100% occupancy in less than 3 months. Increased rental income by 42 rs. Assistance in revenue increase by 3X. Achieved great results with optimum occupancy with multiple clients.
IDENTIFYING THE PROBLEM
Indore’s well-known architect, Suvigya Sharma’s father-in-law, owned a commercial real estate property. The property was located in the central part of the city. However, this family investment was unoccupied due to several reasons for years.
The first major problem with the property was that it was completely unoccupied for 5-7 years. It was never leased out. The owner wanted it to be monetized, as the other building floors were occupied completely.
After analysis by the experts at Propques, we identified that the bigger problem was something different. The location was brilliant; the complete building was occupied by clients and had all the facilities and compliances available. However, it had low visibility.
The space had no visibility and no POC. Due to it, clients couldn’t interact with the property owner. Clients could not enquire about their queries and get solutions; it was a bigger challenge.
DESIGNING A SOLUTION
Experts at Propques suggested the owner make efforts regarding the property’s visibility. We suggested adding a managed services banner.
Based on the banner, we tried to create a plug-and-play office space. We then made efforts to promote it and work on its occupancy.
We didn’t suggest renting the entire space to a single client. It would result in an unoccupied office space if the client ended his tenure and left the property.
We recommended creating a plug-and-play office space, increasing its visibility through promotions and marketing, and establishing a dedicated team to manage and promote the property. The team would also work with the owner.
We suggested renting the property to multiple clients, such as small business owners and entrepreneurs. It would help to keep a stable rental income.
With the help of a dedicated team, the clients can be renewed to overcome the occupancy problem. It would result in regular rental income and never get zero.
POSITIVE END RESULT
WorkWire offers more than 30,000 sqft of co-working spaces and serviced offices, large event space that can accommodate 100 persons. It is located in the centre of Indore city at Regal Square. It attracts several businesses and individuals to experience working conveniently.
The experts at Propques managed to fill up the property within three months by 100% with the help of all the strategies. Due to the property’s location, clients were attracted to the office spaces.
The property’s rental income was boosted from 50 rupees per sqft to 92 rupees per sqft. It resulted in a huge cash flow for the owner. The property owner experienced a 3X growth in their revenue.
The WorkViaa center can now generate regular rental income, and there is no issue with the occupancy. Multiple clients work in the office space. Due to the amazing amenities and services, the space is more attractive and provides a work-friendly atmosphere to the employees.