Yardi’s new commercial real estate data and listing product, CommercialEdge, is now partnering with TenantBase to provide optimal service to both sides of the commercial leasing equation : available spaces and tenants who need them.
CommercialEdge Provides Instant Access to Nationwide Commercial Assets
With CommercialEdge, leasing agents and other real estate professionals have one simple place to research property data and active listings throughout the U.S. Powered by real estate tech leader Yardi, the platform includes every type of commercial real estate asset — from industrial and retail to multifamily and office.
As part of their subscription, CommercialEdge users have access to comprehensive property data, including information on owners, tenants, lease terms, transaction history and debt data. Additionally, users can manage their own listings and syndicate them to third-party platforms as well as the CommercialEdge Listing Network, which attracts more than 15 million visits each month.
“This is a great opportunity to help our customers lease their vacant space faster,” said Arjun Rao, director of global solutions at Yardi. “Understanding the aggregated demand provides powerful insight that can result in significant financial gains,” Rao added.
CommercialEdge has recently struck several partnerships, including an integration with CRE marketing software provider Buildout.
TenantBase Revolutionizes Lease Process for Underserved Tenants
A technology-enabled commercial real estate platform, TenantBase was built specifically to disrupt the search and lease negotiation process within the commercial real estate (CRE) industry. TenantBase serves a specialized segment within the CRE market, focusing on companies that have been historically underserved in the conventional commercial real estate model.
Specifically, TenantBase focuses on offering the highest possible service to tenants who are looking for any type of new space, including office, warehouse, retail, industrial, medical and even coworking. At the same time, the company assists conventional brokers by saving them time and giving their tenants access to the exact properties they need in the most efficient way possible.
In the traditional CRE leasing model, listing agents generally posted their available spaces on a variety of different websites and waited for company representatives to indicate their interest. TenantBase came in as a disruptor of the conventional model, allowing customers looking for commercial spaces to name their requirements and receive listing submissions directly from listing agents with corresponding properties.
With this new partnership between CommercialEdge and TenantBase, tenants in the market can access a wider pool of commercial properties, while leasing agents can expand into an underserved market.
The main benefit for leasing agents is access to direct contacts with companies that are actively looking for properties to lease. However, this partnership also gives agents a much better understanding of tenant demand and activity in each market. As a result, property owners and agents will now be uniquely suited to find the most appropriate options for their clients.
CommercialEdge customers can access an Active Tenants page and filter by size, location and property type. Then, TenantBase provides a feed of active requirements, which brokers can add to, resulting in a much higher value prospect than traditional website leads. Moreover, TenantBase brokers report that the average timeframe to complete transactions through their platform is less than two months, whereas the yield for traditional methods is six to twelve months.
“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.”
TenantBase currently has an active tenant data feed in 10 markets throughout the country but expects to see that number increase to 50 in 2021.