Finding your first office space can be one of the most exciting, yet nerve-wracking experiences. The team here at OfficeSpace.com has interacted with millions of tenants who have been in the same position.
This is why in an effort to shed some light on the process, we recently surveyed tenants about their search experience. Part of what we found out was what we expected, while some responses took us by surprise. Here’s a look at what tenants shared with us about their CRE search experience.
How much time did you spend researching commercial real estate leasing online prior to connecting with a broker?
When asked how much time they spent researching CRE leasing online prior to connecting with a broker, almost have of our respondents (45%) selected “within days”.
How many brokers did you reach out to before selecting one to work with?
Over half of our participants (54%) also revealed that they had not yet selected a broker to work with yet. Of those who did, 32% said they reached out to 2 to 5 different brokers before selecting one.
If you have not yet selected a broker, where are you now with your space search?
For those who had not yet selected a broker, 33% had told us that they decided to look for space on their own when asked where they currently were with their space search. 11% of the 33% who decided to look on their own also reported that brokers had not responded to their initial inquiries, so there wasn’t much choice.
How many spaces did you see, or plan on seeing, during your search?
In regards to space searches, we also asked how many spaces they’ve seen or planned on seeing during their search. More than half (54%) said between 2 to 5.
Do you have a preference for working with a tenant representative’s broker or a landlord’s representative’s broker to help you find a space?
When asked if they had a preference to work with the landlord’s broker or a tenant representative’s broker, 37% of our respondents did not know the difference between the two. The majority of tenants did not have a preference (44%) while 14% preferred to work specifically with a tenant representative’s broker and 6% preferred to work with the landlord’s broker.
Did you end up signing a lease with the broker you decided to work with?
Finally, over 66% of tenants said that they did not sign a lease with the broker they initially selected to work with. When we asked for their reasons, 50% had to do with a negative experience with their broker, 26% of the tenants had a change in circumstances in their situation and 18% were still looking for the right space.
We would love to hear from tenants and brokers on our research. Does this information surprise you or is it what you would have expected?