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.

OfficeSpace.com 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 OfficeSpace.com.  

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 OfficeSpace.com

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

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 OfficeSpace.com’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 theinstantgroup.com.

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 theinstantgroup.com.

OfficeSpace.com and SharpLaunch announce integration partnership to provide more opportunities for tenants and buyers.

OfficeSpace.com and SharpLaunch announce integration partnership to provide more opportunities for tenants and buyers.

OfficeSpace.com is excited to announce our partnership with SharpLaunch in 2024. Together OfficeSpace.com and SharpLaunch work to serve owners, brokers, leasing brokers, and tenant representation brokers creating a better for-sale and for-lease commercial real estate experience. Additionally this partnership allows OfficeSpace.com to provide more opportunities to tenants and buyers searching for commercial real estate across the U.S. 

 

What this means for OfficeSpace.com users:

More Listings: Through this integration partnership, SharpLaunch CRE listings are automatically syndicated to the OfficeSpace.com marketplace. This means that OfficeSpace.com users have access to thousands more for-sale and for-lease listings.

Completely Free: As an OfficeSpace.com user, it is free to browse all of the listings on our marketplace. Browse, research, and inquire about as many commercial real estate listings as you would like, anywhere in the U.S. and easily get in touch with local CRE pros to help you along the way.

For Brokers: Fast, easy syndication. “We’ve made it incredibly simple for you. With just one click, you can have all your properties syndicated on OfficeSpace.com. It’s powered by APIs, which means there’s no need for you to create a separate account on OfficeSpace.com. It’s all seamlessly integrated into your SharpLaunch experience.” –SharpLaunch

 

“We’re excited to announce our integration partnership with SharpLaunch. This partnership allows us to provide more opportunities and more listings for the tenants and brokers we serve. Together SharpLaunch and OfficeSpace.com are creating a more positive CRE experience for all –  enabling brokers with more efficient marketing and tenants and buyers better access to commercial real estate across the U.S.” 

-Ember Erickson, COO – OfficeSpace.com

 

Ready to start searching for your next commercial property to purchase or lease – start your search for free on www.OfficeSpace.com. Brokers, creating a listing is free and easy, from the website just click “List for Free” to get started.

 

About SharpLaunch

SharpLaunch is an all-in-one digital marketing platform tailor-made for commercial property professionals. It is designed to enhance asset visibility, simplify marketing activities, and ultimately save valuable time.

For commercial property owners, asset managers, and brokers, SharpLaunch offers an intuitive suite of marketing tools. These tools enable users to create stunning property websites, virtual tours, and listing presentations effortlessly. The platform simplifies the management of property data, ensuring accurate and up-to-date information is always available to potential tenants and buyers.

 

“We are proud to announce our strategic syndication partnership with OfficeSpace.com. This partnership opens new avenues to showcase commercial properties and empowers our clients with broader visibility in the dynamic CRE market. The combined strength of our platforms will elevate property marketing and create unparalleled value for our clients.” 

– Bob Samii – Founder/CEO at SharpLaunch

 

You can learn more about SharpLaunch and their suite of CRE marketing tools by visiting their website: www.sharplaunch.com

 

Having access to a broader range of listings provides a significant advantage for buyers and tenants when searching for a commercial lease or investment property. The value lies in the increased opportunities to find a property that perfectly aligns with their specific preferences, requirements, and budget. A larger pool of listings means more choices, allowing buyers and tenants to explore diverse options and select a property that best suits their needs.

 

One key benefit is the ability to compare multiple properties, enabling individuals and businesses to make more informed decisions. With a wide array of listings, buyers and tenants can assess various features, amenities, and price points, facilitating a comprehensive evaluation of the market. This comparative analysis empowers tenants and buyers alike to identify the most suitable property based on their priorities, whether it be location, size, amenities, or other crucial factors.

