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

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Bisnow's 2026 DEI Data Series

America's Data Centers Are Running Out Of People Who Know How To Run Them

Why Data Centers Crave Simplicity As Operations Grow More Complex

Blackstone Looks To Secondary Market To Cash Out Investors In $11B Fund

CalSTRS Plans $5B In New CRE Investments

Ares, Canadian Pension Investor Launch $2.4B U.S. Logistics JV

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

Toys R Us Plans 120 New Stores Ahead Of The Holidays

Defense Tech Firms Setting Up Shop In Trump Family's Palm Beach Orbit

Data Center Leaders Aren't Sweating Calls For An AI Slowdown

REPORT: Amazon Eyes Next Industrial Push With Plans To Expand Same-Day Deliveries

First Rate Hike Since 2023 Lands Atop 5% Treasury Yield, Ratcheting Up Capital Pressure