Large Spec Suite Sold After 1.5 Years on the Market
This month’s showcased success story revolves around a large spec suite that was on the market for 1.5 years and, with Flex Workspace Solutions (FWS) expertise, was sold in just 3.5 months. Join us in celebrating this victory and discover how our team at FWS can enhance your space. Let’s dive in!
The Challenge
Many landlords are facing challenges due to companies downsizing and shifting the way they work. The issue of large spaces sitting empty has become prevalent since 2020.
In this particular case, the landlord was struggling to market a spec suite. The space had been on the market for over a year and a half, and despite extensive marketing efforts via traditional broker channels, finding suitable tenants for this vacant space seemed impossible without a high TI allowance cost.
The Opportunity
The assistance of FWS brought modern perspectives and strategies to the table, shedding light on “flex forward thinking” in order to attract potential occupants. This intervention marked a turning point in the journey towards revitalizing the space.
By transforming the suite into a flexible workspace option, FWS was able to cater to a wider range of potential tenants looking for adaptable office solutions. This repositioning added significant value for the landlord by increasing the suite’s market appeal. The new flexible workspace concept introduces a short-term agreement option that is fully managed. This strategic move not only optimized the suite’s utilization but also enhanced its overall desirability and competitiveness in the commercial real estate market.
Key Metrics of Success
- Marketing Duration: 3.5 months
- Lease Terms: 1.5 years
- Premium Rates: 15% above market
- Inclusions: Furniture, Utilities, Internet
- Amenities:
- Community meeting rooms
- Community day offices
- Community kitchen with bottomless coffee/tea
- On-site staff
The FWS Advantage
FWS sets a new standard in the commercial real estate market by strategically focusing on providing flexibility as an alternative to long-term restrictive agreements. This approach not only attracts more tenants but also allows for premium rates to be established successfully.
By offering fully furnished spaces complete with ideal amenities, utilities, and internet access, FWS adds immense value for tenants seeking convenience and a hassle-free working experience. This unique selling point not only differentiates FWS from competitors but also ensures high tenant satisfaction and retention rates.
If you are a coworking operator or landlord looking to elevate your workspace management game, don’t hesitate to reach out to us at info@flexworkspacesolutions.pro.
Our team is here to help you explore the endless possibilities that FWS can bring to your workspace. Let’s work together to create a more productive and vibrant workspace community for all!