Managed Office or Coworking? What’s Right for Your Business?

Choosing the right office space for your business is crucial. The right environment can boost productivity, foster creativity, and improve overall job satisfaction. In today’s commercial real estate market, two popular options are managed office spaces and coworking spaces. Two modern alternatives to traditional offices spaces and office leases.

Managed Office Spaces vs. Coworking Spaces

Managed Office Spaces

Managed office solutions, like those offered by The Instant Group, provide a comprehensive, all-inclusive approach to securing and setting up office spaces making it easier for businesses and teams to get to work faster in perfectly curated workspaces.

Managed office providers handle everything from finding a suitable location, outfitting the space to meet client needs, and managing all aspects of the office delivery. This approach is ideal for businesses looking for a tailored workspace without the hassle of dealing with logistics and setup.

Coworking Spaces

Coworking spaces are shared environments where individuals from different companies work side by side. These spaces often offer flexible membership plans, allowing businesses to scale up or down as needed. Coworking is known for fostering collaboration and networking among diverse professionals. It’s perfect for startups, freelancers, and remote teams looking for a vibrant and flexible work environment.

How to Evaluate: Managed vs. Coworking

When deciding between managed office spaces and coworking, consider the following factors:

1. Size and Nature of Your Team

   Managed: Ideal for medium to large teams requiring dedicated, branded spaces.

   Coworking: Best for small teams, startups, or individual freelancers.

2. Level of Customization Needed

Managed: High customization potential. Offices, team spaces, meeting rooms, kitchen and dining areas, and more are designed and outfitted to meet your specific needs.

Coworking: Limited customization. Spaces are shared and more standardized.

3. Budget Considerations

Managed: Often requires a larger investment but offers all-inclusive services to deliver customized spaces.

Coworking: Generally more cost-effective with flexible pricing plans and the ability to scale up or down.

4. Duration of Stay 

Managed: Suitable for businesses that are ready to embrace larger leases and longer commitments.

Coworking: Great for short-term needs or month-to-month flexibility.

5. Community and Networking 

Managed: Less focus on external community, more focused internal collaboration within a dedicated space.

Coworking: Strong emphasis on community, collaboration, and networking opportunities.

Benefits of modern office solutions.

Both coworking spaces and managed office solutions offer distinct benefits compared to the office spaces of the past.

Benefits of Managed Office Spaces:

One of the primary advantages of managed office spaces is the tailored solutions they offer. Managed spaces are designed to reflect your brand and cater specifically to your business needs. This level of customization ensures that the office environment aligns perfectly with your company’s identity and operational requirements. Moreover, the hassle-free experience provided by managed office solutions is invaluable. Providers like The Instant Group take care of everything from locating the perfect space to outfitting it with the necessary furnishings and technology, allowing you to focus solely on running your business.

Having a dedicated space is another significant benefit of managed offices. Unlike coworking spaces, managed offices provide privacy and focus, which can be crucial for teams that handle sensitive information or require a quiet environment to be productive. Additionally, managed spaces offer scalability options. As your business grows, the office space can be expanded or modified to accommodate the changing needs, providing a seamless transition without the disruption of moving to a new location.

Benefits of Coworking Spaces:

Coworking spaces, on the other hand, are renowned for their flexibility. These spaces offer various membership plans that allow businesses to scale their usage up or down depending on their current needs. This flexibility is particularly beneficial for startups, freelancers, and remote teams that may not have a stable size or fixed office requirements. Coworking spaces are also more cost-effective compared to managed offices. Businesses only pay for what they use, making it an economical choice for those who need professional space without the high overhead costs associated with traditional offices.

Networking opportunities are another key benefit of coworking spaces. These environments are designed to foster interaction and collaboration among diverse professionals, providing ample chances to connect, share ideas, and even form partnerships. The vibrant atmosphere of a coworking space can also be a significant advantage. The dynamic and energetic vibe often found in these environments can boost creativity and motivation, making them an excellent choice for teams that thrive in a lively and collaborative setting.

Making the Decision

To determine which option is best for your business, evaluate your team’s specific needs, budget, and work style. If you need a highly customized, private space with comprehensive management, a managed office space might be the perfect fit. On the other hand, if flexibility, cost-effectiveness, and networking opportunities are your top priorities, a coworking space could be the ideal choice.

Choosing the right workspace can significantly impact your business’s success. Consider your unique requirements and explore both managed and coworking options to find the perfect fit for your team. is a part of The Instant Group – Together, we’re rethinking workspace. Get started and search thousands of office listings across every U.S. market for free.  Find your perfect space today on  

Connect with The Instant Group for more information on managed office solutions or explore various coworking spaces to find the perfect environment for your business.

Three Tips to Lease Your Spec Suites Faster: A Landlord’s Guide.

Modern office room

In today’s competitive commercial real estate market, landlords seeking to maximize the leasing potential of their properties are turning to spec suites as a strategic solution. Spec suites offer move-in ready spaces designed to meet the diverse needs of modern businesses. To effectively attract prospective tenants to these spaces, landlords must employ targeted strategies that resonate with the evolving demands of the market.

