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Case Study

Office building goes from 79 to 93 percent occupancy in two years

​When  the recession was at its peak, JLL was retained to develop a leasing strategy for Park Towers, a Class A, six-building project in Vancouver, Wash., which had reached nearly 31-percent vacancy. JLL talked with the new ownership to determine short- and long-range objectives, assessed the current situation and identified inefficiencies in the product and leasing process.  JLL’s recommendations would lead to increased property attractiveness and significant absorption in the park.

Working on an accelerated timeframe, JLL addressed external and internal concerns. The marketing team rebranded the project—developing a new name, branding and deliverables with targeted messaging. These efforts re-energized the project and drew attention from local brokers and prospective tenants.

Internally, inefficiencies JLL identified were addressed, and current and prospective tenants benefitted from more efficient and upgraded systems throughout the park. JLL also helped the owners revise on-site management guidelines and repositioned inefficient space by leading the initiative to build speculative suites that more closely matched the demands of the market.

By spring 2013, occupancy rose to 93 percent, and the overall office park tenancy was stabilized through tenant retention and a diversified tenant mix. Additional efforts raised the effective rental rate and ultimately built a reputation for the landlord as a sophisticated operator in the market.

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