Just because a property is defined as an office space, that does not mean that is what it has to be used. If you are looking for a Florida investment property, consider looking into office buildings for sale! There are endless applications for empty office space that can take your Florida investment property to the next level.

Office space is one of the most available types of commercial real estate in Lee County. With a range of applications for office space, it can be the ideal solution for an investor that is looking for a low-maintenance property option. Check out these 6 unique ideas for converting empty office space into profitable real estate.

Co-Working Spaces

Co-working spaces are offices that are available for public use rather than just one company. These spaces are designed to promote a healthy work environment for people who work remotely or away from their own office. This allows people to experience an office environment while working independently.

These spaces are generally set up the same as a normal office would be with all the same amenities. This usually includes things like printers, wifi, conference rooms, and coffee. Some spaces will also feature additional amenities to cater to specific business types such as 3D printers, digital assets, or other useful technologies.

In general, there are four different types of co-working office spaces available. Individual office designs, desk space designs, open office space designs, and event space designs. The most common type of co-working space is the open office space design that allows for a collaborative environment.

Setting up co-working spaces that you can rent out to those not yet ready to go back to the office is a great option for anyone interested in investment properties. It’s easy to do and can help bring in a good income stream.

Pop-Ups

Pop-ups are temporary retail stores that generally rent a space for a few days or weeks at a time. These stores might include seasonal stores such as summertime breweries, or event-based stores such as craft retailers. These stores have gained popularity in recent years as a way to combat the so-called “retail apocalypse” as shoppers spend more time buying products online rather than at brick-and-mortar stores.

There are many reasons why a pop-up venue can be a lucrative solution for landlords with empty office space. Pop-ups provide short-term lease options for a space rather than committing to long-term tenants. They can boost the reputation of the area by attracting customers to the neighborhood. It can also allow brands to “test” a location to potentially enter a long-term contract down the line.

Venue Rental

Another idea for using empty office space is to rent it out for various venues. This might include professional events such as expositions or private events such as weddings. By leaving the space open and well-maintained, you can offer a safe space for people to gather while maintaining social distance for a variety of purposes. Depending on the number of alterations that are made to the space, the applications of venue rental could include acoustically friendly events from concerts to band practice.

Keep in mind that while venue rental can be lucrative and beneficial, it also requires that the property be visually and aesthetically pleasing in most cases. Take a look at the space and imagine the different types of events that you could realistically see taking place here. Spaces that make for a great business meeting may not be the best for a wedding or family get-together. Evaluating the types of events that work well in the space can help you market it in the most beneficial way possible.

Meet-Ups

Meet-ups are similar to co-working spaces or venue rental, however, they are dedicated to meeting rooms only. These spaces are generally not customizable and are available for one-time rentals for a range of uses. These areas have become increasingly popular post-pandemic to provide a neutral, safe meeting environment. Common meet-up uses include after-hours business meetings, book clubs, study groups, or any other gathering of people with similar interests.

Artist Rental

Similar to pop-ups, artists generally find themselves in need of a temporary space to work or display their work. This might include things like a temporary photo studio, traveling film company, or temporary exhibition space. Empty office space can be a great venue to convert into usable creative work space for any artist. This allows landlords to rent out the space temporarily rather than signing a long-term contract. It can also provide a lot of the same benefits as pop-ups such as improving local reputation.

Health and Fitness

To look at the space from another point of view, empty office spaces can be used for health and fitness purposes. There are many individuals or trainers that are interested in renting a space for low-impact fitness that does not require additional equipment. This might include practices such as yoga or pilates or even high-impact training like HIIT or P90X.

This allows trainers to rent the area for specified times while leaving the area open to the public to rent for individual training at others. Alternatively, the space could be converted to a fully functional gym that is membership-based. The best part is, not all gyms have to have employees on the premises to run effectively. Some gyms like Snap Fitness use a key card entry system for members to gain access and camera monitoring to ensure compliance with membership requirements.

Whether you have extra empty office space in your current building or you are looking to invest in a new office space, these solutions can provide a fun, unique way to make use of your space. And the best part is, many of these options can provide real, measurable ROI in no time at all!

For more information on local office buildings for sale, contact a Lee County real estate professional today. Alec Salameh is a trusted Realtor with Coldwell Banker Realty, one of the world’s largest and most respected real estate companies in the world. With all the resources Coldwell Banker provides, he looks to deliver modern, trustworthy, and highly professional real estate services to his clients.

By Alec Salameh

March 5, 2022