The more details that a property owner provides, the more those spaces are selected as favorites. Spaces with more than two space-level features are favorited and toured over twice as many times than ones that do not. “Dropping pins” in new areas – some business owners are considering office spaces in urban residential neighborhoods. Despite the lower amount of inventory, many business owners are considering these areas because the rents are lower and the neighborhoods are less dense
What We Are Hearing from Our Brokers
Here are some observations from our team:
Open Floor Plans
They have become more common than traditional space with separate offices and cube farms. This design was originally adopted to promote dialog and decision-making and also to save money: open settings are less expensive than offices to construct. The main complaint about them is that they cause distractions and do not provide the privacy needed for such functions as legal and HR departments. Concerns have also been raised about how secure open spaces are. Open design has evolved to become more efficient and workable as many property owners have worked with interior architects to remain competitive.
This option offers greater flexibility than direct spaces. When all expenses are considered, they are on occasion less expensive than direct spaces. They are also good as interim spaces. Coworking spaces also feature short termination notices, no security deposits, and no personal guarantees to pay the rent.
It’s a reliable index that has been around for a while. The score is an index based on transit, safety, and how walkable neighborhoods are. Many times, clients consider this data when selecting a location.
Small business owners are selecting spaces that match their lifestyles. These spaces have become more popular than offices that do not offer amenities.
They are becoming more prolific. Local restaurants and other providers like food trucks find it profitable to open limited-service stands in halls, even if they are within close proximity to their original sites. They are profitable for property owners, with short-term leases and higher than usual rents. Because of the short-term leases, the property owner can quickly switch out restaurants that do not work. Purveyors also like the arrangement because they offer an additional revenue stream with low investment in the space.
How to Find a Commercial Tenant
Tenants are becoming more engaged, so following their behaviors could help you boost your occupancy. At this market phase, we are seeing small business owners changing where they want to locate their businesses and what they require of their space. One trend is clear: they are eager to learn as much as they can about commercial real estate and how their space aligns with their business strategy: where they lease, how much space will cost, and whether it will accommodate business expansion or contraction. This vitally important sector of our economy continues to drive growth and establish new trends in many urban office markets.
Truss is a leading online marketplace to help small and medium sized business owners find, tour and lease space. Truss CRE is a unique listing and transactional commercial leasing marketplace. Vanessa Anderson is the Vice President of Operations and oversees the creation, maintenance, and automation of Truss’s listing inventory. To list your space on Truss, please visit our page for property owners.