The pandemic upset even the most stable real estate owners. Properties with long histories of low vacancy saw tenants move out or reduce space in response to the pandemic, and office and retail owners were the most impacted. While it could take years for the leasing market to recover, there are ways that property owners can tackle vacancy problems.

"Viewing tenancy as an investment is one way," Phil Raglin, CEO of Alpha Lease Management, tells GlobeSt.com. "By partnering with firms like ours, owners and property managers can work with tenured professionals who will either occupy each vacant space or sublease and manage it, as explained earlier."

Securing a master lease with a leasing management company like Alpha is another way that Raglin recommends owners minimize vacancies in ta property. Setting up a master lease allows an owner to become a passive investor in the property, leaving the responsibility of the space to Alpha. "Instead of quickly scrambling to fill vacant space, which could lead to having a less-than-creditworthy tenant, owners can become passive investors by setting up a master lease with a firm like ours, which then assumes the task of making that vacant space perform," says Raglin.