Digital parking platform Parkable’s new technology is solving the problem of inner-city parking and returning rents for Australian landlords by reviving unused parking properties into flexible spaces.
At a time when yields have reduced for commercial property, Parkable says its new multi-tenant technology could help Australian landlords generate millions in additional revenue.
Several owners and tenants of multi-tenant buildings in Australia including ISPT, XERO, and REA, have deployed Parkable’s new offering.
“In numerous conversations over the past two years with owners and asset managers, all of them reiterated the same issue, that it’s a difficult time to satisfy tenant needs and maintain asset performance,” observed Parkable CEO Toby Littin.
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Parkable says hundreds of commercial listings in Melbourne have higher than normal vacancies, leading to unused parking spaces.
Based on Parkable’s average parking revenue for its current customers in the city, Littin notes that it amounts to over $90 million.
This quantifiable data has been sourced from publicly available commercial property listing information and Parkable financial models.
Alongside Melbourne, untapped revenue for unused parking spaces amounts to $77 million in Sydney and $75 million in Brisbane respectively.
“By implementing our new multi-tenant platform, property owners can finally make parking a flexible resource that meets tenant needs, maximises the utilisation of parking spaces, and adds new streams of parking revenue, typically achieving 1000% ROI.”
Littin says the challenges and opportunities presented with changes in commercial real estate are not limited to Australia. With operations in the USA, UK and Europe, Parkable sees this same condition prevalent around the world.
“We are seeing some of the world’s largest real estate companies grapple with maintaining occupancy, yield and delivering world class tenant experience on a budget. We’re excited about working with these companies and consolidating our global leadership in parking management software for workplaces and commercial properties.”
How Parkable’s multi-tenant platform works
The Parkable platform features unused parking spaces, including EV and visitor parking, which can be shared with any tenant employee or the public, regardless of who the leaseholder is.
Tenants can share these spaces on days when landlords don’t need them.
Property and asset managers use Parkable to replace manual work with reporting and management software to capture and organise allocation and usage information, made accessible through interactive maps and a reporting suite. The parking information is used to make leasing and allocation decisions, produce documentation, maximise parking ROI, and calculate levies.
Said Littin, “Our multi-tenant platform truly is a ‘win-win’. If you’ve got a bunch of car parks being underutilised, Parkable can not only help improve the parking experience for tenants, we can also monetise the carparks and remove the need for unnecessary, time consuming administration.”
“Parking has always been an emotional issue, and now that people are encouraged to spend more time back in the office, often in complex hybrid arrangements, it’s more top-of-mind for employers. With our multi-tenant parking platform, companies can remove the pain points associated with managing those all-important parking spaces, and in turn help to increase productivity.”
To learn more about Parkable visit www.parkable.com/en-au.