- 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.