CASE STUDY The Office Property Manager

Jack Gonzalez has recently taken over managing Compton Place, a multistory office building located in an older part of a major city. It is near the recently completed renovation of the old railroad terminal where a number of farmer's markets have relocated. Ridership has increased due to this renovation.

Compton Place has a high vacancy rate, and Gonzalez needs to address the situation. What are some possible reasons for the high vacancy rate?

Reasons for a high vacancy rate can include the age of the building; improvements in poor condition; poor location $($inaccessibility$,$ far from labor market, location has little prestige$)$; poor environment; high rents; poor management; and inadequate maintenance.

What is the first step Gonzalez should take to solve the high$-$vacancy problem?

After a thorough study, Gonzalez realized that setting a new rental schedule and increasing marketing efforts will be crucial to decreasing the vacancy rate. What can he do to market the property effectively?