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?  

Susie Algard, CEO of OfficeSpace.com, accepted into Forbes Real Estate Council

Forbes Real Estate Council Is an Invitation-Only Community for Executives in Real Estate

[Seattle, WA (May 8th, 2017)] — Susie Algard, CEO of OfficeSpace.com, has been accepted into the Forbes Real Estate Council, an invitation-only community for executives in the real estate industry.

Algard joins other Forbes Real Estate Council members, who are hand-selected, to become part of a curated network of successful peers and get access to a variety of exclusive benefits and resources, including the opportunity to submit thought leadership articles and short tips on industry-related topics for publishing on Forbes.com.

Forbes Councils combines an innovative, high-touch approach to community management perfected by the team behind Young Entrepreneur Council (YEC) with the extensive resources and global reach of Forbes. As a result, Forbes Council members get access to the people, benefits and expertise they need to grow their businesses — and a dedicated member concierge who acts as an extension of their own team, providing personalized one-on-one support.

“The CRE industry is ripe for disruption and there are a lot of exciting things to look forward to” says Algard. “It’s been amazing to hear from tenants and brokers who tell us that OfficeSpace.com has been changing the way they search for space and do business. As a member of the Forbes Real Estate Council, I’m excited to be sharing our insights about what we hear from the feet on the street to the broader CRE community.”

Scott Gerber, founder of Forbes Councils, says, “We are honored to welcome Susie Algard into the community. Our mission with Forbes Councils is to curate successful professionals from every industry, creating a vetted, social capital-driven network that helps every member make an even greater impact on the business world.”

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 space, 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 on OfficeSpace.com every month.

For more information, visit OfficeSpace.com.

About Forbes Councils

Forbes partnered with the founders of Young Entrepreneur Council (YEC) to launch Forbes Councils, invitation-only communities for world-class business professionals in a variety of industries. Members, who are hand-selected by each Council’s community team, receive personalized introductions to each other based on their specific needs and gain access to a wide range of business benefits and services, including best-in-class concierge teams, personalized connections, peer-to-peer learning, a business services marketplace, and the opportunity to share thought leadership content on Forbes.com. For more information about Forbes Real Estate Council, visit https://forbesrealestatecouncil.com/. To learn more about Forbes Councils, visit forbescouncils.com.

 

Why we’re celebrating 2016 [Video]

The team at OfficeSpace.com wishes you a Happy Holiday! 2016 flew by, and we want to thank you for helping us have our best year yet! Millions of tenants used OfficeSpace.com, hundreds of thousands of broker-to-tenant connections were made, and tens of thousands of brokers got exposure nationwide.

We put together a video to recap the amazing year we had at OfficeSpace.com:

OfficeSpace.com A Year in Review (2016)

 

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.

Re-imagine your prospecting with OfficeSpace.com

 

It’s been a great first quarter here at OfficeSpace.com! With over 200,000 unique tenants searching every month, we’re on pace to make hundreds of thousands of broker-to-tenant connections this year.

As the fastest growing CRE website, OfficeSpace.com is helping thousands of brokers re-imagine their prospecting strategies and connect directly with tenants. Our latest video recaps the amazing growth that we’re seeing and summarizes our service and users.

Click here to view it on Youtube.

Tenant Connect: Four key takeaways for brokers

In an effort to recap our Tenant Connect service, we recently followed up with some the tenant rep brokers who are currently using our services. Needless to say, it has been exciting to hear that a simple idea we had 3 years ago is now prospering, as it has proven itself to be a crucial platform for both brokers and tenants alike.

Tenant Connect is our platform designed for tenant rep brokers to reach tenants and buyers while they are searching for commercial space. Since launching the pilot program back in 2013, we’ve continued to see tremendous upward trends in both the number of participating brokers and contacts delivered to these partners month over month.

But why hear it from us when you can hear it directly from the tenant rep brokers who are actively using the service every day? Whether you’ve just heard about Tenant Connect for the first time, or are looking to get more insight into how it works, here are four things that you can expect from the program based on what some of our current partners are saying:

Interested in reserving a spot? Contact us below:

If you’re interested, tell us a little bit about yourself below, and we’ll get back to you shortly. Due to the increased popularity of the service, spots are limited to 1-2 in any given market (and they are filling up fast)!:

 

Eco-friendly office space: Modern ways to make your office greener

Contemporary office culture has come a long way since people first started talking about green solutions. Here are a few things to consider when you’re taking steps toward creating more sustainable office practices.

Don’t Forget Your Tech

In today’s office world, suggestions like “recycle your paper” are swiftly becoming much less relevant than energy saving tips involving technology. Although, of course, it’s still important to recycle waste paper, or choose recycled paper in the first place, in increasingly paperless offices it pays to consider the energy use of your electronics. If every person in your office is using a computer, imagine the impact of a company-wide policy governing their energy usage.

Program all computers to enter sleep mode after ten minutes of inactivity, and shut down your computer completely at the end of each day rather than allowing it to enter sleep mode. And if you’re still using screen savers, skip it—screen savers are a vestige of the early days of computers, when the image of your desktop would eventually be burned into your screen if left on too long. A static image—or better yet, black—requires much less energy to run than a moving screen saver. Or better yet, if you’re walking away for a few minutes, just turn your monitor off completely. It won’t affect your computer’s memory, performance, or state in any way, but saves energy just like turning off a light switch.

