Flexible space – or “flex space,” as it’s more commonly known – has become an increasingly attractive option for commercial real estate (CRE) developers, as the American workplace continues to rapidly evolve. With traditional office parks morphing into multi-use spaces, more flexible parking management solutions are starting to emerge as a way to support these changes.

The Evolution of Flex Real Estate

Flex space is a single, multi-use property where a warehouse, office and/or retail space co-exist. Its main selling point is, of course, flexibility. In general, it allows for a greater degree of customization than single-use commercial properties, benefitting both owners and tenants. Owners profit from having a variety of businesses and revenue streams, and tenants can get the space they need without being locked into a long-term, rigid lease.

Customization is also a necessity for the modern workplace. 40% of U.S. employees now work remotely at least one day a week, according to data by WFHResearch. And commercial office space is being reconfigured to support their needs through adaptations like replacing private offices with hot desks and collaborative spaces.

The Rising Demand for Smart Parking Solutions  

Thanks to hybrid work schedules, the majority of a company’s workforce is no longer arriving and departing at the same time, Monday through Friday. Given that parking structures were mostly designed for a 9-to-5 occupancy pattern, having an unpredictable number of workers show up on any given day has caused challenges for both owners and operators. 

Workers themselves are changing, too. Tech-savvy millennials, who now comprise the majority–57%–of the workforce, value efficiency and convenience, while the generation following them–Generation Z–has been raised with smartphones. Fortunately, there are new technologies available the parking industry is tapping into, in order to keep pace with these changing dynamics.

Flex Spaces Need Flex Parking

The rise of flex spaces has driven the need for flex parking. Flex parking, also known in the industry as carpool, is a new approach to parking management that leverages the latest proptech (or property technology) innovations to transform the parking experience, providing a more efficient and enjoyable experience for owners, operators, tenants, and consumers. 

Smart parking management systems leverage proptech digital tools and data analytics to monitor and manage parking space usage in real-time, allowing owners to adjust to fluctuations in daily demand. With enhanced insight capabilities, owners have the ability to cater to the specific needs of their diverse tenants, like pop-up shops and entertainment venues, while reimagining underutilized spaces into green spaces that enhance the aesthetics of the property while offering employees a place to walk, relax and socialize. 

Flex parking also puts more power into the hands of the consumer, giving them the choice of daily, weekly, or monthly flex passes that best fit their work schedule. 

Benefits of Smart Parking Technology

For owners and operators looking to take advantage of smart parking tech, Vend is the only end-to-end parking management solution purpose-built to: 

• Increase revenue and decrease expenses. Vend reduces maintenance and operational costs while driving consumer demand and boosting retention through validations, flexible passes, and loyalty programs.

Constitution Wharf, an 180,000-square-foot office complex owned by Jamestown in the Charlestown neighborhood of Boston, saw an estimated 5X annual return on investment after implementing Vend. The property received new Vend parking kiosks, LPR cameras, and system maintenance at no cost, eliminating over $23,000 a year in maintenance costs and paper tickets. 

• Improve the driver experience. With Vend, paper tickets are a thing of the past. Drivers only need to use their phone number, license plate, or digital wallet, and payment is automatic after the first entry.

Other benefits at Constitution Wharf included improved traffic flow as a result of digital, touchless entry and exit gates. Flexible parking types, including daily and monthly, and the addition of flex parking options, allow tenants to share space allocations. Plus, digital validation capabilities allow businesses and tenants to easily validate parking.

By automating parking management in the cloud, Vend streamlines parking operations while providing valuable data points on every parking session–owners can get the real-time insight they need to inform marketing, revenue strategy, and pricing decisions by making a few clicks through a configurable, user-friendly dashboard.

Flexible Parking Options with Vend Park

Vend makes it easy to create or update any parking types or pricing, based on what's right for each parking asset. By using real-time and trend data, you can be sure that you're maximizing assets and creating the most convenient experience for drivers. Options include:

• Monthly Parking 
• Parking Packs
• Validated Parking
• Flex Parking Subscriptions 
• Reserved Parking

To learn about these options, read more here.

The Future of Flexible Real Estate and Parking Management

By 2030, 30% of office space will include some type of flexible space, according to the Global Flex Space report from JLL, so flex parking needs to evolve to support these trends. To keep up with an increasingly tech-dependent population and ongoing workplace shifts, owners, tenants, and operators will need to fully embrace smart parking tech, and continue to innovate in this space.  

For more on Vend’s Flex parking solutions, check out this in-depth overview or schedule a demo.