BY MEK ZHIN

ONE of the biggest investments made by most companies is space, whether it be for an office, warehouse or such. If you are a landlord, not using every spare foot of any premises you own is akin to not maximising your potential for cash flow generation.

This could mean the difference between making a profit or a loss.

The key to success lies in thinking out of the box and, in many cases, being open to working with all kinds of other businesses, agencies or even organisations that have little to nothing to do with one’s own business. Let’s look at how excess space can be gainfully utilised.

Public or community spaces

Whether or not you have CSR plans, it’s always a good idea to maintain a good relationship with the community around you. If, for instance, they have a need for a space for activities, why not allow them to use your spare spaces?

A good example of this would be The Star Pitt St, the old hub of operations for the company in Penang, which was refurbished and rebranded after most of the operations were relocated to Bayan Lepas.

A bookstore, resource centre, exhibition space and even the Penang Philharmonic Orchestra have found a home here today. All these have brought new life to the area, with historical tours conducted in George Town even commencing here.

Pop-up

Liven up your space with a pop-up store which can feature anything and everything from coffee to services. Many businesses out there are looking for pop-up opportunities, which are a great way to introduce new products or concepts in the market as well as generate quick income.

Some established businesses are also getting into it in their efforts to reach out to the younger people. The landlord benefits from the extra income, brand awareness and increased foot traffic.

It also provides a little something to break up the monotony of work for their own staff.

Blank walls

Have a blank wall outside your building? You can offer it as an ad space. Go the whole hog and have a backlit or electronic board for it or even offer projection advertising.

This is something that’s still not too common here in Malaysia, but it will undoubtedly attract eyeballs due to its animated nature. Walls can also be used for murals — another form of advertising that’s relatively fuss-free on the part of the landlord. This is an especially good idea for companies with offices in high-traffic areas.

Event space

Many offices have meeting rooms and some even have full-fledged halls complete with all the requisite equipments such as sound system, lighting and proper seats. It’s worth considering renting them out as event spaces.

Even factories and warehouses can be rented out, considering there is a fad for events to be held in such “hip” settings. However, one thing to think about before proceeding is to have proper SOPs in place beforehand, so that you do not end up with a trashed space which would make the whole venture a costly one.