PROVEN PERFORMANCE
-
Situation
- The project lacked a presence and most brokers were not aware of the project from a location and availability standpoint.
- One of these parks, Commerce Park Westchase, historically struggled to generate leasing activity due to its non-traditional location in a “tweener” micro-market within the office dominated Westchase District which is nestled in between the more established and well known Northwest and Southwest industrial submarkets.
- Additionally, the park lacked adequate parking for many of the vacant suites due to their overbuilt nature. Organic growth of tenants over time allowed the parking issues to be controlled, although upon vacating, the re-tenanting process drove the need for additional parking which was not achievable.
- Located outside of many tenant representative brokers’ target submarkets, the project lacked a presence and most brokers were not aware of the project from a location and availability standpoint, adding to the ongoing issues resulting in a 58% occupancy rate.
-
Action
- Re-introduced the business park to the tenant representative brokers.
- Upon taking over the leasing and management, Stream created an extensive marketing strategy designed to draw prospects to the business park and foster relationships with the existing tenants to generate activity.
- Stream’s marketing team created an aggressive campaign focused on communicating the available vacancies on a bi-weekly schedule, hosting broker lunches and “road shows.”
- Stream met with every tenant to introduce a new hands-on leasing approach.
- Stream took advantage of its vast market coverage and offered Commerce Park Westchase as a creative alternative for brokers and users.
Results
- Stream increased occupancy in the business park by over 15% within the first 90 days of taking over the leasing and management of the project.
- Because of a strong relationship with a broker who was working with an oil and gas company, Stream showcased a 16,000 square foot suite that turned out to be the perfect fit for the company.
- Additionally, Stream identified an existing tenant who had recently moved in but was already in need of expansion. After a brief negotiation, a “blend and extend” was finalized.
- New deal activity has increased immensely with the project’s re-introduction to the brokerage community, which generated several new prospects for the remaining vacancies.
