How to Rent Unused Space to Generate Revenue

Person working in coworking space

It’s no secret that space is at a premium in most cities. As the world becomes increasingly digital, many businesses find that they no longer need the same amount of office space. With employees working remotely or from home, unused offices and meeting spaces are becoming more prevalent. So what can be done with all this extra space?

Luckily, there is a solution. Businesses can transition unused space into coworking space and rent it out to individuals or small businesses. By doing so, they can generate additional revenue and create a community of like-minded individuals.

If your business has unused workspace, here are seven steps for renting it out and generating revenue.

1. Evaluate Your Space and Market

By evaluating your space early on, you’ll be able to make the best decision for your business moving forward.

Space Size and Traffic

If you’re thinking about renting out your office space, the first step is to consider the amount of potential traffic. If your space is in a busy area, there’s a good chance that you’ll be able to generate more revenue with day passes or drop-in rates. However, if foot traffic is light or your space is more conducive to longer-term memberships, you should take those factors into consideration as you prepare to rent.

Another critical factor to consider is the amount of space you have available. If you have a large office, you’ll be able to accommodate more space members and generate more revenue. However, if your area is limited, you may want to focus on smaller businesses or individuals looking for a smaller office space.

By evaluating your space early on, you’ll be able to make the best decision for your business moving forward.

Your Target Market

Once you’ve decided to rent out your empty office space, the next step is to determine your target market. Who are you trying to attract? Options may include:

  • Small businesses
  • Startups
  • Self-employed professionals
  • Remote workers

The answer to this question will help dictate what kind of amenities and features you need to include in your coworking space to make it appealing to your target market. For example, if you’re looking to attract small businesses, you’ll need to make sure that your office space is large enough to accommodate a team.

On the other hand, if you’re targeting individual professionals, you might want to include features like a shared kitchen or lounge area. Then, once you’ve determined your target market, you’ll be well on your way to generating revenue from your extra office space.

Determine Demand for Your Coworking Space Guide

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Click here to get your free guide with tips on how to attract members, find the right location for your coworking space and ensure a successful launch.

Determine Demand for Your Coworking Space Guide

Get your free coworking space guide

Click here to get your free guide with tips on how to attract members, find the right location for your coworking space and ensure a successful launch.

2. Pricing Your Office Space

Once you’ve determined who your coworking space members will be, the next step is to price your office accordingly. There are a few important factors to consider:

  • Office Location: If your office is located in a premium area, you’ll be able to charge more for access. However, if your office is in a less desirable location, you’ll need to adjust your pricing accordingly to attract potential space members.

  • Office Size: The larger your office is, the more you’ll be able to charge for rent. However, if your office is on the smaller side, you’ll need to be more competitive with your pricing since other options are likely available.

  • Amenities and Features: If your office includes features like a shared kitchen or lounge area, you’ll be able to charge more for access to them. On the other hand, if your office is more basic and doesn’t offer any additional amenities, you’ll need to adjust your pricing to align with similar options.

Once you’ve considered all of these factors, you’ll be able to come up with a competitive price structure and rates for your new coworking space.

3. Creating a Listing

Now that you’ve priced your office space, it’s time to create a listing. When creating a listing, there are a few things you’ll need to include.

Engaging Headline

First, you’ll need to write an engaging headline that accurately reflects what your office space has to offer. For example, if you’re offering ample office space in a prime location, some example headlines might include the following:

  • Luxurious Office Space in the Heart of the City
  • Spacious and Affordable Office Space for Rent
  • Modern Office Space with All the Amenities

These headlines accurately reflect what potential renters can expect from your office space.

Include Key Details

After you’ve written a headline, you’ll need to include critical details about your office space. When writing your listing, be sure to include the following:

  • The size of your office space
  • The number of desks or workstations available
  • The monthly rent price
  • Any included amenities or features

By including all of this information in your listing, potential renters will get a good idea of what your office has to offer and decide if it’s a good fit for their needs.

Add Photos or Videos

In addition to including critical details about your office space, you should also add photos or videos to your listing. By adding visual elements to your listing, you’ll be able to give potential renters a better idea of what your office looks like and what they can expect.

When adding photos, hire a professional photographer or take high-quality images yourself. And, if you have any video tours of your office space, be sure to include them as well. These are both great ways to make your listing stand out.

Promote Your Listing

Once you’ve created your listing, the next step is to promote it. There are a few different ways you can go about promoting your listing.

First, you can share it on social media platforms like Facebook, Twitter, and LinkedIn. This is a great way to reach a broad audience and get your listing before potential renters.

Another option is to share your listing on your website or blog. If you have a solid online presence, this is a great way to drive traffic to your listing and generate interest.

Finally, you can also promote your listing through online advertising. This is a great way to reach potential renters who might not be active on social media or who might not be aware of your office space.

When promoting your listing, make sure you’re clear about the features and amenities your office space offers. You should also include pricing information and any other relevant details that potential renters might be interested in.

Additional Tips and Tricks for Renting Out Unused Space

Now that you know how to start renting out unused space, here are a few tips and tricks to help you get started quickly.

  1. Use Coworking Space Management Software

If you’re thinking about renting out an office space, it’s good to use workplace booking software. This software can help you manage bookings, keep track of payments, and even send automatic reminders to your space members. By using workplace booking software, you can make renting out your office space much easier and more efficient.

  1. Advertise Your Property Online

Another good tip is to advertise your property online. There are several websites where you can list your property for free, and this can help you reach a wider audience and help you find tenants more quickly and easily.

  1. Set a Competitive Price

When setting a price for your office space, make sure it’s competitive. If you charge too much, you might have difficulty finding tenants. On the other hand, if you charge too little, you might not make enough money to cover your costs or generate a profit. Therefore, it’s essential to strike a balance so that you can find tenants while still making a profit.

  1. Consider Offering Discounts

If you’re having difficulty finding tenants, you might consider offering discounts. For example, you could offer a discount for tenants who sign a more extended lease agreement. You could also offer a discount for tenants who pay their rent on time. You can make your property more attractive to potential tenants by offering discounts.

Get Started

If you’re interested in renting out your unused office space or extra rooms, start with the three easy steps outlined above.

If you’re looking for help managing your space, try CoWello to make the process easier for you. You can try CoWello free for 30 days, and get your first space set up in under 10 minutes.

With our help, managing your unused workspace to generate more revenue is easy.