Leasing is More Than a Sign and a Telephone

The office tower known as Newport Centre had traded hands a few times, suffered from an image problem, and endured twice as much vacancy than average for an asset of its kind. It was under new ownership that felt it had potential, but it was going to take some work.

Ryan had spoken publicly at industry events about the new amenities, technology, branding, community creation, and tenant stickiness that entrepreneurial office investors were embracing in other markets. With the arrival of True North Square as an example, there was a wave of vacancy that worked its way through downtown. Office tenants were paying attention and on the move. Ryan believed there was an opportunity for downtown owners to embrace the velocity in activity by building a better mousetrap and tilting the table in their favour or otherwise suffering the consequences of inaction.

Ryan understood the owners were savvy, entrepreneurial, and active in their investments. He suggested they consider significant functional and cosmetic upgrades to the building bones, features, amenities, and aesthetics. Along the way, they would rebrand the asset, moving away from its old moniker and embarking on a marketing campaign that looked more like a PR initiative than a leasing strategy. They covered local newspapers, industry publications, radio, and took every opportunity to tell the story to anyone who would pick up the phone. This turned out to be exactly what the owners wanted. Against odds that Ryan later learned were stacked against him, he won the pitch.

Ryan and his team did exactly what they said he would do. They reshaped the branding and PR around the building by actively promoting its story in media and the community. They attracted new tenants and expanded existing tenants. Perhaps the biggest success was the development of a marketing strategy and economic proposal that secured a new tenancy with the federal government for two floors in response to a public Request for Proposals. Within 18 months, the asset was brought below market vacancy ahead of schedule as the $13 million renovation was just nearing completion. Through the challenges of the pandemic, attention shifted to maintaining good tenant relationships. Not a single one was lost during Ryan's tenure.