As a landlord who owns commercial premises, there’s nothing worse for business than an empty property, but if you’ve walked down an average UK high street recently, you’ll realise that it’s a problem faced by many landlords who own commercial (or potentially commercial) property. The economy, of course, is to blame for this situation, but are landlords thinking ‘out of the box’ enough in order to rent out their commercial premises?
Cash flow, or the fear of it drying up, is often cited as a reason why would-be business owners are put off by many rental agreements. They frequently tie the tenant down to a very long contract, when the business owner has no idea how their new venture will fare, or indeed how the local economy around it will do.
Some say new initiatives are needed to fill up high street shops, largely focused on shorter tenancies and special deals on rents. Reduced rent, payment-free periods and tenancies of 12 months or less, are all ideas that have been tabled by voices within the commercial property industry. Even if a landlord is not making as much as he or she did a few years ago on a particular property, at least basic costs are being covered, security is less of a worry – and they might even be helping a fledgling business grow into a very successful enterprise.
Financial constraints can be tough for both tenants and landlords in the current climate, as many of those seeking a landlord insurance quote from Click4Quote will tell you, but it seems fresh approaches to rentals might help re-new some landlord’s fortunes