TenantBase Announces Launch of Demand-Driven CRE Leasing Platform
TenantBase, a tech-enabled commercial real estate platform, announced the release of an online transaction solution tailored to the needs of the leasing community in the new era of digital leasing. The product, TenantBoard, houses thousands of qualified tenants working with TenantBase advisors to actively lease office, industrial, and retail space. The software empowers the leasing community to transact business digitally with in-market tenants and utilizes proprietary machine learning models and artificial intelligence to match qualified tenants to vacant space uploaded to the platform. The product also provides aggregated tenant demand analytics to local leasing communities to help position vacant space for lease. TenantBase is releasing the software for free to leasing agents, owners, co-working operators and tenants trying to sublease their own space.
“The traditional processes and methods used to identify and attract prospective tenants, especially in the current digital age, are evolving rapidly. Given our current unprecedented social environment that may revolutionize the workplace and tenants’ expanding need for term flexibility and technological immersion, leasing agents require better precision-based tools to analyze demand and target qualified tenants. TenantBase’s TenantBoard appears to be a leading-edge application platform that will accelerate the leasing agents’ ability to be more efficient, productive and client-centric,” stated Jack McKinney Sr., Vice Chairman of Cushman & Wakefield.
“These are unprecedented times for the CRE industry. In the past there has been limited visibility into what tenants actually want at any given moment in time. In a market that is changing by the day, the future of commercial leasing is dynamic and demand driven. We believe the leasing industry can thrive if given the right tools,” said Bennett Washabaugh, TenantBase Co-founder and CEO.
Landlord agents can sign up for access to a personal dashboard where they can sort and target companies by square footage required, location, occupancy date, lease term and tenant qualifications. This is a dramatic change to the legacy process of posting listings online or contacting brokers in the hopes of finding a suitable prospect. As landlord agents add current or future vacancies to the TenantBoard, machine learning processes surface optimal tenant matches in real time. The agents are then able to easily submit flexible space configurations and deal packages to those tenants.
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The goal of the TenantBoard is to help each tenant find and lease their perfect space so there is no cost to add listings or submit offers to potential tenants. The platform allows for fast feedback between the leasing community, the tenant, and the tenant’s advisor, as well as the ability to schedule tours or begin discussing deal terms.
“We have thousands of tenants of all industries and sizes needing space across numerous markets in the U.S. right now. Some are actively touring or negotiating deals, others are just entering the market. We realize that vacant space can have unlimited configurations based on size, price and term as long as there is demand from tenants for those configurations,” added Washabaugh, “By bringing aggregated tenant demand, we look forward to helping leasing agents and owners transact business in a way that is entirely new but still involves the same familiar faces of TenantBase’s tenant rep advisors in your local market. A rising tide lifts all ships.”
TenantBase has launched the TenantBoard in ten United States markets including Atlanta, Austin, Chicago, Dallas, Denver, Fort Worth, Houston, Los Angeles, Nashville and Orange County, CA. The company has plans for further expansion.