Because every dollar counts in 2023, developers have been asking for our help with projects purpose-designed for dramatically lower vacancy rates. How have we achieved this? By leveraging the US-wide spec suite trend to deliver the value, turnaround speed and modern aesthetic many tenants want from office accommodation.
If vastly improved vacancy times would help your projects address the challenges of 2023, simply read on to discover how to make it happen AND how we can help.
Our Quick Read overview only includes the spec suite essentials we think every property developer should see!
Why Spec Suites?
*50% lower vacancy times
*20.8% higher avg rent PSF
*600% faster turnaround of new tenants
It’s simple: a spec suite allows potential tenants to both quickly visualise what working in their new space would look like as well as enjoy the reassurance of knowing their accommodation will be available almost straight away with no build-out delay.
And for property developers, this means…
- Less chance of long vacancy times: One study discovered an improved vacancy rate from 16.5 months to an impressive 3.4 months! Another US expert has been seeing 50% faster vacancy times.
That’s because a clear demonstration of how the space could look helps small to mid-sized tenants with traditional office space needs with the decision to go ahead and sign for their new accommodation.
- Improved rent: The convenience, speed and modern look of a well-executed spec suite could mean increased rental, even as much as 20.8% higher.
With spec suite build-out costs running similar to shell property build-out costs, the additional income from the property makes a spec suite a no-brainer for many clients.
- Faster turnaround when a tenant is found: Going from new tenant agreement to move day in just one month becomes very possible as often the tenant just needs to supply their furniture and appliances.
Compare this to the process of build-out, permits and other potential delays when a tenant signs for a shell property. That’s why a US business journalist has described spec suites as a great step towards adapting to the move away from the recent ‘landlord’s market’ by “giving tenants what they want”.
Unlocking these benefits at a time when pressures like supply chain issues and labor shortages are causing delays with companies you might deal with (but not us!) this leaner, faster process is meeting the needs of many property developers in 2023.
How We Can Help?
Our rapid, premium glass partition know-how is ideal for spec suite projects!
- Fast turnaround of initial info and ideas
- In-house design, inventory and manufacturing right here in NY State
- Concept-to-install in just THREE weeks
Here’s how we’ve made a difference for MetroWall clients…
“A timely, expert installation with a beautiful finished product”
– John, Avison Young
“…above and beyond my expectations…you guys knocked this one out of the park”
“You accommodated our aggressive timelines and your installation team did an excellent job”
-Peter, Evo Realty
Ready to transform your vacancy times with a spec suite project? To discover fast, stress-free, design-to-launch glass partition expertise, book your consultation with a MetroWall specialist
See also: Let’s Expect More from 2023, Insights From Our Boston Architectural Rep