Choose Energy-Saving Appliances

There are many upgrades you can make in your appliances that will go a long way toward saving power, many of which are already becoming the new standard. Just as energy efficient light bulbs are the new norm, LCD monitors have been swiftly replacing the CRT monitors of the past, and if you haven’t made the change yet you should as soon as possible—not only are they three times as efficient, but the upgrade is inevitable. It’s also worth it in both the long and short run to invest in efficient hardware—when buying your computer processors and accessories, look at Energy Star 4.0 ratings or high EPEAT marks.

There are many things offices don’t even think about that can be made more efficient with upgrades—for example, using virtualization technology to consolidate your servers, reducing your need for multiple physical servers (which are huge energy suckers).

Consider Green or Alternative Buildings

The amount of resources used for brick-and-mortar buildings and traditional methods of construction are often overlooked. The Construction Materials Recycling Association estimates that the construction and demolition industries account for 250 million tons of waste each year (which doesn’t include roads or bridges), and these C&D materials make up approximately 35 percent of all waste generated annually. Luckily, there are greener modes of construction for office space. LEED-certified buildings are increasingly becoming a popular trend in CRE. Through LEED, developers and owners are provided with measurable solutions for creating more sustainable buildings. There are also alternative options, especially if you’re feeling a bit more creative, such as such as PVC fabric buildings, which require a fraction of the construction materials or transport, allow greater amounts of natural light to enter, and are made of entirely recyclable materials.

Incorporate Telecommuting

Telecommuting is more feasible in the workplace now than ever before. With dozens of ways of instantly communicating through video, audio, and computer screen shares, the necessity of in-person meetings has been largely reduced. If your employees or partners can work from home, they save a bundle in terms of the energy that would otherwise be spent on commuting. If you have meetings with clients or partners that would usually require someone driving for miles, consider having digital meetings whenever possible. You might want to allow employees to work from home a day or two out of the week. You’ll save money on your office resources while also saving some gas. 44 million Americans currently telecommute full-time, and that number is growing daily because it offers so many practical and environmental advantages.

In this constantly evolving modern workplace, the ways we think about going green need to keep evolving as well. What are some other things you implement to make your office greener? Let us know in the comments below!

About the author:

This post was authored by Peter Kim, a freelance writer with a passion for the environment and green business. He has worked for a home improvement company and writes about the construction industry, maintenance advice and tips on how to live a greener life. 

CRE is evolving. Are you?

Why Tenant Connect?

It’s clear that commercial real estate is evolving. According to a recent study, 86% of tenants and buyers now rely on the Internet for their CRE information. Luckily, you can reach these consumers directly with OfficeSpace.com’s Tenant Connect program. Tenant Connect is a unique marketing platform designed specifically to help tenant representative brokers expand their online presence and grow their business.

Our latest video teaser (displayed above) shows how this program allows prospective tenants to reach out to tenant rep brokers directly as they are actively searching for spaces on OfficeSpace.com.

Interested in reserving your spot? Contact us at info@officespace.com or 206-204-0096 today!

Hello, is it tenants you’re looking for?

Our Tenant Connect program continues to flourish, and we’re happy to say that 2015 has been an exciting year for the overall growth of the program. Since our last update 11 months ago, OfficeSpace.com has gone nationwide and we’ve more than doubled the number of participating brokers in our Tenant Connect program.

Much of the program’s success can be attributed to the strong year we’ve had as a whole. We’ve seen record traffic numbers and have continued to track growth on all fronts:

 

Q22015

Recap: The Program

Tenant Connect is our broker marketing platform which we’ve designed specifically for Tenant Rep Brokers. This platform allows Tenant Rep brokers to connect with prospective tenants who are actively searching for available spaces on OfficeSpace.com. These connections happen via email or phone and are tracked in our system and relayed directly to the broker. As a Tenant Rep, you simply have to qualify and respond to inquiries (something you all do currently).

This platform has truly proved to be beneficial to both the Tenant and the Tenant Reps.

An updated snapshot of what we’ve seen in our program:

– Over 14,000 contacts directly delivered to the broker.
– Over 157% growth in the number of participating partners over the past 10 months.
Tenant rep partners are averaging over a 4x return on their spend.
– Over 75% of our users are tenants searching without representation, and 68% are searching for spaces over 1,000SF.

What Participants Are Saying

We recently turned to one of our Tenant Connect veterans, Scott Driver, to ask how the program has personally impacted him:

Q: How does Tenant Connect compare to other online referral/lead sources?

Scott DriverThere are no other lead resources for Tenant Rep Brokers.

Q: To date, what has been your most memorable tenant contact from OfficeSpace.com

Scott Driver: A contact that resulted in a $15,879.75 commission check for an office lease.

Q: What has been the biggest impact for you as a result of joining Tenant Connect?

Scott DriverAdditional income was $30,000 in 2014 (4 months), and $57,000 2nd quarter of 2015 with many deals in the pipeline. There’s also an additional peace of mind knowing that leads will be received at least weekly if not more often.

Q: Do you have any advice for new members or for those that are interested in joining?

Scott Driver: Contact the leads via email as quickly as possible, followed by a phone call to determine the specifics of the requirement, how “real” it is, and the probability of closing a transaction. Also, show the space as soon as possible.

Q: Anything else you’d like to add?

Scott Driver: Anyone who does not benefit from this lead program isn’t getting up in the morning.

The Next Steps

As we diligently add new listings and drive more traffic, we are continuing to see new opportunities in most of our markets to add more Tenant Rep partners who are hungry to grow their business and understand the value of online marketing.

Contact us below for more information and don’t miss out on reserving a spot to represent yourself as the local tenant expert in your market: