Managing a commercial property comes with great responsibility of ensuring your tenants are comfortable both inside and outside of the building. That experience typically starts the moment they pull into the parking lot. In fact, access to high quality parking is one of the most fundamental needs of commercial buildings. From clearly marked lines to repairing potholes and cracks, keeping your parking lot well-maintained is a balancing act. And thanks to the services that well-constructed parking lots offer, businesses can strive for goals while giving vehicular access to employees and their clients. Keep reading to learn more about how parking lots are affecting your tenancy rate in your commercial property.
- Vacancy rates are up even at the top tier “Class A” space and what has been labeled “Trophy Towers.”
- Parking lots is an aspect that most tenants will consider before renting commercial space.
- Don’t settle for questionable parking lot design and installation by less experienced paving contractors when you can choose Paved Assets.
The Root Cause of High Vacancy Rate
Overshadowing the commercial property market is the lingering impact of office spaces left largely vacant with workers who were encouraged to work from home when COVID-19 hit. Office demand has been impacted by remote-working ad hybrid work, as well as corporate cost containment and economic uncertainty. In fact, the U.S. office vacancy has exceeded the peak vacancy rate during the 2008 financial crisis when it rose to 12.9%. Potential tenants continue to experience increased uncertainty as focus shifts from workplace strategy to macroeconomic conditions.
The good news is that tenancy rates have been increasing in commercial buildings with high amenity projects, offering unique, differentiating experiences, such as excellent parking spots, instead of just a place to go to work. These high amenities are commanding top-of market rates leading to sustained rent growth. On the other hand, some office buildings will continue experiencing the decreased demand unless owners invest in their buildings to create something special to remain competitive.
How Your Parking Lot Affects Your Tenancy Rate
The condition and quality of your parking lot significantly affects how tenants perceive your building, and if they choose to patronize it. Here’s how your parking lot can help increase your tenancy rate:
Improves Curb Appeal
One of the most overlooked aspects of commercial building curb appeal is the parking lot. But your parking lot influences potential clients’ perception of the businesses within. And if you’re leasing commercial space, the quality of the parking slot may sway potential tenants to sign a contract. Poor appearance might cause them to perceive your property as sloppy or unprofessional. On the other hand, a well-installed and maintained parking lot indicates a more reliable and better-managed property.
Parking lots play a significant role in enhancing safety for drivers and pedestrians. A poorly maintained lot with potholes and cracks can cause flat tires since the sharp debris can scratch and damage car tires. Besides, holes and fractures in the parking lot puts people in the building at risk of falling and injuring themselves. Conversely, clear parking lot lines ensure customers can navigate your parking lot safely and lower the risk of accidents.
Maximize Parking Space
As the tenancy rate increases, your parking lot should be able to accommodate that growth. However, if not well designed, your parking lot is likely to become disorganized and crowded. And if the customers can’t find a parking spot due to ground hazards, unclear pavement markings, or trash, they may become frustrated and take their business elsewhere.
How to Make Your Commercial Parking Lot More Appealing
Incorporating better parking lot design will ensure you have a lot that looks nice and doesn’t frustrate your tenants or their clients. Here are a few aspects to consider when a new layout design for your parking lot is being created:
Efficient Traffic Flow
Have you ever visited a business and wondered, “who designed this parking lot?” That question is often related to confusing traffic flow. Turns and twists in a parking lot, ill-spaced spots signs, oddly angled spaces, or simply overall poor usage of available space are aspects in parking spots that tend to annoy everyone. So, how do you avoid creating a troublesome parking space in your commercial building? Simply consult our experienced paving contractors. We’re well versed in what works and what doesn’t when it comes to parking lots layout designs since we’ve seen it all.
The law requires you to create handicap accessibility in your parking spaces. However, there are still ways you may get that parking design wrong, even when you’ve incorporated the right number of accessible spaces for your building. For example, inadequate curb cuts or ramps in the wrong places can make getting into the building a hassle for those people with mobility issues. So, consult your pavement contractor to determine your layout so that you don’t drive away a segment of your tenants’ clientele base or make some employees’ daily commute more challenging.
The Right Paving Contractor
You may have realized that working with a skilled paving contractor is crucial to achieving the results you expect from your commercial parking lot. But not all paving contractors are devoted to doing their best work or customer satisfaction on every job. More so, other contractors don’t have expertise and equipment to handle large and complex paving projects. So, do your due diligence before enlisting a paving contractor.
Need Help with Your Parking Lot? Consult the Experts!
Paved Assets can help you determine what works best and adjust strategies over time to meet your specific property’s needs. Our team of pros is well trained and highly-experienced and aims at ensuring you have the very best parking lot to safeguard your investment. We’ll help you plan ahead so you can manage cash flow and keep your tenants happy. Call us today to get a free parking lot assessment to ensure you get the most out of your parking space and commercial property.