In today’s CRE market, providing flexible, ready-to-occupy spaces can be a game-changer. Click to read: What are spec suites? And how they’re shaking up today’s office market.

By following these proven strategies, landlords can enhance the appeal of their spec suites, expedite the leasing process, and ultimately optimize their property portfolios for maximum profitability.

1.  Understand Market Demand: 

Before creating a spec suite offering, it’s critical to understand market dynamics and identify demand levels for workspace products, from flex space and spec suites to traditional. Research the local market and consider factors such as location, size, amenities, and target tenant demographics.

Analyze factors such as demand vs. supply of flex space, emerging trends, evolving tenant preferences, and economic headwinds influencing broader the demand for commercial spaces.

Evaluate the specific needs of potential tenants, considering aspects like location preferences, desired square footage, and essential amenities. By gathering data on existing vacancies, absorption rates, and comparable lease transactions, landlords can identify niche opportunities and tailor their spec suites to meet market demand effectively. Additionally, engaging with local businesses, industry associations, and economic development agencies can provide valuable insights into the demand drivers shaping the commercial real estate landscape.

2. Utilize Industry Marketplaces: 

In today’s digital age, leveraging online platforms and digital marketing strategies is essential for landlords to effectively showcase their spec suites and reach potential tenants. Partnering with sector specific listing platforms unlock a wider audience of prospects actively searching for commercial spaces and can enhance exposure of your offering significantly. By embracing an industry marketplace, landlords can enhance their online presence, generate leads, and facilitate faster leasing transactions for their spec suites.

When it comes to your listings, invest in professional photography and videography to capture the essence of the space, highlighting key features, finishes, and amenities. Create visually appealing listing materials with detailed descriptions, floor plans, and virtual tours to provide prospective tenants with a comprehensive understanding of the space’s layout and potential uses.

3. Network with Brokers: 

Building strong relationships with commercial real estate brokers is instrumental in effectively marketing and leasing spec suites. Brokers serve as valuable intermediaries, connecting landlords with qualified tenants and facilitating lease negotiations. Engage proactively with local brokerage firms and individual brokers specializing in commercial real estate, introducing them to your spec suites and providing them with relevant marketing materials.

Host broker open houses or networking events to showcase the space firsthand and foster relationships with potential tenant representatives. Offer competitive incentives, such as exclusive leasing rights or attractive commission structures, to incentivize brokers to prioritize your spec suites in their client recommendations. By cultivating a network of trusted brokers, landlords can tap into their extensive market knowledge, industry connections, and deal-making expertise to expedite the leasing process and maximize occupancy rates for their spec suites.

Leasing spec suites presents a lucrative opportunity for landlords to capitalize on market demand and optimize their property portfolios. By understanding the unique needs of tenants, investing in high-quality design and amenities, and leveraging spec suites as a competitive advantage, landlords can expedite the leasing process and maximize profitability in today’s dynamic real estate market.


Fill spaces faster and improve net operating income with

Landlords can kickstart their leasing efforts for spec suites by taking advantage of the free listing services offered on

Showcase your move-in ready spaces to a vast audience of prospective tenants actively searching for commercial real estate in every market across the United States. Tenants can easily discover spec suites that meet their specific criteria, leading to faster leasing transactions. Leveraging’s free listing service empowers landlords to enhance their online presence, attract qualified leads, and ultimately maximize occupancy rates for their spec suites.

Need help managing your spec suite? The Instant Group is here to help.

Now, more than ever before, business leaders are demanding a more agile approach to real estate. The Instant Group is the largest global marketplace for flexible workspace, providing landlords with tenants to fill space, data for flexible space investments, and flex products to improve margins. Learn more at

What are spec suites? And how they’re shaking up today’s office market.

Modern office image

Commonly referred to as “spec suites,” speculative suites stand out as a strategic move for landlords aiming to entice tenants with move-in ready spaces. In today’s competitive commercial real estate market, providing flexible, ready-to-occupy spaces can be a game-changer, accelerating the leasing process and maximizing profitability.

What Are Spec Suites?

Spec suites, short for speculative suites, are pre-built office spaces designed with specific features and amenities to appeal to a wide range of potential tenants. These spaces are meticulously crafted to meet the needs of modern businesses, offering a turnkey solution for companies seeking immediate occupancy without the hassle of extensive build-out or customization. Often featuring contemporary designs, high-quality finishes, and essential infrastructure such as lighting, HVAC systems, and internet connectivity, spec suites present a compelling option for businesses looking to hit the ground running.

Commonly referred to as “pre-built suites,” “move-in ready spaces,” or “ready-to-occupy offices,” these suites eliminate the uncertainty, expense and time associated with traditional office build outs. Landlords invest in creating these spaces based on market demand and industry trends, aiming to attract a diverse array of tenants across different sectors.

Want to know where spec suites might be in demand? Click here.

Who Utilizes Spec Suites?

A wide range of tenants can benefit from leasing spec suites, making them a versatile option in the commercial real estate landscape. Startups and small to medium-sized enterprises (SMEs) often find spec suites particularly appealing due to their flexibility and convenience. These businesses may lack the resources or time to undertake extensive build-out projects and instead prefer a ready-made solution that aligns with their immediate needs.

