Major mall owner introduces a digital short-term leasing program
One of the biggest victims of COVID-19 was the 10-year lease, long a standard at enclosed malls. Now one of the biggest mall owners in the United States, Macerich, is introducing QuikSpace, a digital platform that puts booking retail space on a par with reserving a hotel room.
Currently live at six Macerich properties, QuikSpace and its tenant portal offers one-click lease execution for occupancies of one day up to 12 months. It also includes tools for making payments and renewing contracts.
“Macerich is simplifying every aspect of short-term leasing with the goal of providing tenants with a frictionless experience,” said Macerich executive VP of business development Ken Volk. “QuikSpace delivers an easy and fast online process that is a match for how people engage with all kinds of real estate now.”
Macerich partnered with software developer Yardi to power QuikSpace, using the company’s CommercialEdge property data and listings platform. Macerich began using Yardi’s core enterprise resource planning system in 2019.
QuikSpace is currently driving short-term leasing of kiosks, carts, pop-ups, temporary in-line stores, and specialty retail uses like storage at six of Macerich’s centers: Chandler Fashion Center, Scottsdale Fashion Square, and Superstition Springs Center in Arizona; The Oaks and Inland Center in California; and Tysons Corner Center in Virginia.
Rollout for the rest of the Macerich portfolio is expected to start during the first quarter of 2022.
“More than just lead generation, Macerich is changing the game for short-term leasing and we expect other shopping center companies to follow their lead,” said Yardi VP of global solutions Kevin Yardi.