Suggest me ways to Market/Sell an IT Park space now ?
With the economic downturn in US, IT Park builders in INDIA are facing. I have a friend who owns 1,20,000 sq ft in Chennai, TamilNadu in Guindy Industrial Park just 7 - 8 kms from Airport. He is finding the going tough to rent out his space. Please suggest
a) some marketin/sales tips to help him
b) some innovative ways to cash in on the availability
Answers (7)
Converting the space into a Co-Working space for startups and freelancers is an option. As downturn hits, many might be forced into freelancing. And corporates might even find freelancers compelling to get their work done.
But 1,20,000 sq ft is a lot of space.
Links:
Vaibhav M
Regional Manager (North) - Business Development & Marketing, Mahindra World City, India
Very Difficult situation indeed..... Once STPI benefits go it will be even more difficult. Currently it is a mix of US slowdown and wait and watch policy of Indian/India based IT cos.... \
The best option I forsee is to convert the space partly into Business/Commercial space and partly into a recreational space..
I would suggest doing some market research to find out what major Research and Development consulting companies have operations in the immediate area and then trying to sell the facility to them.
In any market pricing is key. Here are my recommendations in order. (1) Set a competetive or slightly under market lease rate. (2) Publish space in all available listing databases. Here we have Costar.com, Loopnet.com, and so on. (3) Get the biggest property signage you can afford while remaining in compliance with code. (4) Offer incentives such as free rent, moving allowances, TI allowances, etc.
Clarification added 11 months ago:
Same would apply in a sales scenario.
Better to hold on now rather than take any desperate action. Remember that he is not the only one with surplus space. An IT Park in OMR had struck a deal by giving a loan to the customer to do the interiors and they are now corporate-married. your friend can try that as well.
Well here is a thing, many landlords go to agents to let their space, which as an agent, in the commercial property market i am always grateful for. The trouble is many agents do the same old things.....place marketing boards on an estate, produce brochure, letting particulars and advertise in papers and magazines. Many now like me, place space on their web site...in my case www.gillespieandco.com
Now one thing a lot of landlords have not cottoned on to is that they should get a site specific web site. Guindy Industrial Park.com with all the metatags, photos etc will at least advertise the site on the web rather within a website of one of the agents.
Links:
The best way would be to start his own startup in this space... :)
Of course 1,20,000 sqft is a little too large for a startup...
May be an incubation center by tie up with say IIT Chennai...
