Finding Tenants for Your Minneapolis Commercial Real Estate

Finding Tenants for Your Minneapolis Commercial Real Estate

Finding Tenants for Your Commercial PropertyCommercial property investors know that the key to success in this niche real estate market is uncovering the most desirable and in-demand properties in their area. Scoring a great deal on a valuable, sought-after piece of property is certainly something to celebrate, but then it's time to focus on the search for the right tenants. The tenants that occupy a commercial building in Minneapolis have a lot to do with its success or its failure.

Types of Tenants that are Ideal for Commercial Buildings

Different commercial real estate properties will be attractive to various types of tenants. In Minneapolis, retail commercial buildings, office space and multi-family developments are thriving. However it's still critical to identify the right tenants that will be most interested in commercial real estate properties in the community.

The economy in Minneapolis and St. Paul is strong, with plenty of young people moving to the area for high-paying jobs and luxury living opportunities. This, in turn, ushers in a slew of retail development. High-end retail brands are often looking for retail development spaces where they can situate their storefronts near residents who have extra income to spend. Commercial real estate investors who secure proper financing and scoop up available properties near major intersections, highways or new housing developments should focus their search for tenants on retail brands.

However, commercial real estate investors who focus on office spaces and developments in the region will want to focus less on retail brands and more on small companies, such as tech start-ups. These businesses are often looking for affordable office space in Minneapolis that also is conveniently located in a central area, such as downtown Minneapolis, or Hennepin County.

In Minneapolis, senior housing is expanding rapidly. Commercial real estate investors who prefer to focus on multi-family housing buildings should try to attract senior housing developers, who are often looking for unique spaces that will accommodate the specific demographic that they assist.

Finding the Right Tenants for Commercial Real Estate

Finding tenants for any commercial real estate experience takes insight and knowledge into the local market as well as a stroke of luck. Commercial real estate investors can partner with real estate agents as they try to locate the most qualified tenants for their commercial spaces. Real estate investors need to find the right tenants for their properties in Minneapolis and throughout the surrounding region, and they can rely on tips for the experts to do so:

Network within the local business community to discover which types of commercial spaces are in demand amongst tenants. It's important that commercial real estate investors know which types of businesses will be launched in the near future, which types of businesses are expanding and may need more space, and which types of businesses are most likely to be relocating to Minneapolis in the coming year. This allows the investor to focus their efforts on the businesses that are going to be searching for commercial real estate to lease, rather than waste time, energy and resources on those that are not interested in new or additional commercial space.

Create a marketing campaign designed to generate buzz about your latest commercial property that you have purchased. Today's commercial real estate investor needs to know how to create a multi-faceted marketing strategy that includes traditional marketing materials as well as online advertising. Social media advertising campaigns, direct mail brochures and even cold-calling should all be included as components of marketing strategy for a commercial real estate investor. By getting the word out there, the investor will be able to uncover potential tenants.

Canvas the local area to see what retail brands, restaurants, offices and housing developers are looking for in a retail space. One of the best techniques commercial real estate investors can use is to go door-to-door to different businesses and simply start a conversation. Talk to the manager to see what they like about their current space, or what they would like to see in a new space. Investors should discuss what works and what doesn't work, so that they can create an appealing space for tenants within their own properties.

Learn More About the Minneapolis Commercial Market

Minneapolis, Minnesota is one of the hottest commercial real estate markets in the Midwest, making this an ideal time for investors to begin searching for the right commercial property in the city. Those who are interested in learning more about the current market conditions or those who want to discover how to become a successful commercial real estate investor should contact a qualified real estate agent today. It's imperative for commercial investors to work with experienced real estate agents who specialize in commercial transactions, as this is the best way to uncover valuable properties that will attract qualified tenants.

To learn more about available commercial real estate properties in Minneapolis, St. Paul and beyond, contact us today.

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