Oyster Property

Like all asset managers, Oyster occasionally experiences vacant space. Since COVID-19, the issue of vacant space has been exacerbated by changing tenant requirements, as workplaces shift to flexible working and tenants require less physical office and parking space.

At Millennium, one of Oyster’s Auckland properties, there were 45 vacant car parks in early 2021. Millennium recently welcomed a new tenant with 45 staff members, but most of those employees only go into the office on Mondays and Wednesdays for team meetings. During the rest of the week, only 15 parks are needed to accommodate their flexi-working team.

The tenant didn’t want to lease parking spots that would often sit empty, but at the same time wanted commuting to be easy for their team when people do drive into the office. Oyster wanted to meet their tenants’ needs, while making the most of their vacant parks.

With Parkable, Oyster earns additional revenue from their vacant car parks every time their tenants use them on a day-by-day basis. Plus, Oyster’s tenants can save on lease costs while also making sure that all members of staff can park easily onsite.

This flexibility creates a fantastic experience for tenants and enables Oyster to meet the needs of new clients.