Currently we are working on a parking lot redesign with one of our clients who owns an office building with inadequate parking. The building is underparked by 20 stalls and that severely limits the amount of space we can lease. Every lease has a specific number of stalls allocated and we keep a table of tenants and their number of employees. To maximize revenue we decided to discount rents to tenants that use below the market standard parking ratio or rent space for storage at cost. In fact there are many properties in the market with either short or tight parking and we often are called on to solve this operational issue.
