In today's property market it is not unusual to have a series of vacancies in one property and at the same time.
Unfortunately these vacancies do detract from the appearance and function of the building.
They also tell a story of lack of interest or lack of enquiry.
The partially empty building also does not encourage business vibrancy and occupancy for the other tenants.
It soon becomes difficult for the landlord to support established levels of rental in future market rent review negotiations and reletting strategies with the tenant mix.
In essence, the landlord should be focusing on a number of key issues when it comes to handling vacant premises and tenancy mix management.
As a property or leasing manager, you can help.
The key issues are:

• Renegotiate new leases with existing tenants early so the vacancy factor or threat is lessened.
  
• Encourage your sitting tenants to expand or contract as the case may be within the existing building.
  It is better to keep your tenants that lose them.
  
• Short-term tenancies should be offered to other existing tenants in the building.
  This will show some occupancy in the vacant area and will allow some recovery of rental income.
  
• A vacant tenancy area creates a number of costs when it comes to reletting.
  They are loss of income, loss of outgoings, cost of new incentive, costs of new lease documentation, cost of solicitor's fees, and commissions to the leasing agent.
  It is hard to get this back, the longer that the vacancy remains in existence.
  

So the landlord has to minimize vacancy factors and stabilise the market rental within the property.
Vacancies will occur regardless of everything that we do, but there are some strategies that can help the process of vacancy control, marketing, and letting.
Here are some ideas:

1. Put together a tenancy retention plan for the property that closely integrates the needs of the tenant with the plans of the landlord.
   As part of that plan, the property manager or the landlord should be meeting with the tenants at least every three months to check what needs and opportunities they may have.
   Flexibility is the key to a successful retention plan.
   
2. Any vacant area within a property containing multiple tenants, should be well presented and cleaned at the point of lease termination.
   Lights, carpets, painting, entrance ways, and common areas should all be prepared for the lease marketing process.
   Any existing fit out within the premises should be functional and well presented.
   If the premises are located in a retail shopping centre, it will be necessary to cover the front of the premises with some advertising or marketing material.
   This will remove the obvious and apparent vacancy from the eyes of the customer when visiting the property.
   
3. Within the local property precinct, there will be properties of a comparable nature.
   The tenants within those buildings should be networked and contacted to see if they would move to your property at the right time in the future.
   Find out what these tenants need and when their lease expires.
   
4. Put together a comprehensive marketing campaign that can be implemented quickly when a vacancy is about to occur.
   The marketing package should be designed to spread the word easily and effectively through both conventional and direct marketing.
   The best way to find a tenant is to maintain a database of local businesses and their lease requirements.
   
5. Stay on top of the terms and conditions of each tenants lease.
   Look for situations of default and act on those matters urgently and effectively.
   

In this property market we know and expect that vacancies will occur.
The actions that you take and the preparations that you put in place will assist you to minimise the vacancy downtime and the loss of income.