Additionally, larger corporations seeking satellite offices or temporary spaces may opt for spec suites to streamline their expansion plans. With the growing trend of remote work and distributed teams, businesses require agile real estate solutions that can accommodate changing workforce dynamics. Spec suites offer scalability and agility, allowing tenants to adjust their space requirements with minimal disruption to their operations.


What Makes Spec Suites Profitable?

For landlords, investing in spec suites can yield significant returns and enhance the overall value of their properties. By anticipating market demand and proactively creating move-in ready spaces, landlords can differentiate their offerings and attract tenants more effectively. Here are some key factors that contribute to the profitability of spec suites:

  • Reduced Vacancy Periods: Spec suites enable landlords to minimize vacancy periods by providing ready-to-occupy spaces that appeal to tenants seeking immediate occupancy. By reducing the time between leases, landlords can optimize rental income and maintain consistent cash flow.
  • Competitive Advantage: Offering spec suites gives landlords a competitive edge in the market, allowing them to differentiate their properties and stand out among competitors. With well-designed and strategically located spec suites, landlords can attract a diverse tenant base and command premium rental rates.
  • Cost Efficiency: While initial investment in spec suites may require upfront capital expenditure, landlords can recoup these costs through higher rental rates and faster leasing cycles. By eliminating the need for extensive build-out or customization, spec suites offer cost-effective solutions for both landlords and tenants.

Spec suites represent a dynamic shift in the commercial real estate landscape, offering landlords a strategic advantage and tenants a convenient solution. With their flexibility, convenience, and cost efficiency, spec suites are reshaping the office market, setting a new standard for agility and responsiveness in meeting the evolving demands of businesses. As the trend continues to gain momentum, embracing spec suites presents a lucrative opportunity for landlords and a practical solution for tenants navigating today’s competitive real estate environment.

Need help managing your spec suite? The Instant Group is here to help.

Now, more than ever before, business leaders are demanding a more agile approach to real estate. The Instant Group is the largest global marketplace for flexible workspace, providing landlords with tenants to fill space, data for flexible space investments, and flex products to improve margins. Learn more at

Preparing for 2024 in Commercial Real Estate. Is your team ready?

Hit the ground running

As we usher in the holiday season, savvy commercial real estate brokers and their teams are setting the stage for a triumphant start to 2024. Now is the opportune moment to fine-tune your strategies and ensure you’re ahead of the game come January 1. First on the agenda: a meticulous evaluation of your existing processes. Identify bottlenecks and inefficiencies, paving the way for a seamless transition into the new year. Simultaneously, it’s crucial to tie up loose ends on lingering projects, ensuring you enter 2024 with a clean slate.


While the festivities ensue, keep your focus sharp on the future. December is the ideal time to pinpoint potential prospects and devise a comprehensive plan on how to approach them in the upcoming year. Don’t be caught off guard—your competitors are gearing up to hit the ground running on January 1, and so should you. Delaying preparations could mean playing catch-up, putting you at a disadvantage. Stay one step ahead, invest in your success, and make sure your team is ready to embrace the challenges and opportunities that lie ahead in the new year.


What’s coming in 2024?

Commercial Real Estate Trends Across Asset Classes:

The commercial real estate landscape in 2024 is marked by diverse performance across asset classes. The office sector faces challenges, with a national vacancy rate of 19.2% in Q3 2023. While some older office spaces may become obsolete, opportunities arise for converting them into apartments or data centers. Industrial properties, especially cold-storage facilities, continue to perform well, but signs of softening emerge as post-pandemic demand wanes. Retail, particularly neighborhood shopping centers, is expected to shine in 2024, with steady performance and positive rent growth. Multifamily properties remain strong, although luxury apartments face decreased demand.


Industry Challenges and Opportunities Ahead:

Top concerns in commercial real estate include interest rates and rising costs. The bond market’s turbulence in Q4 2023 has raised uncertainty, but the chances of further Fed rate hikes have diminished. Rising construction costs and insurance premiums add to challenges, prompting owners to streamline processes. Despite obstacles, 2024 offers opportunities for investors. Cash optimization is crucial, and quick access to cash can capitalize on distressed assets. Affordable housing initiatives, proptech adoption, and energy-efficient upgrades present avenues for innovation and competitiveness. While the overall outlook for 2024 may be muted, staying vigilant and leveraging these opportunities will be key for success in the dynamic commercial real estate market.

Learn more and read the full report from JP Morgan here.

Finding solid ground amidst the challenges of dated technology and rapidly evolving commercial markets.

Change is often slow in the commercial real estate industry, especially when technology is concerned. The next year will be a pivotal time for real estate firms as they endeavor to reposition themselves in a landscape shaped by a myriad of challenges, necessitating a reevaluation of strategies and embracing innovative technologies. It’s becoming increasingly clear that the traditional status quo will no longer suffice in this rapidly evolving sector.

One significant hurdle many firms face is the accumulated burden of technical debt—a result of relying on outdated and inadequate technology and systems. The cost of this burden is steep, affecting both time and money and resulting in lost opportunities. According to a recent survey from Deloitte, a significant 61% of CRE (Commercial Real Estate) firms acknowledge that their core technology infrastructures still rely on legacy systems. However, nearly half of these firms are making strides to modernize their operations. This acknowledgment is the first step towards a much-needed transformation.

