Situation
Shorenstein was in the process of constructing a new 250,000 SF Class A office building located in one of Denver’s most dynamic neighborhoods, Lower Downtown (LoDo). However, with the asset set to deliver in 12 months and yet to execute a lease, the team faced a significant challenge. To energize leasing efforts in an extremely difficult market, Shorenstein and the One Platte team reevaluated their entire marketing and leasing strategy. What became clear was that traditional methods of commercial real estate marketing were failing to effectively facilitate leasing activity.
Solution
Shorenstein’s National Leasing Director introduced RealtyAds to the One Platte team for an initial presentation. Just two weeks later, with the simple flip of a switch on the RealtyAds platform, One Platte had built a digital presence across all relevant digital channels, including Facebook, LinkedIn, Google, and Instagram.
To make RealtyAds even more impactful, the building’s leasing team (Newmark) used their market intelligence to curate a list of critical audiences. This list included targets such as high-producing brokers, tenants in the market, active pursuits, and companies they knew to be a good fit for the property. With RealtyAds now serving as a core component of their marketing efforts, the brokers had a tool that could facilitate leasing by proactively pushing the right message to the right people at the right stage of the deal.
Newmark’s proactive approach was rewarded.
At the direction of the leasing team, RealtyAds software prioritized the marketing budget toward a 120,000-square-foot tenant in the market who was evaluating a series of properties. Unlike the rest of the assets, however, One Platte was able to continue telling its story post-tour and directly to the decision-makers responsible for signing a lease. The tenant ultimately executed a lease valued at more than $75,000,000.
Takeaway
In the six months prior to lease execution, the decision-makers had interacted with the asset’s digital presence over 100 times, constantly reminding them of the property’s unique value. RealtyAds provided the building with a tool to make this type of targeted, consistent, and measurable outreach to the tenant possible. As One Platte demonstrates, this kind of targeted and sustained outreach in tenant pursuits will facilitate leasing activity.
As you look to the future of commercial real estate (CRE) marketing, do not fall for the illusory safety of past practices. These historical marketing channels fail to truly impact leasing activity because they do not routinely reach brokers at scale, do not target specific tenants, and do not keep your asset relevant post-tour. Instead, integrate your brokers’ tremendous market intelligence with RealtyAds software to ensure your asset delivers the right message to those who can drive leasing.
Other Important Information
- RealtyAds increased local broker reach 394%
- RealtyAds reached decision-makers at more than 1,600 companies
- RealtyAds was the only form of marketing that continued to reach prospects post-tour, as they actively considered the property versus the competition.
