From investors looking to capitalize on the stability of the office market, tenant brokers on the hunt for new business, or office managers scouting for new digs, office space has something for everyone. The question is, how can you find it?
The range of office space on the market is wide and, without the right tools, can be daunting to navigate. But with commercial real estate intelligence like Reonomy, however, it’s easy to isolate the markets and properties you’re interested in to find exactly what you’re looking for. Below we outline how you can find office space, whether it’s to buy, to lease, to represent or provide service to.
On vs Off-Market Office Space
Before we explore how to find office space, it’s important to understand that there are two main ways to go about conducting a search. The first is through searching listed properties via listings platforms, like Loopnet or Cityfeet. The second is searching for office space off-market.
The first is obvious—looking through listings will serve up commercial real estate properties for sale or for lease, and is an especially lucrative option if you’re a buyer.
Contrarily, off-market consists of properties on and off the market. It encompasses the nation’s entire pool of properties, listed and unlisted. So, no matter what your role is, there are more options to explore.
Office Space For Sale or Lease
To find office properties listed for sale or lease, simply head to a listings platform. These sites let you search for properties listed and 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 and it can be hard to find the appropriate listing platform for your needs. Luckily, we’ve broken it down for you in our full guide to the best commercial real estate listings platforms.
Off-Market Office Space
To reiterate, off-market consists of the country’s total asset stock, regardless if the properties are listed for sale or not.
Though it might sound complicated, there are major benefits to sourcing a property off-market. One perk is not being limited. The entire stock of properties is up for exploration, widening the window of opportunity.
Another 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 or lease. However, this does not mean that the owner wouldn’t be open to the idea of a sale—there are certain cues to examine in due diligence to see if an owner might be willing to strike a deal. This kind of direct purchasing can also allow you to offer more money, directly to the owner of the property and 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 going off-market to find potential deals, you have the opportunity to contact an office building owner, manager or tenant directly instead of going through middlemen and brokers. This eliminates extra fees and allows you to strike more flexible deals directly with decision makers.
Find Off Market Office Space with Reonomy
Now that you know what “off-market” means, how do you go about finding off-market office space?
Luckily, Reonomy, the leading provider of property intelligence, harnesses the nation’s entire off-market property pool to allow investors, tenant representatives and more to find commercial offices of interest. Here’s how…
Search by Asset Type
The most obvious way to find office space on Reonomy is by searching by asset class.
Under the Asset Type tab in the discover bar, simply select the “All Office” option to serve up nearly 900,000 office properties for exploration.
Or, if you want to get more granular, Reonomy allows you to filter specifically by building type, like 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 Geography
Maybe you want to find office space in a specific market. Similar to the asset type filters, you can 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 Building & Lot Criteria
Maybe you have very particular specifications you’re looking for in an office space.
For example, if you’re an office manager who needs to upgrade to a bigger space, maybe you want to search for office spaces 50,000 square feet and above.
Or, maybe you’re in corporate vending machine sales and want to vet a potential client, so you need to see how many units they have.
Whatever your reasoning might be, the Building & Lot tab enables you to search for office space via specific building and lot features, like year built, lot size, building area, and even if the asset is located in an Opportunity Zone. When applied with other filters, these ultra-specific search filters can help you pinpoint the exact office spaces you’re interested in.
Search by Sales and Debt History
If you’re looking to buy an office space specifically, you can filter for specific sales and debt criteria.
Under the Sales and Debt tabs, you can search for space on transactional history. So, maybe you want to look for office spaces that haven’t sold within the last ten years (a solid indicator an owner might be more willing to sell compared to if they just purchased an asset). To do so, you would adjust the “Most recent sale date” filter accordingly.
Or, 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. Here, you could even select the auction menu to find properties nearing foreclosure.
Again, these filters are super helpful for investors and developers looking to buy office space. These users can leverage these searches to identify potential lucrative opportunities, perform due diligence and potentially, strike a better deal.
Search by Tenant
For tenant brokers, office managers, service providers, and other individuals interested in finding office space, Reonomy also makes it easy to search for office space by tenant.
Why is this important? Well, depending on your role in the industry, seeing current occupants can give you a better understanding of the space at stake. Or, for people like tenant brokers and service providers, it could be a ticket in to winning new business.
If you have a specific tenant or type of tenant you’d like to search for, simply click on the Tenant tab. Here, you can search either by exact tenant name, NAICS or SIC identification code. This will pull up matching results immediately.
Search by Owner
Next, Reonomy allows you to find properties by owners.
Maybe you already know of an office space you want to service or are interested in leasing. 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.
Search by Tax
Finally, you can find office space by searching via tax history. Again, this is something especially important for investors and developers looking to purchase an office building.
Under theTax tab, you can run a filtered search for office space using either the year-over-year change in tax amount or most recent tax amounts. Either way, this will help you suss out the properties in your tax range that might be worth pursuing.
Researching Office Space
Next comes the the due diligence phase. While you may have found the properties you think are worth exploring, examining details in research will confirm your decisions. Luckily, Reonomy’s property intelligence allows you to uncover property-specific information in a single source to make better informed choices.
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 (including manager names and contact information), sales history, debt records, and more. The integration with Google Earth even allows you to see the property, you so can forego pounding the pavement and view a building’s exterior directly from your computer.
Ultimately, this level of research and diving deep into property records, building specs and more provides an arsenal of information that provides a level of understanding like never before.
Finding Office Space Owner Information
Most importantly, you can find ownership information in each property card. When prospecting for new office space either to buy, lease or service, 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.
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.
You can also explore an owner’s entire portfolio to see how many, and what other types of property they own. Ultimately, 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.
Connecting with Decision Makers
After you have identified the office spaces you want to pursue and the owners or decision makers you want to reach out to, you can label and sort them based on location or owner – anything that works for you.
With Reonomy, it’s easy to export and create lead lists that are relevant and specific to you. Then, using the information you’ve collected and examined in the research phase, you’re equipped to reach out with a more compelling pitch.
Say you’re a tenant representative who has found a potential client you’d like to reach out to. Using the details you uncovered during research and the tenant’s manager contact information, you can make direct contact and make a more persuasive business case.
Or, maybe you’ve found an office park you want to purchase. You could use the price of last sale and current market values to uncover the current property value. Then, you could use that owner’s portfolio information to see if they own similar properties or have recently liquidated assets to make a suggestion on selling again.
Cases will vary accordingly, but the point is this: whatever your reasoning for looking for office space is, having access to premier property intelligence can help you narrow your search quickly, perform the research needed to make better decisions, and provide the lead contact information to reach out directly to decision makers. With property intelligence, you’re armed to find and take action on office space, faster.