The Tenant Parking Experience: How Offering Flexible Parking Options is Key to Attracting and Retaining Top Tenants

January 23, 2024

The Tenant Parking Experience: How Offering Flexible Parking Options is Key to Attracting and Retaining Top Tenants

January 23, 2024

In the competitive landscape of commercial real estate, office owners are increasingly focused on maximizing the value of their investments by strategically attracting and retaining tenants who are willing to pay a premium price for superior workplace experiences. In this pursuit, the role of amenities has emerged as a crucial factor. Among these, ample and convenient parking facilities have taken center stage. According to a recent study by SpotHero, almost three-quarters (73%) of drivers said looking for parking is stressful and 56% said paying for their parking sessions is stressful. Recognizing the daily challenges employees face in urban environments, office owners are prioritizing the provision of hassle-free parking solutions that enhance accessibility and convenience. A well-designed parking infrastructure not only meets a practical need but also aligns with the broader goal of creating an attractive and productive work environment. 

To help meet landlord and tenant needs, at Vend, we believe that parking options are not one size fits all and need to be flexible to meet the varying needs of businesses and individuals who use these facilities. In this blog, we will explore the different parking options that parking facilities using Vend can offer, as well as the use cases and benefits of each.

Monthly Parking:

Monthly parking offers tenants the convenience of parking at a specific location and paying a flat monthly rate for parking.  Monthly parking passes can be configured based on the specific tenants and needs of the location, with options allowing for unlimited parking during the day for business tenants or overnight for residential tenants as examples.  Monthly parking subscriptions are ideal for commuters, residents, or employees who require a dedicated parking spot without the hassle of daily payments. This option provides a consistent and predictable parking solution for those who frequently use their vehicles.  With hybrid working arrangements growing in popularity and many workers no longer commuting to an office five days a week, monthly parking passes may no longer be the best option for all tenants.

Parking Packs:

Parking packages provide a flexible solution for those who need parking on an occasional basis. Instead of committing to a monthly plan, users can purchase packs of parking sessions in advance, such as three, five, or ten parks paid upfront. This option offers a cost-effective way to access parking facilities while maintaining the freedom to choose when and where to park.

Validated Parking:

Validated parking is a customer-friendly option often offered by businesses such as restaurants, theaters, retail stores, or other businesses that have frequent visitors such as doctors' or lawyers' offices. When patrons make a purchase or meet a specific spending threshold, the business validates their parking ticket, covering part or all of the cost of the parking fee on behalf of the customer. It encourages customer loyalty and incentivizes people to visit establishments that offer this perk.

Flex Parking Subscriptions:

Flex parking subscriptions are one of the newest options available in parking and are a dynamic solution that adapts to varying parking needs. Flex parking allows tenants to maximize the use of the parking spaces available to them while allowing owners to maximize revenue. With flex parking, instead of each space in a monthly subscription being allocated to a named individual, the business is able to share those space allocations across however many individuals they wish as long as they do not exceed the allocated number of spaces at any given time.  This option is ideal for businesses that have hybrid work models where the same employee is not in the office five days a week and therefore a standard monthly parking subscription does not make sense. This option is attractive to facility owners who can charge more for these subscriptions and are paid upfront similar to monthly parking. Tenants find this option very attractive and enjoy the ability to have more flexibility over how they allocate parking to employees as well as achieve better utilization of this amenity.

Reserved Parking:

Reserved parking is paid in advance and guarantees the driver a parking spot in the facility during a specific period of time. This premium option is ideal for those who want the assurance of a reserved spot, ensuring they won't have to search for parking upon arrival. Because reserved parking is a pre-paid option it allows the facility to receive the payment before the arrival of the customer to the garage.  Reserved parking can either be done through the facility’s payment system directly if supported or through third-party apps such as Spot-Hero.

By offering a seamless and flexible parking experience, commercial office owners cater to the preferences of modern tenants, elevating their overall satisfaction and fostering more extended lease agreements. This strategic focus on amenities like parking exemplifies the evolving approach of commercial office owners, who are leveraging every opportunity to differentiate their properties and foster enduring tenant relationships while optimizing the financial performance of their investments. Vend is committed to working with property owners and management teams to provide the best possible experience for tenants and visitors while helping owners meet their financial goals for their investment.

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