At first glance, the main use case for commercial tenant data is fairly obvious: tenant representatives and leasing brokers most often utilize this information to find their client’s new leasing opportunities. What we learned since, however, is the insight tenant information lends to small and mid-sized businesses decisions as well.
Quite frankly, not every company hires a leasing broker to help them relocate. They can be expensive and many (especially SMBs and family-owned businesses) rely on internal resources and staff to find viable new space—something that’s no easy feat when left to their own devices. That’s where tenant data comes into play; access to occupant information helps these organizations identify new opportunities. By providing a deeper understanding of current tenant and property structure, as well as the right contacts to get in touch with, these businesses are equipped to be their own brokers. The hunt for new office space can be long and arduous, but with tenant details and other rich property intel, it doesn’t have to be.
The Full Picture
Companies looking to relocate without a broker’s assistance have to conduct their own research, which can be daunting to kick off—especially without the proper resources. Though there are a myriad of listings platforms on the market, they only offer two-dimensional insights that require more legwork down the line. Leveraging tenant data adds an additional layer of intel to give users the full picture they need to make better decisions and negotiate lease terms directly with decision-makers. This has been the main point of positive feedback we’ve received from our customers on the hunt for new office space.
With the right technology, businesses have all the information they need (physical, transactional and ownership, and occupant data) to fully understand an asset of interest. They’re also empowered to search specifically for comparable tenants, giving them a surefire way to find prospective viable properties. Combined, this greater level of efficiency and holistic insight gives them the foundation they need to find and fully evaluate the offices that best suit them.
For example, let’s say a mid-sized life insurance company in Chicago has outgrown its current space and is looking for a new office that’s larger than 10,000 square feet. They saw a listing for a business park with ample space for lease, but they’re not sure if it’s worth the listed rent. By leveraging comprehensive property data, firms can corroborate physical and transactional nuances to gauge its value. With tenant intel, too, they can see exactly who is leasing in that building, as well as who isn’t—copious empty space can be a red flag.
If they’re not happy with their findings, they can go back to the drawing board and look for other properties that might be better suited to their needs. Our commercial platform, particularly, harnesses NAICS and SIC search capabilities to empower a more efficient search process. This company could search via the NAICS code “Insurance Agencies and Brokerages” in the Chicago area that are over 10,000 square feet. Utilizing these filters would serve up more than 200 different spaces to explore which, although not all might have vacant space available, opens up the door to many more promising leads.
Overall, the more information and options small and mid-sized companies have at the start of their search leads to more successful findings. While brokers are well-versed in the world of searching for space and contract arbitration, small and mid-sized businesses are typically less discerning. With access to an arsenal of tenant and property insights, however, these companies are much more equipped to find better digs.
Regardless of how many times a business visits an office or reviews the lease terms, it’s nearly impossible for them to know what their experience will be like in that space until they’re physically occupying it. And, no matter how incredible a space appears, 5-10 years is a long commitment anywhere, especially under stringent lease terms. Talking to other tenants, however, can help organizations hedge their bets. While research and due diligence are imperative, actually talking with other tenants in a space can help quell uncertainties and offer companies the “inside look” they need to finalize their decision.
With accurate property manager names and contact information, businesses are armed with an easier way to do their homework and speak to referrals. Rather than manually scouring for contact names and knocking on doors, companies can find this information faster to expedite the due diligence process.
Our platform, particularly, harnesses current contact information for nearly every tenant in our database. Be it a site director or a general manager, each primary point-of-contact is listed alongside tenant and property details, so businesses know exactly who to reach out to. These names are also matched with accurate phone numbers, mailing addresses and email addresses that are updated regularly, giving companies a surefire way to reach their desired point-of-contact. So, when business leaders want the “inside scoop,” they can call the property managers listed to dig deeper into what their property management might really be like, confirm leasing details and gain an inside perspective at what leasing a particular space might actually entail day-to-day.
For any company, relocating is filled with unknowns. Without help from a leasing broker, these doubts are only amplified. With commercial tenant data and other robust property insights, though, organizations are armed to take the hunt for new digs into their own hands. From finding potential leasing opportunities, to reaching out to referrals, access to this information helps transform the relocation process tenfold.