 

Access to an extensive range of listings also promotes competitive pricing and negotiation opportunities. Buyers and tenants can leverage the availability of multiple options to negotiate more favorable terms with sellers or landlords. This dynamic marketplace encourages a fair and transparent negotiation process, ensuring that parties involved can reach agreements that benefit both sides.

 

Furthermore, a diverse selection of listings enhances the likelihood of discovering hidden gems or properties that may have been overlooked in a more limited search. Buyers and tenants may find unique opportunities that meet their specific criteria but were not initially on their radar. This broad exposure to available properties enriches the overall property search experience, turning it into a discovery process that goes beyond conventional choices.

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.

Creating CRE Listings That Sell For You

Done right, your commercial real estate (CRE) listings can do a lot more than advertise a property – they can actually help qualify your leads and eliminate a great deal of the work involved in selling (or leasing) CRE. The trick is to have all the relevant data at your fingertips, target your listing well, and have a clear, strong call to action.‍

 

Step 1: Profile your market, focus on the bottom line

The ‘spray and pray’ approach to advertising can work for mainstream consumer products, but CRE is not a one-size-fits-all consumer product. Every commercial property has certain USPs that make it ideal for one buyer and unsuitable for another. Before drafting your listing, consider who is most likely to be interested in the real estate, and for what purpose. Target those investors and highlight the USPs that will appeal to them.‍

 

Knowing the demographics and metrics of the area, along with previous sales data and transaction histories relating to similar real estate, will help you refine your target market.‍ Don’t stay committed to your initial assumptions about what target markets would be interested in the property. If your listing isn’t driving the right level of response, change the listing and target a ‘plan B’ market.

 

Step 2: Stand out from the crowd

If you’re not publishing your CRE listings online, you’re already behind the curve. Buyers can browse thousands of listings, from their mobile phone or laptop, whenever and wherever it suits them. This means brokers need to brush up on their writing and photography skills to ensure their listings get the right kind of attention from serious tenants and  buyers – and translate into sales fast.

 

First impressions count – your headline and feature photograph (the first one viewers see) are critical in getting attention for your listing. In the case of the headline, keep it simple and descriptive. There are any number of tutorials available online to help you take better photographs if that’s a skill you need to enhance.

 

In commercial real estate, the asset’s potential to drive revenue, as well as the cost of ownership, are crucial factors to focus on first. The income and potential tax and grant opportunities of CRE, its certifications, tenancy and facilities are potentially more important than the architecture, size and other features that would be top of mind to residential investors. 

 

When it comes to leasing commercial real estate, tenants are likely more interested in the assets amenities and associated details. If you’re leasing it is important to focus on what brings value to the tenants you are targeting.

 

Step 3: Important info up top 

There is a lot of information that can go into any CRE listing, and your listings should certainly include all of the relevant details an investor or prospective tenant needs. Be as specific as possible. Listing something as being in a ‘good area’, for example, is vague. Describing it as being in a ‘secured, industrial development zone’ gives the buyer a much better idea.

 

Critical information you’ll want to include:

  • Size – square footage, number of rentable spaces, lot size, parking lot
  • Property type – residential, industrial, mixed-use, etc.
  • Property class – A, B, or C
  • Submarket – walking score, demographics, mass transit
  • Capital improvements to the property – upgrades or refurbishes
  • Legal – zoning, tax credits, historical status
  • Tenant info – lease duration, NNN, type of tenants, credit score
  • Basic financials – NOI, cap rate

Step 4: The devil is in the details

It’s the little things that can ruin a good listing – like spelling, or a Google Maps plug-in that doesn’t show the correct address. Make sure that your listings are as professional as possible by running your text through online text editors (like Grammarly) and testing your links, Maps listings and every other aspect of the listing before you publish it. Buyers will notice sloppy spelling, and it reflects poorly on both the listing and the broker.

