Market Zoom: 10 Big Phoenix Office Deals That Closed in 2018 (So Far)

Office deals in Phoenix in the first quarter of 2018 were white hot, with a number of large sales and leases taking place. According to CBRE, the net absorption in the Phoenix office market reached 154,716 square feet with nearly 1.3 million square feet of gross absorption. 

Let’s take a closer look at a few of the big Phoenix office deals that closed at the beginning of 2018. 

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Effective Strategies for Marketing Your Office in the Collaborative Workspace Genre

The way the workforce, particularly millennials, want to work is pressuring more companies to harbor office space that speaks to a more collaborative setting. The traditional cubicle life is no more and well-designed spaces are stepping in to take its place. Even if your current office space is not collaborative, there are effective strategies that you can implement to market your space to the collaborative workforce.

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John is the Regional Director of OfficeSpace.com where he heads Broker Relations and Sales. Prior to being Regional Director, he was the Operations Director for the company’s property database. John has over 25 years of experience working in the Commercial Real Estate industry. Prior to joining OfficeSpace.com, John was a Commercial Real Estate broker for the Norman Company in Seattle, WA.

4 Ways the Collaborative Workspace Movement is Impacting CRE

Collaborative workspaces are changing the way millennials work and ultimately creating a snowball effect that is changing the way everyone works. Recent studies reveal that over 1.2 million people worldwide have worked, or currently work, at a co-working space. In fact, Emergent Research forecasts that by 2020, co-working memberships will rise to 3.8 million people and 5.1 million by 2022. As collaborative spaces become increasingly popular, it’s not surprising that this has also impacted the commercial real estate industry in a big way – from increasing property demand for older buildings to establishing a brand new niche market.

Continue reading “4 Ways the Collaborative Workspace Movement is Impacting CRE”

John is the Regional Director of OfficeSpace.com where he heads Broker Relations and Sales. Prior to being Regional Director, he was the Operations Director for the company’s property database. John has over 25 years of experience working in the Commercial Real Estate industry. Prior to joining OfficeSpace.com, John was a Commercial Real Estate broker for the Norman Company in Seattle, WA.

It Just Got Even Easier to Add Listings to OfficeSpace.com

While it has always been free and easy to add your listings to OfficeSpace.com, we’re excited to announce that it just got even easier!

Over the last couple of weeks, you may have been contacted about sending us your flyers, personal websites, or adding us to your e-blast. We now have a dedicated team that will update your listings at no cost or disruption to you. Simply send us your flyers, email us your company websites, or add us to your e-blasts – we’ll take care of the rest.

Office space in Phoenix, AZ map view.OfficeSpace.com map view (Phoenix, AZ)

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One Broker’s Enduring Entrepreneurial Spirit

Big Payoff with Tenant Connect for a MBA grad turned CRE broker.

Company: Berkshire Hathaway HomeServices Commercial Division
Markets: Cincinnati, Columbus, Cleveland, Dayton OH
Results:
– 60 closed transactions
– $250,000+ in revenue
– 30% revenue growth
– Increased tenant rep more than two fold

 

As an MBA graduate with an extensive business background in Finance and Operations, David Mussari is no stranger to entrepreneurship. In fact, it was his interest in entrepreneurial opportunities that became the catalyst for his development as a commercial real estate broker.

Continue reading “One Broker’s Enduring Entrepreneurial Spirit”

John is the Regional Director of OfficeSpace.com where he heads Broker Relations and Sales. Prior to being Regional Director, he was the Operations Director for the company’s property database. John has over 25 years of experience working in the Commercial Real Estate industry. Prior to joining OfficeSpace.com, John was a Commercial Real Estate broker for the Norman Company in Seattle, WA.

New Partnership Brings Commercial Property Data to EDOs

We’re excited to announce that OfficeSpace.com has joined forces with Community Systems, a leading technology company dedicated to the economic development industry. Through this partnership, OfficeSpace.com‘s commercial listings will now be exclusively featured on economic development organization (EDO) websites across the country and visible to thousands of site selectors, brokers, and companies seeking commercial property data nationwide. 

