Key Metrics: 

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• 9X ROI vs. traditional Flexday Suites Marketplace Listing 
• $36,000 in revenue generated (first 5 months) vs. $0 in a vacant suite waiting for long-term tenant
• Pacing for $86k over 12 months
• 6 companies and 87 individual leads reached

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Challenge

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The landlord, Slate Asset Management (Slate), had been sitting with vacant office space in the downtown core at one of their prized assets, 154 University Avenue. This beautiful space is located on the top floor of the building consisting of over 4,000 square feet with views up and down along one of Toronto’s marquee avenues. Before the pandemic, there would have been a lineup of companies to take it off their hands but as leasing momentum slowed down and the shift to hybrid work has dominated for companies in this size range, the level of interest had decreased. The traditional marketing channels of brokerages and listing platforms just weren’t getting the job done, and the tour count was particularly low. Slate needed to figure out a way to increase activity and earn revenue on the space. 

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Solution

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Slate and Flexday have a partnership that dates back to 2021. Flexday Suites, the on-demand fractional office product that Flexday has pioneered in Canada, was going to be the solution to the vacancy problem that Slate was facing. After consulting Flexday, it was clear to them that there was not a whole lot required to bring the space up to standard so that it could be sold to customers by the day, the week and month. After some light furnishings, wi-fi installation and (of course) a Keurig machine, the space was ready to go. Slate presented Flexday with all of the suite information and the space was up & visible on the Flexday marketplace within 24 hours. In addition to the typical marketplace listing, Flexday decided to market this space according to it’s Premium Property Page offering, which includes things such as open suite events, blog posts, dedicated social media, promotional pricing, videos, SEM/SEO optimization and planning, and more. These features resulted in additional traffic and inquiries for this specific suite, specifically a 9X ROI in comparison to suites in the area that did not have the same level of features. 

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Results

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From the moment that this space was live in the Flexday marketplace, it was sought after by Flexday customers. Flexday was able to drive over $36,000 in revenue through the space over the first 5 months by way of space enhancement using it’s Premium Property Page platform. The space was able to accommodate teams as small as 12 to as large as 28. Customers particularly enjoyed the fact that there are two well furnished private offices/call rooms, plus a large conference room to facilitate team meetings and presentations. With feedback from customers, the host was able to add some special features into the space such as a Google Chromecast, speakers, second monitors and hot chocolate. 

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Not only did Flexday match the space with customers, but it was also able to secure an “anchor” customer for one day each week for 5 months so that there was a steady stream of income on the space. This suite’s average sale price is one of the highest amongst Flexday Suites locations and together, Slate & Flexday have given the market a relevant product that is meeting the needs of teams.