7600 Burnet Road, known as Chase Northcross, had the largest tenant move out of the entirety of the 4th floor. Further, there were below-market add-on factors, multiple other vacancies at the property, and a few lease expirations in the near future as well. The vacancy rate stood at 22.4% at the time of the ownership hiring ECR with a few of the availabilities in challenging condition.
ECR employed its best in class marketing team and system to create new, high-quality marketing materials. Included in the marketing campaign was unique/custom signage and both strategic email and Craigslist campaigns. Chase Northcross was pushed out aggressively through all possible outlets. Additionally, the property’s leasing brokers personally called each office leasing professional in Austin the make them aware of all availabilities.
To help the vacancies show better, ECR and the ownership arranged a series of strategic meetings to walk each vacant space to develop the best plans for leasing. From these meetings, plans were made to demo areas of the vacant floor to help prospects better visualize the space. Further, following ECR’s recommendation the ownership installed new finishes throughout two other suites to make them ready for immediate delivery.
Our decision to hire ECR was based on their interest in our property. Prior to receiving the leasing assignment, ECR brought several new tenants to our building. We had one empty floor at 7600 Burnet Road, and after 4 months of marketing the property, ECR produced signed leases for this space and others. We find the associates at ECR to be very responsive and pleasant to work with. Please do not hesitate to contact Sebastian Stadler if you have any questions.
Within 5 months, ECR sourced and executed 7 leases to increase the occupancy at the property from 77.6% to 99% while increasing rental rates for the property by approximately 15%. Further, the building is designed in a manner that there is a significant amount of common areas. ECR conducted research to determine that the add-on factor being charged to tenants was lower than what could be charged and significantly lower than the building’s actual add-on factor. Following ECR’s recommendation, a consistent and higher add-on factor has been applied to all suites, resulting in the landlord re-capturing several thousand square feet of leased space.