ECR was hired by Rainier Management in the Spring of 2013 to provide marketing and leasing services for 815 Brazos, Nob Hill, and Sunday House Square.
At this time, the portfolio’s occupancy rate was in the mid-’80s and many lease renewals were quickly approaching.
The ownership decided they needed to make a change with the brokerage role and hire an aggressive leasing team with new ideas in order to create lease activity, provide value for upcoming renewals, and create a strategic plan to stabilize rents and expirations in the future.
Strategy
ECR developed a marketing and leasing strategy targeted towards obtaining new tenants for the portfolio while working with existing tenants in the best manner possible. The strategy consisted of the following:
Utilized ECR’s in-house marketing resources to create attractive marketing materials for the portfolio
Formed relationships with each tenant in the portfolio and expressed gratitude for their business
Strategically executed a direct call, email, and internet marketing campaign targeted towards the brokerage community as well as directly to tenant prospects
Followed up with all leads and opportunities consistently and effectively
Scheduled meetings with current tenants to execute renewals before they had a chance to tour the market resulting in a 10% – 25% increase in rates over the new lease term
Created and practiced a professional property tour through the buildings boasting the amenities of each property
Strategically created spec suites for immediate occupancy of our smaller office suites
Structured complex terminations of existing tenants while simultaneously executing leases for new tenants resulting in the lease-up of 2-year vacancies and a 25% increase in the rental rate
We couldn’t be happier with the results due to the hard work of ECR. Their dedication and creative marketing efforts brought an amazing group of businesses to the portfolio. Our portfolio of 3 buildings is now 100% occupied, with a wait list! ECR worked just as diligently on the 500 sqft space as some of our larger vacancies. To me, this is a true testament of their patience, professionalism and willingness to go the extra mile.
Jen Mikolajczyk
Rainier Management
Results
For the entire portfolio, ECR executed 22 leases totaling 33,103 RSF within 9 months of being hired to lease the portfolio and ECR was able to bring the portfolio’s occupancy to 100% in October of 2013, which had never been completed in the history of the ownership.
During this same period, ECR managed to increase the new lease rates by an average of 19%, providing results that previously seemed unapproachable.
