Commercial real estate data and listings service, CommercialEdge, recently announced a partnership with TenantBase to facilitate CRE transactions. The collaboration will connect the extensive office, industrial and retail space supply of CommercialEdge with the tech-enabled demand provided by TenantBase.
As part of the partnership, brokers on CommercialEdge will be able to view the requirements of tenants actively looking for leases on TenantBase. Specifically, they will initially have access to a feed of active requirements from tenants, which the brokers can then filter further by square footage, property type and location. The agents can then submit their listings as suggestions directly to tenants whose specifications align with the property.
Typically, brokers would have to post real estate listings on several websites and wait for a lead to be generated. However, through this partnership, brokers can view the direct needs of tenants actively looking to lease office space and submit their listings for consideration directly to their potential tenants. This direct connection greatly increases the likelihood of transactions to proceed and also reduces time needed to reach an agreement by directly connecting the supply with the demand.
Initially, TenantBase will roll out the tenant requirement feed in 10 select markets, with the list scheduled to be expanded rapidly in 2021.
“This partnership is a game changer that will allow tenants and leasing agents to rapidly execute deals by having a better understanding of real tenant demand,” said Bennett Washabaugh, CEO and co-founder of TenantBase. “Owners and leasing agents can now structure flexible deals based on understanding the demand that exists in the marketplace. Tenants benefit by having owners submit offers based on what’s best for their business.”
CommercialEdge — the newest member of the Yardi family — is a broker-oriented commercial real estate platform, that allows customers to research extensive nationwide property data, as well as post CRE listings in the same place. Property data — including ownership, tenants, lease terms, past transactions and debt — is available for all asset classes of commercial real estate.
TenantBase is a commercial lease platform that allows tenants to get advice, explore potential leases and complete the negotiation process online.