How smarter parking is helping seattle landlords win tenants and boost NOI

In Seattle’s unforgiving commercial real estate market, building owners are in a pitched battle. With office vacancy in the Puget Sound region hitting a staggering 26%—and soaring past 32% in the Downtown core—responding to the "flight to quality" isn't just a trend; it's a survival imperative. Landlords are investing millions in lobby renovations and rooftop decks to stand out.

But what if you had a powerful lever to help boost the performance of an underperforming asset?

It’s time to stop viewing parking as a static utility and start treating it as a dynamic engine for tenant satisfaction and new revenue. In a city defined by its hybrid work culture and challenging commutes, it’s time to rethink the traditional way of managing parking.

The problem: A broken system in a hybrid seattle

The traditional parking model - one permit, one person, one monthly fee - is fundamentally broken for Seattle's workforce. In a city where tech giants have normalized hybrid schedules, parking spaces sit empty two or three days a week. This isn't just inefficient; it’s a source of daily frustration that undermines the premium experience you're trying to build.

Imagine your tenant's employee driving into the city for their in-office day, only to battle legendary congestion and pay for expensive parking down the road. They walk past your building’s half-empty garage, glaring at the vacant spots they aren't allowed to use. This isn't just inconvenient; it’s a negative first impression that directly impacts their desire to commute.

In a market this competitive, you can't afford that friction. The data is clear: parking is now the top 2 amenity tenants crave, and our research shows 78% say parking availability directly impacts their decision to lease or renew.

The proof: A downtown Seattle tower's parking transformation

This isn't theoretical. Consider the case of a global technology firm headquartered in a landmark downtown Seattle tower. They faced a classic Seattle dilemma: a dense workforce of over 3,000 people but only 328 parking spaces. The garage was a constant source of frustration, failing both the employees who had permits and the many more who didn't.

By embracing a strategic shift, they turned this liability into a celebrated success.

They implemented a dynamic system where monthly permit holders could easily share their spot when working from home. This instantly added their space into a pool of available parking for their hybrid colleagues, who could book a spot for the day through a simple app.

The results were transformative for their downtown location:

• From half empty to efficient: The garage now operates at 75% average occupancy, with peaks hitting 98%—a massive leap for a downtown garage in a hybrid world.
• Solving the hybrid commute: Over 1,600 daily parking sessions were enabled in just the first two months, providing crucial, stress-free access for the flexible workforce.
• A better workday: Office parkers rate their experience as an 8.97/10. With an easier start to the day, commute complaints disappeared.

They proved you don't need to build more parking; you need to get smarter with the parking you already have.

From cost centre to profit centre in the CBD

For landlords in South Lake Union and the CBD, the Great Parking Shift is about more than tenant happiness—it’s about the bottom line. An underutilized garage is a non-performing asset. A dynamically managed garage becomes a new source of Net Operating Income (NOI).

Take one downtown Seattle tower: By enabling tenants to share unused spots and opening spare capacity to others in the building, they generated additional revenue from previously unused spaces from resulting in 4.7x ROI, simply by unlocking the potential in their existing asset - without adding any headcount or operational burden.

In a high-vacancy market, that’s not just extra income, it’s a competitive edge.

The anchor for stickier tenants in a competitive market

Whether you're competing for tenants in Bellevue, South Lake Union, or the downtown core, a seamless parking experience is a powerful anchor. It’s a daily, tangible benefit that makes your property stand out. When you solve a core frustration like the Seattle commute, you build loyalty. That’s why 49% of admins say they’re now happier with their leases when they have a smart parking system in place.

It's time to stop letting your most overlooked asset underperform. The future of the Seattle office is flexible, and your parking must be too.

Complete the form below for your free ROI parking assessment

Complete the form below for your free ROI parking assessment