limited There are creative ways to use vacant space. In this article, I have compiled a few innovative and practical ways to transform vacant space.

Create a Multipurpose Area

There are so many possibilities when it comes to using open space. Repurposing a open floor plan presents you a blank slate that present almost limitless possibilities.  Using the open floor plan allows for the creation of a dynamic multipurpose area is an excellent option.

Make empty space available on-demand for short term users. Empty office space can become anything in the blink of an eye - a conference room, a private meeting room, a project staging area, or a guest speaking room.   For unenclosed space, create a lounge with a couch and a few chairs. It can double for a presentation space or collaborative meeting area. Co-working spaces are huge right now – freelancers and small businesses need space to work, and you have it!

Remember, your space is valuable to others.  If you for events in multipurpose available, fresh eyes can provide more opportunities to grow.

Meet Ups and Co-Working

Whether it’s Women in Tech or a local mindfulness and yoga group, meet-ups are an increasingly popular way for like-minded peers to come together to socialize, network, and collaborate. Workspaces and conference rooms are quiet and inexpensive venues where they can come together.

Many young professionals working from home are beginning to feel cooped up and stir-crazy in their home offices. It is difficult for them to separate home and work when both are in the same place. Many would gladly pay for space where they could hold meetings, take advantage of fast internet and other amenities and make some human connection with other similarly situated peers.

Rent or Sublet it Out

If your business is paying for unused space you might have options.  Subletting or assigning vacant space is a great way to recover some amount on a space you are paying for but not necessarily using.   Don’t let an opportunity to cash in on new working trends pass you by.

The location, size, level of finish and other deal terms will determine the rent you are able to charge.   Larger areas can be used for presentations, local organization chapter meetings, or a workplace for a smaller company. Use individual offices or smaller areas for temporary offices or private meeting rooms.  However, most leases will impose give landlords the right to consent to any assignment and subletting.  A seasoned commercial real estate attorney can review your current lease and draft a new sublease or assingment agreement to ensure your transactions is legally compliant.

Amenity Space

Repurposing empty office space could start with the people who are in it most frequently – your employees. Open office space areas can be used in a myriad of ways to boost morale, improve mental health, and foster collaboration.

A lounge, game room, movie room, mediation studio, or quiet nap room are superb ways to reinvent your office space. You’re already paying for the space, so a small investment in comfy chairs, a ping-pong table, or a gaming system can make a huge difference in worker morale.  Amenities show employees you appreciate them and that you recognize their need for work-life balance. Plus, it increases your workplace’s approachability factor to attract and retain talent.

Low Income or Senior Housing

In certain situations vacant space can be use for transitional or low income housing.  While this would take both an open-minded company and considerable operational expertise, your excess space can be sold and used for low income or senior housing.   An experienced attorney would be necessary to draft the contracts, research the relevant zoning laws, and cover any other bases a layperson might miss. However, if your space allows and an opportunity presents itself, this could be an amazing potential for people in the community.

In addition, your space can be used as a shelter for the homeless. Cots can be brought into common areas, and cafeterias can be used to prepare meals for homeless individuals and families, especially on cold winter nights when existing options are overwhelmed.

Whether you’ve got a single unused conference room, several unoccupied offices, or an entire empty building, unused space is going to waste in your workplace and is draining on your finances.  A commercial real estate lawyer can work through your options with you to discuss options to monetize space you are not using. With these options, you can find a way to make the most of your unused space. The possibilities truly are endless.