Published: Factors to Consider in Urban Development

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Creative Strategies for Successfully Leasing Office Space

Since 2018, Michael Snedeker has served as executive vice president of Elite Building Corp, a Waltham-based firm with significant development projects in Greater Boston. One of Michael Snedeker’s areas of expertise is in commercial real estate and development.

Today’s commercial real estate market has evolved to the point that landlords have to be creative to attract and keep their spaces rented. As opposed to paying exorbitant prices, renters can lease through a serviced office, go with coworking space, or work remotely.

To compete, landlords should first target a market they wish to serve. Once targeting a particular market of professionals, landlords need to learn the amenities that might attract this particular group. For example, if looking to attract millennial professionals, a landlord might focus on leasing in urban centers, where many of them prefer to work and live.

Amenities play a huge role in attracting renters. If catering to large companies, landlords or leasing agents might consider outfitting the space with a full kitchen, so that employees can cook their meals. The space can also include workout facilities as well as a lounge area.