The pressing need for change represents a prime opportunity for CRE businesses to integrate new technologies. By scaling up their capabilities, these firms can better navigate the current economic challenges and emerge successfully from the broader fluctuations in CRE markets.

The pressing need for change represents a prime opportunity for CRE businesses to integrate new technologies. By scaling up their capabilities, these firms can better navigate the current economic challenges and emerge successfully from the broader fluctuations in CRE markets.

Embracing new technology is not a one-size-fits-all solution. Different aspects of the real estate business demand specific technological solutions. From marketing and sales to lease and asset management, property management, tenant engagement, investment management, finance and accounting, and even construction management, there exists a diverse array of technologies catered to streamline these functions. The success of a business hinges on its ability to identify and implement the solutions that best suit its specific needs, allowing for more efficient operations and enabling swift and effective capitalization on emerging opportunities.

The commercial real estate (CRE) industry is undergoing a major transformation, and technology is playing a leading role. To remain competitive in the coming years, CRE firms must embrace new technologies and modernize their operations.

The true cost of technical debt.

Many CRE firms rely on outdated and inadequate technology systems. This can lead to a number of problems, including:

  • Inefficiency: Legacy systems are often slow and cumbersome to use. This can waste time and resources for employees.
  • Lost opportunities: Outdated systems may not be able to support the latest trends and technologies in the CRE industry. This can put firms at a competitive disadvantage.
  • Security risks: Legacy systems are often more vulnerable to security breaches. This can put sensitive data at risk and damage a firm’s reputation.

Opportunities to incorporate new technology.

There are a number of new technologies that CRE firms can incorporate to improve their operations. Some examples include:

  • Artificial intelligence (AI): AI can be used to automate tasks, improve decision-making, and gain insights into market data.
  • Big data: Big data analytics can help firms identify trends, patterns, and opportunities that would be difficult to see with the naked eye.
  • Cloud computing: Cloud computing can provide firms with access to scalable and affordable IT resources.

Different technology solutions for different aspects of CRE.

Depending on what sector of commercial real estate your business serves, there are different needs that technology can address. From selling better and faster to smoother operations there is a place for technology in every CRE business.

Technology can be used to improve a variety of aspects of CRE operations, including:

  • Marketing and sales: Technology can help firms automate their marketing and sales processes, generate leads, and track their results.
  • Lease and asset management: Technology can help firms manage their leases and assets more efficiently and effectively.
  • Property management: Technology can help firms automate their property management tasks, improve tenant satisfaction, and reduce costs.
  • Tenant engagement: Technology can help firms improve their communication and engagement with tenants.
  • Investment management: Technology can help firms with investment research, portfolio management, and risk assessment.
  • Finance and accounting: Technology can help firms automate their financial and accounting processes, improve accuracy, and reduce costs.
  • Construction management: Technology can help firms manage construction projects more efficiently and effectively.

Solid ground in times of instability.

“Developments across the commercial real estate industry will likely be under the microscope for the remainder of 2023 and into 2024. How industry leaders choose to navigate the coming 12 to 18 months could be crucial in establishing a sturdy base of operations for the long term.”

No doubt, the future of CRE is uncertain. Today, we’re seeing the most successful firms reevaluating their technology needs and creating a solid foundation for the future by transforming their businesses to succeed amidst the rapidly changing CRE landscape.

Undeniable expertise. How Trilogy CRE has achieved continuous growth alongside client success.

In this edition of the blog, we turn the spotlight on a real estate professional who has found that commanding market share and growing his business go hand in hand. We’re excited to showcase a remarkable tenant rep broker who has harnessed the power of Lead Connect to supercharge their real estate business. Through his dedication to every lead, Matt has not only grown his business but also transformed the way businesses, large and small, find their perfect commercial space in Arizona.

Join us as we delve into Matt’s success and explore how he has built a powerful business uniquely poised to grow and expand, even amidst the challenges of today’s commercial real estate markets.

Meet Matt Bustamante

Meet Matt Bustamante – owner of Maricopa County, AZ-based Trilogy CRE

Matt has been serving Phoenix, AZ, and beyond for the last 20 years, building his business by focusing on delivering outstanding service to every client, every time. It goes without saying that after 20 years, he has a long list of repeat customers, and the referrals continue to roll in, but in the midst of the challenging economic times of the past few years, his business has continued to grow rather than falter. I connected with Matt to discuss how he has navigated these challenges and learn more about how he has built one of the most powerful tenant representation businesses in Arizona.


Matt is a long-time Lead Connect customer, receiving inbound tenant rep leads from in Maricopa County that he and his team of specialized brokers help in their “search, selection, negotiation, and occupancy of retail, office, and industrial space in the Phoenix Metro area.”

“I’ve been with you guys for three years now…[before], I was dumping thousands of dollars a month into advertising, and I was getting some leads from it, but then, that’s when I discovered [OfficeSpace].” 

