1. Think about your target subtenants.

Typically, a company looking for a sublease is seeking a built-out space (including furniture is usually a plus) and a discount from what they might expect to pay to a prime landlord in a better building than they might otherwise afford. Subleases aren’t for everyone — a subtenant doesn’t typically get the same rights as a prime tenant (e.g., extension and other options) and is taking the risk that it could be kicked out of the space if the sublandlord goes broke. But for many, typically smaller tenants, the benefits outweigh those downsides. There are even organizations whose occupancy strategy is to be a “nomad,” willing to move every two to five years in order to find premium, built-out space at a bargain price.

2. Know your rights.

Typically, your landlord will have rights to approve subtenants in your lease. Read your lease carefully and ask your real estate advisor about when and how to work with your landlord before proceeding. When negotiating your lease, try to limit the landlord’s review of your prospective subtenants to a reasonably short window (and maybe carve out space that can be subleased with no approval at all). If the process is too cumbersome, you might lose a prospective subtenant while your landlord exercises its rights to review the sublease over an inordinately long period of time. Also, before approaching neighbors in the building to see if any of them might need your extra space, find out if your lease prohibits that.

3. Optimize your offering.

Make sure your space is more appealing than the competition by offering access to amenities within your space (conference rooms are a big one!) and all the basic necessities — restrooms, reception area, kitchen and IT facilities. Highlight any private building amenities such as rooftop decks, parking and on-site gyms or cafes. And while your firm may want to keep all of the best space for itself, understand that unloading the “dog space” will make it more difficult to lease — the reason you don’t like it is why others won’t like it either.

4. Consider the upfront costs.

Your subtenant will need corridors to provide access to elevators, exit stairs and restrooms. Creating that access can be costly, for example, for a sublandlord that occupies a full floor of a building. And, in a competitive market, getting the space to a condition in which it meets the needs of the subtenant (reception areas, pantries, right partner-to-associate office ratio) involves costs that fall on the sublandlord’s shoulders. Consider hiring a design professional to help you find the best way to subdivide it for peaceful co-habitation with another company.

5. Price it right.

In most competitive markets, the lower you price your space, the faster it moves. Look into how many other spaces of a comparable size are available in your market and how long they have been sitting on the market. The opportunity cost of holding out for the highest price is steep: The longer it sits, the shorter the sublease term, which reduces the number of prospects who will consider it. Be prepared to make adjustments to the space or price to close a deal with a subtenant as quickly as possible.

6. Make it easy to move.

With dozens of competing sublease options on the market, you need to make yours as easy as possible for a broker to sell to a client. You might be surprised how many companies neglect to include all the details a prospective tenant needs to know to include a space on its short list. Include a floor plan, with office and other room dimensions, along with images of the space in move-in condition, highlighting any views and amenities. Include a map, and describe the neighborhood’s dining and transportation amenities.

7. Try creative marketing.

Sometimes, creating a virtual tour video can stimulate demand, and they are significantly less expensive to produce than the cost of a letting the space sit on the market for a few months. Consider hosting a grab-and-go lunch with a gift card for local commercial brokers to tour the space. The more people who see your space, the faster you are likely to find a subtenant. A recent event in Washington, D.C., drew nearly 200 brokers in a two-hour period with three tours booked for prospects the next week.

8. Be prepared to hustle.

Beware of brokers who won’t make the calls for you, or worse, won’t return calls on inquiries for you. And be available to open the space for touring prospects whenever they might arise. Usually, tours are booked in advance, but sometimes you get a call while someone is in the middle of a tour and wants to see it in 15 minutes. Turn people away at your peril!

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