Need suggestions for marketing mid-century industrial building that has been converted into loft offices
My company renovated a mid-century industrial building in Ferndale and converted it into 8 loft offices/studios. It's a two-story building with four units on each level. It was gutted down to the ceiling/cinderblock walls and concrete floor. Everything else is new...roof, windows, mechanicals, and it is all ADA compliant.
The building is located along Hilton about 3 blocks north of Eight Mile. Some of the prospects have expressed concern with the proximity to Eight Mile (but those familiar with Ferndale don't find it as big of a deal). Here's a link to a recent article on the building.
http://metromodemedia.com/devnews/360hiltonferndale0097.aspx
Currently, we run ads on craigslist, all the commercial real estate MLS systems, we eblast Brokers, I mention it while networking, we send direct mail to a targeted audience and we've run newspaper ads. We have also lowered the price and staged an office. We are currently about 25% full with a prospective tenant that will take up another 25%.
We need to get this to 75-80% occupancy as quickly as possible. Does anyone have thoughts or ideas of how to market the property on a limited budget?
Thanks,
Jennifer Roosenberg
| Topic | Replies | Likes | Views | Participants | Last Reply |
|---|---|---|---|---|---|
| Get Yourself Connected... | 0 | 0 | 51 | ||
| Feedback Appreciated - Take a quick poll or two?? | 0 | 0 | 72 | ||
| What Will You Build the Rest of 2020? | 0 | 0 | 632 |
Hi Jennifer;
I have a couple of ideas:
1. Have you thought about holding a networking function or lead generation group meeting (BNI) in the building and offering tours? Not sure if it's condusive to that type of thing, but it might be a great way to showcase it. You could charge a small fee to cover expenses (if there were any.)
2. How about raffling off one of the spaces at a significant discount (for a limited time - like half off for 3 months) with a portion of the proceeds going to charity? Maybe the press would get ahold of it and you'd get some nice publicity. The drawing could take place at the building and maybe you'd need to be "present to win."
Good Luck!
Dawn Drozd, ActionCOACH Business Coaching
We / I could do a Michigan Realtor Masterminds event there
http://www.michigiganrealtormasterminds.collectivex.com
Beautiful, Jennifer! I love Dawn's idea about holding a networking meeting there.
Have you notified area creative centers such as CCS, or the Birmingham-Bloomfield Art Center that space is available?
Hi Jennifer, what's your target market? Age? Income level? Lifestyle? Also, could you share the price point with us? That might help us give you better input (for example, hosting a young professionals group at a building with units that sell for $280,000 probably isn't a good fit).
I love that you renovated an existing building as opposed to building new "lofts."
The suggestions to host events at the building are a great way to generate foot traffic! Are you on Twitter, Facebook or any other social media? Discussions like this are a great way to generate traffic as well.
Thank you all for the suggestions. You are all so creative. I have hosted a couple Ferndale Chamber coffees there and given tours. We also placed the building on the Ferndale Commercial Property Showcase. We get so much positive feedback when we do the events, but no luck turning it into a lease yet. It probably wouldn't hurt to do some more events to different groups. Keith, I like the idea of having a Realtor Mastermind group event there.
I did create a facebook page and have just started promoting it. http://www.facebook.com/pages/Southfield-MI/Zicor-Property/36057708052
As for target audience, the units are for lease to small businesses looking for creative loft-style office space. These businesses will have 2-25 employees, be in the market to move (whether to expand, downsize, get a better location or just to save money). The business owners would probably be younger, 24-45 years old, and their employees would like the idea of working in Ferndale. The types of businesses that would be a good fit would be: interior design firms, architecture firms, marketing and advertising firms, small CPA firm, attorneys, mortgage or title company, just to name a few. The rates for the space range starting at $8.50/ sf gross annually and go up depending on how much build out is needed.
Thank you again for all the feedback. I love this group!
I have been to this location, taken a tour and think it is diamond in the rough. Someone is going to get a great deal.
Best of luck!