East Ottawa Landlord Reaps the Benefits of Full Service Property Management
Commercial real estate is an investment that requires active property management and expertise in multiple fields including: accounting, day-to-day operations, leasing, construction and project management, in order to maximize returns.
A landlord’s profitability can quickly turn red when significant or prolonged vacancy occurs at a property.
The landlord of 1209 Michael Street, in East Ottawa, recently experienced the departure of a tenant, rendering the building vacant. Inside Edge Properties quickly produced a strategy for the building that would minimize downtime and attract high quality tenants.
The strategy drew from Inside Edge’s wide array of expertise and allowed the landlord to have one point of contact throughout the process.
The landlord required a new tenant for the building. Inside Edge’s leasing team quickly produced an aggressive digital and print marketing campaign to showcase 1209 Michael Street. The team leveraged existing relationships and broadly marketed the building as a new opportunity for lease.
The building was previously designed for a single tenant. Inside Edge’s project management team coordinated with the leasing team to draft multiple designs and outlined associated costs to demise the building into various suite sizes.
Commercial Property Management:
The day-to-day operations of the building was facilitated by Inside Edge’s property management team who coordinated with various service providers to ensure the building was well maintained and attractive to prospective tenants.
One Point of Contact:
Inside Edge was the landlord’s one point of contact to execute the strategy at 1209 Michael Street. With Inside Edge’s proactiveness and full service management approach, the landlord was able to secure an 11,000 square foot tenant (or 50% of the building) four months prior to the expiration of the current tenant vacating. The new tenant took occupancy one day after the previous tenant vacated, leaving no vacancy cost to the landlord.
Inside Edge is currently completing the construction of two new ground floor suites at 1209 Michael, that are 4,000 and 7,000 square feet each. They will be available for occupancy this summer.
Interested in seeing the space? Give Inside Edge a call today.