Matt continues, “So I figured I’m spending a couple thousand dollars a month, even on the low end in the beginning, on advertising. Or I can spend [my advertising dollars differently] over here and get a better result. And you guys already had the SEO down, and that’s where I was lacking. So, instead of me funneling leads to other people and then taking a cut from them, I was just pursuing them myself.”

To clarify Matt’s comments – a subscription to Lead Connect starts at only $199/mo and, in most cases, is much more cost-effective than traditional lead generation or targeted advertising services in commercial real estate. Even better, Lead Connect delivers leads in real-time helping successful brokers like Matt engage leads in their markets faster.


All successful CRE pros know that inbound leads are essential for growing business alongside referrals and return customers and that often owning these leads is the key to success. I asked Matt how has played a part in growing his business and his lead pipeline.

“Honestly, it came down to the volume of leads. I wasn’t able to obtain [more leads] without spending even more money to obtain the same amount of leads that you guys could give me.” Matt explains further, “So I just took them all in-house and just revamped everything. I realized I can do it better myself, so I just decided to work 20 to 30 hours more than I was already working to make sure that everything was handled properly.” 

Matt hits home that his focus is bringing the same level of dedicated service to every client is the foundation of his success. Being the exclusive tenant rep broker in Maricopa County has allowed him to grow his team and establish Trilogy CRE as the undeniable expert in the area.

“I just came to a decision, once I was going to get the entire territory exclusively, I would bring everybody in-house.  This would allow me to work with and further educate my team on the importance of customer service and refine the more intricate aspects of tenant representation.”


We continue discussing the growth of Trilogy CRE and how Matt has leveraged to support his fast-growing business. “At first, the business from OfficeSpace was about a third of my total business. Now, I’m getting referrals from those clients that closed from OfficeSpace. These additional referrals aren’t directly attributable to OfficeSpace, but extremely valuable to our success.” He adds, “I’m a numbers guy. I look at where everything’s coming from, and it’s important. How do you grow if you don’t know where you come from, right?”

Continuing to discuss Lead Connect and how Matt utilizes the inbound leads, he says, “There’s a lot of value to what you guys bring. So, I just figured instead of trying to reinvent the wheel, I’ll just run with what you guys have because that’s what I was trying to do.”


To wrap up our conversation, I asked Matt what he feels is the most significant opportunity of being in the tenant rep space.

Without skipping a beat, he dives in, “That’s easy for me. First of all, you can’t be good at everything. I started out almost 20 years ago, primarily representing small mom-and-pop businesses, which continue to remain important to my success. These businesses are crucial to our economy and local communities.  These relationships built the foundation on which Trilogy has grown into national tenant representation for companies both small and large.  To this day, I have never represented a landlord.” He adds that he refers this business to earn income from the referrals rather than trying to spread his focus outside his expertise. “[This] allows me to concentrate on doing what I love and what I do best, which is tenant rep. “


By serving clients large and small, Matt confidently closes more deals than there are weeks in a year, and that number is growing as he continues to scale Trilogy CRE. He closes by stating, “Lead Connect has doubled the volume of leads that I have coming in from my existing personal book of business.”


At, we’re proud to deliver valuable leads to commercial real estate professionals. Tenant rep brokers like Matt Bustamante are a testament to the necessity of tenant representation for businesses large and small. Matt has used his experience, along with inbound leads from, to expand his reach and ensure he delivers the best client experience to Maricopa County and beyond. 


You can learn more about Matt and Trilogy CRE by visiting their website here – 


Want to learn more about Lead Connect?

Are you looking to grow your inbound lead pipeline and become a trusted expert in your market? Learn more about Lead Connect from here, or reach out to our team to get started.

4 ways tenant representation can help you unlock new opportunities.

The commercial real estate (CRE) landscape has evolved significantly in recent years, presenting both challenges and opportunities for brokerage firms. CRE principals and senior brokers understand that adapting to changing market dynamics is essential to success. And when market conditions are challenging, the most successful CRE businesses adapt and seek out additional revenue streams. Tenant representation not only generates new business but also creates unique opportunities for your brokerage and your junior brokers. Further, tenant rep can lead to a more diverse deal pipeline and why this diversity is a key to success in the competitive world of commercial real estate.

Tenant representation is a great way for junior brokers to develop their skills and knowledge. By working with senior brokers on tenant rep deals, junior brokers can learn about the different aspects of the CRE leasing process, from market research to financial analysis to negotiation all while generating additional revenue and a host of other benefits.

Benefits of serving tenants in commercial real estate.

Support Local Businesses

Tenant rep is also a great way to support local businesses. By helping businesses find the right space and negotiate the best possible lease, you can help them grow and succeed. This can lead to repeat business and referrals from satisfied clients.

Multiple Revenue Streams

Diversifying your revenue streams is a key component of sustainable success in CRE. Tenant representation introduces a new dimension to your brokerage’s income. Tenant representation can even create opportunities depending on your ability to scale and desire to grow your business. Beyond traditional sales and leasing commissions, tenant rep deals can include advisory services, project management, and even property management. By incorporating these additional revenue streams into your business or through partnerships with other businesses, your brokerage becomes more resilient and adaptable, allowing it to thrive in a challenging market.

