Contact Us

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

Want to get a jump-start on upcoming deals? Meet the major players at one of our upcoming national events!

Office building, skyscraper

Office landlords are learning from their multifamily counterparts and offering subsidies for ride-hailing services like Uber and Lyft to attract tenants.

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 NKF 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.