Challenge

Colonial Warehouse faced occupancy issues in a challenging warehouse district market on the fringe of downtown Minneapolis. The building lost a significant tenant, and physical challenges of this historic building included: lack of air conditioning, inconsistent finishes, among other needed repairs. Tenants required special attention in order to satisfy their expansion needs as well as their desire for a unique identity and creative space designs.

Solution

The Colliers downtown landlord leasing team began with an analysis of the project, meeting with the property management and operations staff to ascertain challenges encountered with the building and it’s tenants. By utilizing their leasing experience, a team approach was integrated with managment in order to improve communication, increase efficiency, and to work with the unique characteristics of a premier historic building.

Results

Colonial warehouse is now 94% occupied, the highest level of occupancy in more than five years. The team approach of the leasing and management functions have been successful in resolving challenges and improving communication with tenants, which, in turn, has led to enhanced tenant services. Nearly every tenant with a lease expiring since 2005 has renewed and extended their commitment to Colonial Warehouse. This is a testimony of the high satisfaction rate in the building. to 100% in 4th Quarter 2006. The Team’s immediate and intense marketing plan and improved broker/tenant relations were the keys to success on this assignment.

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