Establish Lasting Relationships

One of the most significant advantages of tenant representation is the opportunity to build lasting client relationships. While traditional transactions may be one-off, tenant rep often involves long-term leases and ongoing advisory services. By working with a wide range of clients to find the right space and negotiate the best possible lease, you can build trust and rapport. 

This continuous engagement fosters strong bonds with clients. These relationships not only bring in repeat business but can lead to referrals and word-of-mouth recommendations, expanding your client base and revenue potential.

Create a More Diverse Deal Pipeline

Tenant rep can also help you create a more diverse deal pipeline. By working with a variety of businesses, you can reduce your reliance on any one industry or sector. This can make your brokerage more resilient to economic downturns and other market disruptions.

Diversification is crucial for mitigating risk and staying competitive. With a variety of property types, industries, and deal structures in your portfolio, you’re better equipped to weather economic fluctuations and market shifts.

Benefits of a More Diverse CRE Business

  • Risk Mitigation: A diverse deal pipeline reduces your brokerage’s reliance on a single market segment or type of property. This risk mitigation is crucial in unpredictable economic environments.
  • Market Expertise: Handling a wide range of property types allows your junior brokers to gain expertise in various sectors, enhancing their market knowledge and adaptability.
  • Competitive Edge: A diverse CRE business positions you as a well-rounded brokerage, capable of serving clients across different industries and sectors.
  • Growth Opportunities: As your reputation for diverse expertise grows, so does your potential to attract new clients and venture into emerging markets.

Tenant rep is a great way for junior brokers to develop their skills and knowledge. By working with senior brokers on tenant rep deals, junior brokers can learn about the different aspects of the CRE leasing process, from market research to financial analysis to negotiation.

In today’s challenging CRE landscape, tenant representation presents a valuable opportunity for CRE principals and senior brokers. By embracing tenant rep, you can generate new business, offer opportunities to your junior brokers, support local businesses, diversify your revenue streams, establish lasting client relationships, and ultimately create a more diverse deal pipeline.. As the industry continues to evolve, embracing tenant representation can be a game-changer for your brokerage’s success.

Success in the 2023 commercial real estate market. How to step up to today’s challenges and build a stronger business. + CORFAC in our latest blog

The commercial real estate market is constantly evolving, and brokers need to be prepared to adapt in order to succeed. In what remains of 2023, there are a number of challenges that brokers will continue to face, but there are also a number of opportunities to capitalize on. We were lucky to sit down with Jonathan Salk, the CEO of CORFAC International and talk all things CRE, and how CORFAC continues to help professionals build better businesses and lead commercial real estate into the future.

Anyone in commercial real estate knows that the current climate is saturated with challenges and that the past months have been a tough time to weather the storm, much less grow business. A few key challenges we see include interest rates, inventory, and technology’s influence on CRE sales.


Challenges Facing Brokers in the Current Climate of CRE

Rising interest rates and current the lending environment: 

The Federal Reserve is expected to continue raising interest rates in 2023, which will make it more expensive for businesses to borrow money to buy or lease commercial real estate. This could lead to a decline in demand for commercial real estate, which would make it more difficult for brokers to find buyers or tenants for their clients.

Low inventory: 

The commercial real estate market is currently experiencing low inventory, which means that there are fewer properties available for sale or lease. This makes it more difficult for brokers to find properties that meet the needs of their clients, and in some cases even lead to bidding wars and higher prices.

Need to grow business amidst challenging external conditions: 

The time is now… With challenging economic conditions expected to continue, simply sitting back and weathering the storm is not an option for CRE pros that want to succeed. No doubt, the broader challenges of 2023 are making it more difficult for brokers to grow their businesses. Brokers will need to be creative and strategic in order to find new clients and generate leads. 

Changing demographics: 

The demographics of the workforce are changing, with more people working from home and fewer people commuting to traditional office jobs. This is changing the demand for commercial real estate, and it is making it more difficult for brokers to predict where the market is going. 

Office is perhaps the most turbulent sector of CRE – Click to read: Is the foundation of the office sector crumbling? The future of the office – and what’s to come of the office space.

Competition from online platforms: 

Online platforms are making it easier for businesses to find commercial real estate without the help of a broker. This is cutting into the profits of brokers and making it more difficult for them to compete. It should be noted that many online resources ultimately end with connecting a broker at some point in the cycle but the impact and importance of online CRE tools and marketplaces cannot be ignored.

The need to invest in technology: 

commercial real estate as a whole has been relatively slow to adopt technology. Many seasoned veterans of the CRE world still do things “the old way” with great success. In some cases this results in resistance to implementing technology solutions which can be costly. The need to balance growth with profits and smooth operations must be considered as brokers and brokerages alike prepare to take their businesses into the years ahead.


Capitalizing on opportunity today to evolve your business for tomorrow.

Despite the challenges facing the CRE market in 2023, there are also a number of opportunities for brokers to capitalize on. By understanding these trends, challenges and opportunities that lie ahead, brokers can position themselves for success in the year ahead

Here are a few specific tips for capitalizing on opportunities in the CRE market in 2023. Getting connected with a brokerage network such as CORFAC is just the beginning.

Focus on niche markets: With the overall commercial real estate market becoming more competitive, it is important for brokers to focus on niche markets where they can develop expertise and build relationships.

