Are you looking for a new office but don’t want to sign a 3+ year lease? The Washington, D.C. metro area has become a great place to find a short-term lease. After years of law firms and trade associations signing 7-15 year office leases, the growth of coworking has given business owners new options. In DC, Truss has more than 415 spaces available that have lease options for 12 months or less.
Below is a breakdown of flexible spaces with shorter lease options:
The concept of coworking is continuing to change and of course is one of the ongoing requests in commercial real estate. It's no longer a trend - it's here for the foreseeable future. Operators are increasingly moving away from open desk plans and all-glass office. They're looking at more options to create private spaces (drywall and all) for companies with five or more employees. There are lots of options like WeWork and MakeOffices that are furnished and all inclusive, and are available to compare and lease directly on our marketplace. Coworking spaces are located across DC metro, but especially concentrated in neighborhoods like Downtown.
This is certainly a diamond in the rough, so to speak. When searching for a sublease, it's important to find the right layout, location, price and the right terms to truly make it a winner. You also run other risks, such as the sub-landlord defaulting and being kicked to the curb by the building owner. However, a short term sublease, i.e. 12-24 months, can be very economic if the sub-landlord needs to recoup some of the costs.
Coworking has forced bigger landlords to get creative with their leases. Most owners take this as an opportunity to get a growing tenant that is not ready for a 5-10 year lease. A number of owners are delivering pre-built, fully furnished suites ranging from 1,000 square feet to 10,000 square feet and are willing to do 6 month-3 year leases, like WashREIT’s Space+ concept or Carr Properties’ new WaveOffice. Try looking in the West End for a short-term direct office lease.
This may be a lot to digest at once and we recommend starting by narrowing down your options with the location and amenities you're looking for. You can do that right from our marketplace - for free with complete price transparency. For more information on flexible spaces in D.C. and other cities on our platform, visit our website here.