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OfficeSpace.com and Apto Partnership Brings Greater Exposure to Apto Customers.

OfficeSpaceLogo.png   +   AptoLogo

If you’re an Apto customer, your life just got a lot easier!

We’re excited to announce that we’ve partnered with Apto to provide all Apto users with the ability to automatically publish their listings directly to OfficeSpace.com.

This means that you no longer have to worry about updating across both platforms and can now syndicate your data on OfficeSpace.com without ever leaving your Apto account. By publishing to OfficeSpace.com, you’ll boost your listings’ exposure and lead pipeline as hundreds of thousands of tenants and brokers search for CRE space on OfficeSpace.com every month.

The best part? All it takes is a click of a button from your Apto account to begin syncing your listings, and there’s no additional cost to you.

To get started:

  • Pull up your listing on Apto.
  • Publish your listing to OfficeSpace.com with a click of a button.
  • Instantly get exposure to tenants searching OfficeSpace.com.
  • Start getting tenant inquiries directly and add/manage them on Apto.

To learn more about this partnership and Apto, check out the Apto blog.

Learn more about Apto:

Created by commercial real estate brokers, Apto is the leading web-based software for managing client relationships, properties, listings, and deals. Apto streamlines the entire deal lifecycle. Request a demo today.

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:

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Breakdown:

  • 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

Breakdown:

  • 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

So 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?

How Are Tenants Searching for Office Space?

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?

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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?

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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?

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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?

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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?

Screen Shot 2017-08-23 at 2.32.01 PM.pngWhen 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?

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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?  

OfficeSpace.com Announces Syndication Deal with Colliers, Expanding Listing Database Nationwide

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Partnership between fastest growing CRE listing service and leading commercial brokerage firm marks paradigm shift in CRE data sharing

SEATTLE, WA – November 17th, 2016 – OfficeSpace.com, the fastest growing commercial real estate listing service that connects tenants and brokers, today announced that it has launched a syndication deal with a leading global commercial real estate services firm, Colliers International Group Inc. (NASDAQ:CIGI, TSX:CIG). Marking the first time a top global commercial real estate brokerage firm has syndicated its listing data to a commercial real estate listing service, this partnership represents a paradigm shift in CRE data sharing.

Beneficial for both Colliers brokers and companies searching for commercial space via OfficeSpace.com, the partnership will bring:

  • Better data transparency for entrepreneurs and companies: Companies can now find all of Colliers’ national inventory when they search on OfficeSpace.com. Over 9,000 Colliers listings spanning across 43 states are now freely available to search, allowing decision makers to connect with Colliers brokers in real-time on OfficeSpace.com.
  • Increased cost savings for Colliers brokers: OfficeSpace.com has developed technology that allows all of Colliers’ listings to be syndicated seamlessly by default on the website. Going forward, Colliers brokers will save time updating, as they will only have to update their listings on one place.
  • Boosted visibility for Colliers listings: Colliers will be the first global commercial brokerage firm to actively work toward having their data be more accessible to tenants and landlords by syndicating on OfficeSpace.com. While other commercial listing services are primarily used for broker-to-broker marketing, OfficeSpace.com connects tenants to brokers directly – attracting over 200,000 unique users every month. OfficeSpace.com also allows all users unrestricted access to its database.

“Today not only marks a huge milestone for OfficeSpace.com, but also for the industry,” says Susie Algard, CEO of OfficeSpace.com. “It is our hope that this partnership will set a precedent for how top brokerage firms collaborate with CRE technology companies in the future.

With the addition of Colliers’ national listing data, visitors to Officespace.com can now access 1.3 million buildings nationwide, across all 50 states.

About OfficeSpace.com

OfficeSpace.com is the fastest growing online commercial real estate marketplace that connects tenants and brokers. With over 1.3 million properties nationwide, OfficeSpace.com provides lease and sale information for all commercial space types – including office, retail, industrial, flex, and land listings. OfficeSpace.com’s online property database is available to search for free and without any restrictions. Over 200,000 unique users generate millions of building views.