Have them experience the vision
How Temporary Leasing Offices Help Improve Lease Rates
- What is a temporary leasing office?
- What’s included in a temporary leasing office?
- Why build a temporary leasing office?
Selling tenants on the concept of a living space can be difficult. After all, residents want to experience their space before choosing to live in it for an extended period. Without a unit or campus to tour, signing a lease for a property under development can feel a lot like renting a place sight unseen.
One way that property developers can reduce vacancies in communities still under construction is by building a temporary leasing office. Designed to show residents the look and feel of their future space, temporary leasing offices help tenants visualize the community more easily, giving them the confidence they need to sign a lease.
What is a Temporary Leasing Office?
When property developers are building student housing or multifamily communities from the ground up, they will often open a temporary leasing office. These temporary leasing offices are designed to aid the management and operations teams with preliminary leasing efforts before the property opens or is finished being built.
These offices are typically rented spaces in close proximity of the construction site for the main property. Many times, temporary leasing offices are in unique spaces, such as storefronts in downtown areas, a custom trailer set at the project site, a historic home, or even an RV. While some developers may not have the budget to invest in such spaces, temporary leasing offices can help significantly increase pre-leasing percentages.
What is Included in a Temporary Leasing Office?
A temporary leasing office should be designed to mirror the look and feel of the property in development. When designing the temporary space, your commercial interior design a team should use as many of the actual finishes that are going to be used in the completed property. Paint, flooring, lighting, artwork, and other items should all be carefully selected to be indistinguishable from the true experience of living at the property.
Typically, renderings of the main property will be displayed throughout the temporary office. Along with these renderings, the space will usually include a leasing area, lounge area with design aesthetics reminiscent of what the main site will be, and (if space permits) a model area to showcase the new units. If the temporary leasing office is for a student housing property, the model unit will feature the site’s unit furniture package to replicate the real feel of what the completed property will look like.
Depending on the type of space that’s being used, the design team may need to request special permits to complete any structural work. For instance, during our most recent temporary leasing office design at The Marshall Rochester, our client chose to set up in a historic home located near the construction site. Because of this, we needed to adhere to strict building regulations to protect the historic integrity of the property when building out the model units.
Why Build a Temporary Leasing Office?
Investing in a temporary leasing office can provide many benefits to property managers, including:
- Lease Rates: By giving prospective tenants a place to tour, property managers will enjoy higher pre-leasing percentages for their communities. When our client, Ryder on Olive, chose to build a temporary leasing office, they were able to lease 100% of their units before the property even opened.
- Vacancy Rates: Naturally, higher pre-leasing rates means lower vacancies at the time the property is completed.
- Profitability: With more residents living at the property at the time construction is completed, you’ll be able to recover the cost of your investment faster.
- Tenant Relationship: Delivering on your promised design is a great way to strengthen the tenant-landlord bond from the start.
At SouthPark Interiors, our team has helped design temporary leasing offices for student housing and multifamily property developers throughout the United States. Through our thoughtfully designed spaces, tenants are able to get a better idea of what their new place will look like, giving them the confidence they need to sign a lease while their future home awaits completion. Create your temporary leasing office by working with our commercial interior design team on your property development project!