Plus boost tenant satisfaction and WALT at the same time
The post-Covid world of flexible and remote working presents new challenges for asset managers. Companies with flexi-working teams don’t need the same amount of office space that they once did, or the same number of car parks.
That makes it more difficult to secure and retain tenants, and to fill every space, leaving assets empty for longer periods of time. However, some asset managers are adapting to the new landscape in innovative ways.
Traditionally, there was only one way to generate revenue from the car park: secure long-term leases from your clients. If your car park wasn’t leased, it sat empty until a lease was signed.
However, unleased car parks don’t need to be vacant and unproductive. Major asset management companies including Precinct Properties, JLL, Savills, Kiwi Property and Stride all use Parkable’s car park management software to monetise their unleased car parks by sharing them with tenants on a paid, casual basis. Asset managers working with Barfoot & Thompson also use Parkable to rent out car parks to members of the public for weekly, daily and hourly rates, and Parkable’s EV software allows those with EV chargers in the car park to easily monetise charging sessions.
Not only does this create a revenue stream from otherwise vacant car parks, but it also increases client satisfaction by offering more flexible amenities.
By providing tenants with more parking options for their staff and visitors, you can significantly increase client satisfaction, increase Weighted Average Lease Term (WALT), and improve your offering to new clients. And with Parkable, not only are you increasing access to parking amenities, but you’re also providing tenants with a tool that they love:
“Our people are loving the app and opportunity to know they have a car park booked and available on their arrival to work.”
- Amanda Collinson, Property and Facilities Manager at TAB
“Parkable is awesome, it’s an easy app to use and the staff love it. Empowering the staff to use the app and forego checking in with the office has been wonderful!”
- Susie Woolley, Office Manager at Serko
Over the past 18 months, hotels have struggled with fewer guests. For hotels like Stamford Plaza Brisbane, this is partly solved by becoming an MIQ facility. But while hotel rooms are filled, the guest car parks often remain underutilised.
Commercial leasing agents are going above and beyond to help their clients to boost revenue between leases or when there's commercial excess.
Savills' multi-tenant commercial property in Sydney had 40 unleased parks. Using Parkable, Savills’ tenants can pay to park on a casual basis, and instead of sitting vacant, the parks are now 85% occupied.