How do you feel about a mall without a parking space? Do you worry when you want to visit a restaurant but learned that it has no dedicated parking space? Do you see yourself visiting an establishment when you know you’re going to have a hard time looking for a parking slot? How about if you’re the one starting a business? Would you rent an office building with no parking lot?
Surprisingly, a lot of small businesses would rather forego the idea of having their own parking space than pay for it. Entrepreneurs are so set in their own ways about renting a space in the city that they forget they also have to pay for the parking benefits. Parking is important. You just don’t know it yet or you refuse to see how important it is.
Your Experience as a Customer
Jenny once had to go to an office building to meet a wedding photographer. Unknown to her, the office building was a dilapidated one with a dark and dingy parking lot that barely accommodates four cars. Upon arriving, she immediately called the photographer and asked instead to meet in a nearby coffee house. She and her partner were so impressed by this photographer that she can’t help but wonder why anyone would want to rent an office space there.
Feeling her discomfort, the photographer offered an explanation without Jenny asking. He said that the spot is the best place he can afford right now. He wants to be in the city, and it’s the cheapest space there. Jenny told him that if they were not impressed with his work, they would have backed out of the deal. That made the photographer think about his other options. Soon after their wedding, Jenny learned that photographer transferred to another building. This one has a better parking area, Jenny found out when she went to pick up their wedding album.
Think of your office space as your home. Would you invest in a real estate property that cannot even make you feel safe? If you have a car, will you invest in a home that doesn’t have a garage if there’s another one near that offers a spacious one-car garage?
First impressions last. The fact is that you worry about your car and belongings when you have to leave them in a dingy parking lot. Your mind keeps thinking about whether your car is still safe.
Your Perspective as a Tenant
Wouldn’t you want your customers to feel safe? Wouldn’t you want them to spend as much time as they can in your store when they go for a visit? The only way they’ll leave their cars and belonging alone even for a second is to know that they are safe. That’s what you are paying for in rent every month. You need to make it convenient for your customers to come for a visit.
Often, tenants feel that it is too much to pay for an allotted parking space. After all, if their customers really want to buy something from their store, they’ll find a way to get there safely. Is this how you feel as a customer, too? The truth is that customers can easily forget about your store when they feel that it is unsafe to visit. Unless you make it easy, comfortable, and convenient for them to go to your store, they would rather set their eyes on another place.
Your Commercial Space Should Have a Parking Lot
If you’re renting out commercial space, should you worry about parking lots? The allotment of parking space should be based on the usable square footage of your tenant’s rented space. A tenant who is renting less than 400 square feet of space should not be getting all the parking privileges. Your other tenants—especially those with larger offices—will not take to this kindly.
What if you have a small land but you managed to squeeze in a commercial building? How are you going to offer parking space for your tenants? Think vertical. You can convert the basement into a parking space. Even a few car slots are better than nothing. The fact is, if you want to get into the commercial property business, you should be ready to invest in what your property needs.
Parking is an often overlooked component of commercial property. However, it matters to the customers, the tenants, and the landowners. It matters to everyone. That’s why it’s a wonder why many don’t seem to think it’s a worthy investment.