Existing Conditions: It’s All about Marketing

by Ahmad Oloumi

With tightening budgets, vacancies on the rise, and more sublease space hitting the market each day, real estate professionals today are faced with many challenges when marketing space.

What do you do with the existing construction - also called "as-builts" or "existing conditions"- once a space is vacated? Traditionally, a landlord may have opted to demo the existing layout and offer pre-builts or to pay for a new design to entice a prospective tenant. However, with tighter budgets these extras are not always possible, so it's all about working with your existing conditions.



It is clear that cost-cutting is part of everyone’s strategy at the moment, and tenants want to take advantage of better deals in the market. As-builts create a new market for these deal-grabbing, potential tenants and also provide more opportunities for the landlords. Given the competitive market we face, it is crucial to ensure that the prospective tenants are aware of this product in the most effective way possible .

It is vital to include as much specific information as possible when marketing a space. Given the growing market for existing conditions spaces, the importance of having as-builts included in your digital floor plan library cannot be unstated. Working with companies that specialize in marketing existing conditions, such as Real Data Management, will guarantee proper exposure of the space. Not only does having up to date and detailed drawings assist in the marketing of a space, but also can be beneficial for Local Law 26 and Local Law 5 EAP/Fire Safety Plans purposes. Investing in as-built floor plans will go a long way.

In unfavorable times, we have to remain optimistic and, more importantly, clever about marketing the products we already have. The potential clients are out there and all they need is appropriate information about the existing conditions spaces available to them.