 

Step 5: It’s a package deal

Like this blog, all the elements of creating a CRE listing need to work together to deliver a rich picture of the property on offer. Headline, photography, and listings information needs to flow logically, be easy to read, simple to understand, and collectively provide the buyer with all of the information (and motivation) they need to take the next step – contacting you to arrange a viewing. Make sure that direct, accurate contact details are available on the listing. You might lose the buyer while they’re waiting on you to call them back.

 

Step 6: Call to action

If a potential investor has read to the end of your listing, they’re interested. Unless there’s a clear call to action (CTA) at this point, you risk losing them. Give them the opportunity to access more information or take the next step easily, and right away. Include a link to a 3D virtual tour of the real estate, a video outlining more the property’s USPs, or a direct message link to the broker, asking for a call back. You might even add a button to ‘click here to submit an offer’. 

 

Crafting compelling commercial real estate (CRE) listings is an art that extends beyond mere property promotion. It involves a strategic interplay of market profiling, standout online presentation, meticulous information organization, attention to detail, and a seamless integration of all elements. In this dynamic process, each component works harmoniously to paint a vivid picture of the property, enticing potential investors or tenants. A well-crafted call to action becomes the pivotal moment, propelling intrigued readers to take the next steps. Ultimately, by mastering these steps, your CRE listings become not just advertisements but powerful catalysts for successful transactions in the ever-evolving real estate landscape.

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 OfficeSpace.com 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 OfficeSpace.com 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 OfficeSpace.com 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 OfficeSpace.com 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 OfficeSpace.com, 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 OfficeSpace.com, 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 – www.TrilogyCRE.com. 

 

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 OfficeSpace.com 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.

OfficeSpace.com partners with Lendio to make capital more accessible for small businesses.

According to the Small Business Administration (SBA), 99.9% of businesses in the United States are small businesses. This means that there are over 33 million small businesses in the US. Small businesses are defined as businesses with fewer than 500 employees.

Small businesses play a vital role in the US economy. They create jobs, drive innovation, and boost economic growth. In fact, small businesses employ around 61.7 million workers, making up almost half of all employees in the U.S.

However, small businesses also face many challenges. One of the biggest challenges is access to capital, which leads to many of them failing. Small businesses sometimes don’t have the collateral or credit history to qualify for traditional bank loans. This can make it difficult to finance growth, expansion, or survival. The world of commercial real estate and small business financing is complex and many small businesses seek trusted partners to help guide them towards their goals.

OfficeSpace.com and Lendio: providing support to small business growth.

OfficeSpace.com has a long-time partnership with Lendio, a leading small business loan marketplace. Whether you’re searching for your first commercial space or looking to expand your business, OfficeSpace.com.com and Lendio are here to support your success.

Who is Lendio?

Lendio is a small business loan marketplace, with a large network of highly-vetted lenders and financial products. With a single free application, you can compare loan products and lenders, and get custom funding offers suited to your business needs. Applying with Lendio does not hurt your credit score, and is obligation free. 

When you apply through Lendio, you’re assigned a dedicated personal funding manager who will ask about your needs, walk you through different loan options, and help you choose the perfect small business loan.

You won’t have to deal with brokers, banks, or convoluted financial jargon. Lendio keeps it simple so you can make informed decisions and find financing fast.

Why OfficeSpace.com chose Lendio

With over a decade of experience in small business lending and 20,000+ TrustPilot reviews, small business owners trust Lendio with their business financing needs. Lendio has helped secure capital for over 350,000 small businesses just like yours.

What financial products are available with Lendio?

Whether you’re looking to fund your next commercial office space, or something else related to expanding your business, Lendio can match you to the right lenders and help you compare offers.

 These are the most common financial products small business owners choose with Lendio:

  • SBA Loan
  • Business Line of Credit
  • Business Term Loan
  • Business Cash Advance
  • Accounts Receivable Financing
  • Equipment Financing
  • Commercial Mortgage

 

How do I get started?

Click here to get started with your application. Lendio’s in-house customer support team is available to help with any questions you may have throughout the process.

Learn more about Lendio here: www.lendio.com