On Apr 29 2024 / by Mark Tenhagen

New digital parking amenity squeezing more value from Australia’s multi-tenant buildings

Parkable, the team behind the successful parking platform that helps workplaces manage employee parking, has launched a new digital offering that improves the value of multi-tenant office buildings, potentially to the tune of $90 million in additional revenue in Melbourne alone.

At a time when yields have reduced for commercial property, Parkable’s new multi-tenant platform has been designed to help transform parking from a fixed asset into a flexible one, to better meet tenant demands and provide new revenue streams for commercial property owners. Several owners and tenants in Australia, including ISPT, XERO, and REA, have eagerly embraced the new offering.

Toby Littin, CEO of Parkable says, “In numerous conversations over the past two years with owners and asset managers, all of them reiterated the same issue, that it’s a difficult time to satisfy tenant needs and maintain asset performance.”

In Melbourne, hundreds of commercial listings demonstrating higher than normal vacancies have led to a substantial number of unused parking spaces. Based on average parking revenue Parkable generates for its current customers in Melbourne, Littin says that amounts to over $90 million in untapped revenue*.

“By implementing our new multi-tenant platform, property owners can finally make parking a flexible resource that meets tenant needs, maximises the utilisation of parking spaces and adds new streams of parking revenue, typically achieving 1000% ROI.”

Littin says the challenges and opportunities presented with changes in commercial real estate are not limited to Australia - with operations in the USA, UK and Europe, Parkable sees this same condition prevalent around the world.

“We are seeing some of the world’s largest real estate companies grapple with maintaining occupancy, yield and delivering world class tenant experience on a budget. At Parkable, we are excited about working with these companies and consolidating our global leadership in parking management software for workplaces and commercial properties.”

How Parkable’s multi-tenant platform works

With Parkable’s world-first platform, any unused parking space, including EV and visitor parking, can be shared with any tenant employee or the public, regardless of who the owner or leaseholder is. A landlord can offer vacant spaces for use, and tenants can share their unused spaces on the days their employees don’t need them. It’s all wrapped up in a simple intuitive digital experience that parking administration staff and drivers love to use.

Parkable now makes it much easier for property and asset managers to manage parking information too. Traditional lease and building management software doesn't keep track of parking details well, leaving many asset managers relying on spreadsheets and hand-drawn maps.

The new Parkable platform replaces manual work with reporting and management software to capture and organise allocation and usage information, made easily accessible through interactive maps and a reporting suite. With access to accurate parking information, it’s easy to make better leasing and allocation decisions, produce documentation, maximise parking ROI, and calculate levies.

Says Littin, ”Our multi-tenant platform truly is a ‘win-win’. If you’ve got a bunch of car parks being underutilised, Parkable can not only help improve the parking experience for tenants, we can also monetise the carparks and remove the need for unnecessary, time consuming administration.

“Parking has always been an emotional issue, and now that people are encouraged to spend more time back in the office, often in complex hybrid arrangements, it’s more top-of-mind for employers. With our multi-tenant parking platform, companies can remove the pain points associated with managing those all-important parking spaces, and in turn help to increase productivity.”

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