The pandemic has changed lives all around the world, and business closures have left hundreds of commercial buildings empty, from offices to shops.

With the announced closure of clothing retailer Gap meaning another shuttered storefront on the high street, landlords may be wondering what can be done with empty properties. We have a look at three ideas to help landlords make a profit from empty commercial spaces.

 

1. Private events

Post-pandemic, many people will be looking for clean spaces to meet up and organise private events, from book clubs, private parties, or exhibitions, your vacant office space could be the key to helping people get back together safely.

 

2. Professional training

Some companies may adopt a permanent remote work policy, and do away with the need for full-time office space. However, they may need a place to host meetings or staff training. Your commercial space could become a meeting room for hire.

 

3. Pop-ups

A pop-up is a short-term retail store, such as a holiday craft shop, summertime brewery, food market, or clothing retailer. They typically last a few days or weeks, which is beneficial if you don’t want to commit to a long-term rental contract. Pop-ups can be excellent ways for businesses to increase brand awareness and revenue.

Whatever you decide to do with your vacant premises, always consider any risks involved, and contact your insurer to find out what coverage you need, such as commercial or public liability insurance. Why not contact us for a quote today?