Case Study: Commercial

Challenge

This exclusive 1.8 million square-foot mixed-use property realized the parking structure was critical to the overall experience for their high-end clientele. In order to continue to attract top dollar for commercial space, maximizing revenue and increasing property value, they needed to elevate the parking experience by increasing efficiency of parking and ensuring system is a green solution.

Strategy

In a car-centric city like Dallas, the group knew the sense of luxury had to start in the parking structure for retail customers and office space tenants alike.

Since the parking structure is critical to the overall experience it would be necessary to install a smart parking solution that would be cost-effective to install, maintain and easy to upgrade and include a green solution that would reduce carbon emissions. Time to take this property to the next level.

 

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Results

Maximized efficiency by 40%, enabled a ratio of five parking spaces for every 1,000SF of space leased (compared to industry standard of three spots for every 1,000SF)

Signed new tenants who would have gone elsewhere if parking needs hadn’t been met – including a 100,000SF tenant who wanted a 4:1 parking ratio.

Contributed to:

  • highest lease rates ever achieved for this property
  • 22% increase in occupancy rate in first year
  • a doubling of the retention rate
  • tripling of the lease closing rate
  • increase in speed to occupancy of 25-30%
  • more than 90% current occupancy rate
  • opportunity to divide property in pieces for faster sales and higher profits [goal is $500m for potential 20% (ROIC)]

Increased parking efficiency a minimum of 10%.

Provides a “future-proof” system whose useful life can be extended indefinitely, reducing total cost of ownership by 80%

Reduced car emissions with efficient guidance system, decreasing use of exhaust fan. This lowered the property’s carbon footprint and reduced operating costs.