Get involved in the community: Brokers who are active in their communities are more likely to be successful, as they will be better connected to potential clients and partners.

Stay up-to-date on industry trends: Brokers who stay up-to-date on the latest industry trends will be better equipped to capitalize on opportunities.

Use technology to your advantage: Technology can be a powerful tool for brokers, as it can help them to automate tasks, connect with clients, and market their services.

Be creative and strategic: In a challenging market, it is important for brokers to be creative and strategic in order to find new clients and generate leads.


Benefits of Brokerage Networks

In order to succeed in the changing CRE market, brokers need to be connected to a strong network of other brokers. Brokerage networks come in all shapes and sizes and can offer great resources for savvy brokers and brokerages looking to level up their business. 

According to Jonathan Salk, CEO of CORFAC International, “people join networks like CORFAC because they want to do business…But, at the end of the day, they want to see results.”. In this case, the results often come in the form of stronger relationships and more robust businesses better prepared to scale and take on new opportunities.


Brokerage networks provide brokers with a number of benefits, including:

  • Access to a wider pool of clients: Brokerage networks can give brokers access to a wider pool of clients, which can lead to more deals.
  • Shared resources: Brokerage networks can share resources, such as marketing materials and databases, which can save brokers time and money.
  • Support and training: Brokerage networks can provide brokers with support and training, which can help them to improve their skills and knowledge.


Capitalizing on Opportunities

While these are simple examples of how brokerage networks enable brokers to succeed, the real value lies in the finer details. Salk adds “it’s the sharing of best practices and honestly, we do that.”. He continues to give examples of some of the ways CORFAC strives to not only keep their members connected but push them to excel such as: one-on-one connections with top economists and member conferences. All aimed at adding value beyond just the network of professionals that make up CORFAC’s membership.

When asked if CORFAC’s focus is surrounded by the mentality of “better together” whether in the form of shared insights or connecting deals Salk added, “they know they’ve got people like them in 70 offices around the world. And they know if they refer a client to another office, anywhere in the world, that they’re going to get the same service”.  Not only do CORFAC members get access to one and other and enjoy the benefits of their network, but there is also value in the principals that have guided CORFAC’s success for over 30 years. 

“CORFAC is 34 years old this year. And it was founded by a small group at a conference years ago. And here we are 34 years later, as strong as ever, and basically operating on the same principles.” CORFAC’s CEO continues “They wanted to maintain their name and independence. They didn’t want to give that up. The most important thing [was] they wanted to be independent, but part of something bigger than they are. You can do business outside the network. We always preach CORFAC first, but if someone’s got a requirement and they’ve dealt with someone in another market that they’re just more comfortable with, they can do that. I mean, that principle has held.”. He adds “Corefac headquarters never gets a piece of the deal. That I don’t think you’ll find that anywhere else.”.

CORFAC’s global commercial real estate brokerage network is composed of collaborative, entrepreneurial firms that offer unmatched service to clients and provide in-depth local market expertise. You can learn more about CORFAC International by visiting

The CRE market is constantly evolving, and brokers need to be prepared to adapt in order to succeed. By understanding the challenges and opportunities that lie ahead, brokers can position themselves for success in 2023 and beyond.

Is the foundation of the office sector crumbling? The future of the office – and what’s to come of the office space.

Office present and office past

The economic uncertainty of the past two years has no doubt taken its toll on commercial real estate – particularly in the office sector. With many companies adopting remote work policies, office vacancy rates have risen in many cities, and landlords have faced a difficult market. In some cases, companies have renegotiated their lease terms or decided to sublease their excess office space. This has resulted in downward pressure on rental rates and overall property valuations.

While interest rates remain on the rise and many assets across all classes are headed towards distress, some markets show signs of improvement, while others are feeling the pressure

However, it’s not all bad news for office spaces as an asset class. While some companies have adopted remote work policies, many others have remained committed to the traditional office setting. Some businesses have even increased their demand for office spaces as a way to comply with social distancing requirements and to ensure their employees have a safe and productive workspace.

While uncertainty surrounds the future of the office as a workspace, the more important question is this: what is to come of the office building? 


What is to come of office spaces and buildings?

While office as an asset class has certainly been in the spotlight over the last year or two, it is time to start considering the new realities faced by these assets. We’ll cover this from two perspectives: the office as a workspace, the office building as a commercial asset.


The office – a common workplace…but is it timeless?

Most of us have, or are currently working from an office. A staple and widely accepted workplace setting leading up to the COVID-19 pandemic. Since 2020, we’ve seen a shift to remote and hybrid work leading to a dramatic decrease in office utilization and in some cases necessity. The question remains: will this shift to remote and/or hybrid be permanent?

The shift from a largely full-time in-office setting to hybrid and remote was fueled by concerns around social distancing amid the pandemic and happened quickly. As we’ve seen, the return to the office has been much slower, and in some cases hybrid and fully remote work may continue. However, while these settings may be successful for specific roles and organizations, the office itself has been cemented as a standard workplace over time. While the transition back to a predominantly office environment may take time, it is a very likely trend that has already begun to emerge. What remains to be seen is at what capacity will office work make its comeback – will the office be the norm once again, or is hybrid here to stay?


