So, you’re interested in office space, but don’t know how to find it? You’ve come to the right spot.
From 50 floor skyscrapers to smaller medical offices, the range of office space on the market is wide. With a commercial real estate platform, like Reonomy, it’s easy to narrow this down and isolate properties you’re interested in. Through advanced filtering, you can target commercial office space that meets your needs. Read on to learn more.
Office Space For Sale vs. Off-Market
When deciding how best to source office space opportunities, there are two primary ways of doing so–either search through listed properties, or search for office space off-market.
The first will serve up commercial real estate properties for sale, and is a lucrative option if you’re a buyer. However, off-market consists of those on and off the market. So if you’re a buyer, seller or looking to lease new space, that might be a better option.
Office Space For Sale
To find office properties listed for sale, simply head to a listings platform. These sites let you search for properties listed and to compare pricing of types of office space you’re looking for in your area.
There are plenty of real estate listing platforms out there, but not all of them list every office building on the market. It can be hard to find the appropriate listing platform for your needs. Deciding which platforms to search and post on can end up taking a lot of time – and cost more money than you likely planned for.
For more information on relevant listings platforms, read our guide.
Off-Market Office Space
Contrarily, off-market consists of the country’s total asset stock, regardless if they’re listed for sale or not.
Though it might sound complicated, there are major benefits to sourcing a property off-market. With Reonomy, you no longer have to waste time trekking down to the local county recorder, clerk or assessor’s office to hunt for property. Instead, you can search for any commercial property record nationwide with speed and ease.
One benefit of off-market deal-making is that you are likely to beat the competition to a high-demand asset.
Since the owner has not listed the property, they are likely not actively looking to sell. However, this does not mean that the owner wouldn’t be open to the idea of a sale. Using certain sales and debt indicators, there are certain cues to use and see if an owner might be willing to strike a deal. This kind of direct purchasing can allow you to offer more money, directly to the owner of the property or to skip fees that are usually incurred when listing a property.
Searching off-market also grants you more flexibility and opens your range of scope, rather than only targeting properties currently listed for sale.
This flexibility can be a big benefit, based on the kind of deal you are looking to create. By using a tool like Reonomy to find potential deals, you have the opportunity to contact an office building owner directly instead of going through middlemen and brokers. This eliminates extra fees and allows you to strike more flexible deals directly with decision makers.
If you want to search off-market for office space, keep reading. We’ll show you how…
Find Office Space with Reonomy
You can easily navigate Reonomy’s database to find information that you need most. Other than filtering for property type, you can search by past sales details, debt information, geography and more.
To get started, watch the video below, or continue reading for step-by-step instructions on how to find office space.
Search by Geography
Search for office space opportunities based on the geography of your focus.
Use the Location tab to search most relevant to your objectives, including filtering by street address, zip code, county, city, and state. Alternatively, scroll through the interactive map areas that are within your focus. Click on parcels to uncover office space opportunities.
Search by Sales and Debt History
Find office space by filtering for specific sales and debt criteria. Under the Sales and Debt tabs, you can search for space by price and date of the last sale, or look for properties coming to term on loans by filtering debt criteria.
For example, maybe you’re interested in office spaces approaching foreclosure. To find these, you would click into the Debt tab and select the pre-foreclosure category drop-down menu to serve up relevant options. Or, you could select the auction menu to find properties nearing foreclosure.
Search by Asset Type
Reonomy offers the ability to search by asset class. This can range from searching for all office buildings to Dental building, Medical building, Financial building, Multi-story building, High-rise building and more. This can be helpful in further isolating the exact property types you are looking for.
Search by Tenant
Reonomy also makes it easy to search for office space by tenant. Maybe you’re interested in buying a medical building and want to see properties with doctors or dentists occupying space.
Simply click on the Tenant tab and search either by exact tenant name, NAICS or SIC identification code. This will pull up matching results immediately.
Search by Owner
Finally, Reonomy allows you to find properties by owners. If you know who owns the office space you’re interested in, you can search using their name or mailing address directly in the platform.
Simply click on Ownership and enter the fields you want to search by.
Finding Office Space Owner Information
After you’ve found an office space you want to explore, you can dive into its details individually. In each property card, you can find similar tabs where you can learn more about the asset’s location, building & lot intel, tenant information, sales history, debt records, and more.
Most importantly, you can find ownership information. When prospecting for a new office building to invest in, making contact with the owner can help you to complete the deal in less time. Under the Owner tab, you can beyond the reported owning entity to find the true owner behind the LLC, and also uncover the property owner name, mailing address, phone number and email.
Reonomy, explore an owner’s entire portfolio to see how many, and what other types of property they own. This allows you to dig deeper into the history and details of other land and property they own and better understand how to approach an owner with a deal opportunity.
Here, you can also uncover ownership records. Ownership records help to understand the current owner’s motivation and intent for a property. An ownership search will also reveal how long an owner has been associated with a particular property and the date and price of the last sale.
The longer an owner has owned a property, they may be more likely to sell. If an owner has held onto a property for 20+ years, they likely have reduced debt.
Use the price of last sale and current market values to uncover the property value. If an owner has only been associated with a property for a short period of time, they may also be a strong target depending on the type of deal that you are looking to create.
This depends on the type of owner, and their intent for the property. If it is an owner that typically has a very quick turnaround on purchased properties, this may be the best time to approach with an opportunity. This kind of insight into owner behavior is invaluable.
It allows you to better tailor your pitch and approach, as well as find the best scenario to meet the needs of the potential seller as well as your own.
Your Office Space Property Owner List
After you have identified the office buildings that fit your search criteria, you can label and sort them based on location or owner – anything that works for you.
Export and create lead lists that are relevant and specific to you. One of the benefits of creating your own lead list limited to your specific area of interest, property type, size and price requirements is not only to reach out to fewer owners to find your next deal but also because you can provide personalization in your messaging.
Based on the owner portfolio, you know you are directly calling, emailing or mailing the decision maker of the office building you are interested in.
Regardless of the type of office building you’re looking for, Reonomy can help you find it faster.
Start your Free Trial of Reonomy today!