If you own a commercial property, you may wonder how to use it best to generate income. There are several ways you can do this, and the best option for you will depend on some factors, such as the location of your property, the type of property, and your budget. This article will give you ten rental ideas for your commercial property so that you can generate income from your investment.
Office space
One of the most common commercial property uses is renting out office workspaces. This can be done to businesses of all sizes, from large corporations to small businesses and start-ups. If you’re considering renting out office space, consider the type of business that would be a good fit for your property and the amenities you can offer (e.g., parking, meeting rooms, etc.).
Retail space
Another popular option for commercial properties is to rent out retail space. This is often seen in shopping centers or strip malls but can also be done in stand-alone buildings. When considering renting out retail space, consider the type of businesses that would be a good fit for your location. For example, if you’re near a university, you may want to consider renting from companies that cater to students (e.g., bookstores, coffee shops, etc.).
Event space
Many commercial properties are also rented out for weddings, parties, conferences, and more. If you’re considering renting out your property for events, consider the type of events that would be a good fit and what amenities you can offer (e.g., catering kitchen, audio/visual equipment, etc.). This will help you determine the rental rates that would be appropriate.
Storage space
Another option for commercial properties is to rent out storage space. This is often done by businesses such as self-storage companies or warehouses. However, it can also be done by individual property owners with extra space they don’t need. If you’re considering renting out storage space, consider what type of storage would be a good fit for your property (e.g., climate-controlled storage, outdoor storage, etc.).
Parking space
Parking spaces are often in high demand, especially in busy urban areas. If you have extra parking spaces on your commercial property, you may want to consider renting them out to businesses or individuals who need them. You should evaluate several aspects of your rental idea, such as hourly, daily, and monthly rates, to determine how much income you could earn.
Co-working space
Co-working spaces are becoming increasingly popular as more people work remotely or start their businesses. If you have extra office space on your commercial property, you may want to consider renting it out as a co-working space. When doing so, be sure to consider things like pricing (e.g., daily rates vs. monthly memberships), amenities (e.g., Wi-Fi access, printer/copier access), and any other perks that you can offer (e.g., free coffee).
Gym/fitness center
Another rental idea for commercial properties is to turn them into gyms or fitness centers. This is often seen in more significant properties, such as warehouses or office buildings that have been repurposed. If you’re considering this option for your property, research the competition in your area and what amenities they offer to make yours stand out from the rest.
Daycare center
Daycare centers are always in high demand, as many parents need a safe and reliable place to leave their children while they’re at work or running errands. If your commercial property would be a good fit for a daycare, you may want to consider renting it out as one. You’ll need to adhere to several regulations when doing so, so be sure to research the laws in your area before making any decisions.
Food court/restaurant
Another popular use for commercial properties is to turn them into food courts or restaurants. This can often be a great way to bring life to an otherwise dull property and generate some extra income. When doing so, consider what type of cuisine you’d like to offer, the layout of your property, and the amenities you can provide (e.g., seating areas, outdoor patios, etc.).
Senior care facility
Finally, some commercial properties can be rented out as senior care facilities. Large businesses often do this with the resources to provide quality care to seniors in need.
As the population of seniors continues to grow, the need for quality senior care facilities will also continue to increase. If you have a commercial property that would be well-suited for this type of use, you may want to consider renting it out as a senior care facility. Before taking any action, research the laws and regulations in your area.
There are many different rental ideas for commercial properties depending on location, type of property, and budget. The best way to find the right picture for YOUR property is by researching and exploring all options. Hopefully, this article has given you some ideas to get started!
