June 28, 2017

Office Landlords Partner With Uber, Lyft To Overcome Parking Costs And Attract Tenants

Apartment building, East Orange
By Dinopup at English Wikipedia [Public domain], via Wikimedia Commons

Several New Jersey landlords are using the perk to overcome a lack of office parking, connect offices with downtowns and attract employees who do not own cars, the Wall Street Journal reports . Hugo Neu Corp. launched a program in March that offers $50 monthly credits for tenants’ employees without cars to commute to its Kearny Point office.Marcus Partners plans to offer new tenant employees at its building in Morristown a program that pays the first $3 of any Uber or Lyft trip that starts or ends at the office.

These subsidies could help office landlords avoid parking costs, which run between $20K and $35K/space, according to a Newmark report. They could also help make buildings in suburban locations more attractive by giving employees an easy way to bridge the gap between public transportation and the office.

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