Newly acquired San Francisco commercial properties with high-profit potential needed to be laser scanned to get accurate floor plans and square footage numbers. The landlords expected the three new buildings to bring in significant revenue but were surprised to find the added windfall of an extra 2,500 square feet of space – more than $100,000 in annual revenue – based on Spatial Acuity’s documentation.
San Francisco property is about as scarce and valuable as any on the planet. In 2018, Paragon Real Estate determined the median home price on the island to be $1.61 million––almost double the average from five years earlier. Commercial real estate is equally sought-after, so when a property owner picked up new space on Sutter Street, they wanted to know precise square footage of leasable space to make the most of a considerable investment.
The new landlord already owned an adjacent property, but was looking to expand their business with the acquisition of three more buildings. The new space came ready for multi-tenant occupancy. First, however, the area needed to be scanned to determine the exact square footage. This would help them price out each space and provide the blueprints needed to sell to commercial clients.
Planning ahead, the client ordered a Revit model for possible future renovations. Spatial Acuity tailored a low-cost entry point into Revit with a moderate level of detail so they could be ready for the next steps without spending too much now. Since Spatial Acuity still has the 3D laser scans, it is possible to build out additional detail into the model without further field mobilization. That means faster delivery of the detailed model at a lower cost.
Based on the results from the laser scanning team, it was determined that the space contained an additional 2,500 square feet of leasable area from what was expected. That will have a major impact on the client’s monthly revenue, which may also bring their plans for remodeling closer than they thought.