Is an impending recession inevitable? As companies start to reevaluate their costs, one of the biggest is office space… For most companies, office space is the largest expense other than employee costs. Whether you are trying to lease a vacant property, or looking to lease something yourself, leasing is a cheaper and less committed alternative to buying or building space. If you are the leaser, you know how important speed to lease is. Every day your property sits empty is money out of your pocket.
Recessions Decrease Demand; Every Prospective Tenant is Critical
During a recession, demand for commercial real estate property is reduced across the board between leasing and buying. This means that you want to take advantage of anyone showing interest in your property. Thankfully, ID 360 gives you the tools to respond quickly to inquiring tenants with any information they request.
ID 360 is the ultimate solution to your leasing problems. ID Plan’s ID 360 provides an advanced LOD with architectural plans and virtual views of your property in just 10 business days. Once your ID 360 is delivered, you can access the property anytime, anywhere, across any platform in one easy to use centralized location.
Additional Opportunities to Highlight the Potential of a Property
Even with high-definition pictures and videos, it can be hard to envision how to transform a space. Luckily, ID 360 offers a Whitebox option. This helps tenants visualize how they could take, for example, a drug store layout and turn it into a med spa. This product allows you to virtually change the interior of a space to however you or the tenant would like. This is a great point for selling, especially within a recession where companies are deciding if they want to lease a space or build their own. Whitebox renderings can help a tenant lean towards leasing, once they see what they can do with a space.
Focus on Speed to Lease as a Recession Begins
As the New Year begins, we will continue to monitor activity for commercial real estate leasing. When the time comes to lease a space, make sure you have all of the necessary property information. This could include original architect renderings and outdated LODs. If this is the case for you, ID 360 might be exactly what you are looking for to get all of your leasing information into one easy to access location. When the market slows down, every day counts when you have vacant space and speed to lease is critical!
To learn more about how ID Plans technology can help you manage your properties, please contact us today to schedule a demo.