The office building

Surrounded by uncertainty in demand, the next question is what’s to come for the office building itself. Offices come in many different shapes, sizes, and values, and as anyone in commercial real estate knows, they’re present in every market. Along with massive variance in value, these assets carry varying levels and types of (often complex) debt and most importantly varying capability to produce positive returns.

With cheap debt no longer on the table and high amounts of vacancy, many assets are reaching debt maturity and lacking the profits necessary to effectively refinance at current rates. So, what are the options for owners facing tough times amidst challenging market conditions?


Weather the storm

While difficult – one option for underperforming assets is to wait out the current market conditions and hope for a change in office sentiment and interest rates. Assets that are able to stay afloat amid vacancies and tough financing are more likely to become profitable again in the future. In some cases, owners may be able to restructure their financing. This may require demonstrating a viable plan to improve the property’s performance and may involve additional fees or covenants. Further, owners may seek to bring in new equity partners to inject additional capital into the property and pay off the existing debt. This may require negotiating with the existing lender to subordinate the debt or convert it into equity.



Another possibility is adapting the office building. Converting a standard office to apartments or retail, or a mix while possible is tremendously expensive and not always a viable option – dependent on the particular building based on a myriad of factors including: location, zoning, size, layout, etc.

Using some general assumptions – the average office building in the U.S. is around 20,000 sq./ft.. And the costs to renovate an office into an apartment and/or retail can be between $100-$300 sq./ft. It could cost upwards of $6,000,000 to update the average office building before it’s ever able to generate revenue aside from traditionally leased office space. Compare this to a rough estimate of that 20,000 sq./ft. Office asset’s approximate value of $5-6 million dollars and the cost of converting is extremely steep and carries a high level of risk if the newly renovated asset cannot perform and meet its debt obligations. 

It’s important to note that while the cost of converting an office building into apartments (or other types of commercial space) can be significant, the potential returns on investment can also be substantial, particularly in high-demand urban areas where there is a shortage of affordable housing. With careful planning and execution, converting an office building into apartments can be a viable and profitable investment strategy for real estate developers and investors.


The future of office

Despite the widespread adoption of remote work, it’s unlikely that the traditional office space will disappear altogether. In-person collaboration and face-to-face meetings are still essential for many businesses, and there will always be a need for physical office spaces. However, the office spaces of the future may look quite different from those of the past.

Owners and investors of office assets must be prepared to adapt or weather the storm of current economic challenges. Like all markets, commercial real estate has its ups and downs. Investors who are able to hold their assets amid these tough times have the potential to see profits return in the future as the economy recovers, and as more workers return to the office. Additionally, there will be opportunity for savvy investors large and small to capitalize on distressed office assets as some will ultimately fail. 

The only certainty in the CRE markets of 2023 is that uncertainty is likely to prevail. Investors must remain vigilant and ready to entertain and embrace new ideas and the new reality of the office sector.

What’s The Most Important Service a Broker Can Provide a Tenant?

In order to better understand how closely brokers’ and tenants’ expectations aligned, we decided to ask the following question: What is the most important service a broker can provide a tenant?

Check out the responses below to see the top answers provided by both sides. You might be surprised to see the differences in the feedback we got.

What is the most important service a broker can provide a tenant?

Top broker responses:

Broker Replies.png


  • Market knowledge: 21% of responses
  • Locating a space that meets their needs: 15% of responses
  • Good communication/Timeliness: 13% of responses
  • Accuracy: 12% of responses
  • Lease negotiations: 10% of responses
  • Honesty: 7% of responses
  • CRE knowledge/ advice: 6% of responses

Top tenant responses:

Tenant Replies.png


  • Good communication/Timeliness: 37% of responses
  • Locating a space that meets their needs: 15% of responses
  • Helping them get a good deal: 12% of responses
  • Honesty: 8% of responses
  • Market knowledge: 6% of responses
  • Negotiation skills: 5% of responses
  • Access to hard-to-find listings: 4% of responses

What conclusions can we draw from this?

Market knowledge may not be the most important attribute for a broker from the tenant’s perspective. While this was the number one response from brokers, less than 2% of tenant responses had market knowledge listed as most important broker service.

The second most popular response from brokers was locating a space that meets the tenant’s needs.  Tenants too felt that this was important, and it was a match for second place.  There’s really no surprise here, this is a universal expectation.  

Good and timely communication from brokers is essential for tenants, making this attribute the number one ranked response from tenants with 37% of the responses. Only 13% of brokers marked this as the most important attribute, ranking it the third most popular attribute among broker responses.

Tenants want to get a good deal, and they expect their brokers to help. This answer seems like a no-brainer, so we were surprised that there was a bit of a mismatch between the two groups. For tenants, this was listed in their top three responses. For brokers, this came in as the 12th most popular response with only a small percentage falling this category. We could dive into the differences of responses between landlord representative brokers and tenant representative brokers, and hopefully we would see a difference. However, if we take this at face value, brokers who leverage this attribute could have a big opportunity to attract new clients. 

Tell us what you think! Is this feedback different from what you had expected?