Partnership will connect supply of available space with active tenant demand
(SANTA MONICA, CA) November 18, 2020 — CommercialEdge, a new commercial data and listing product by Yardi, has partnered with TenantBase, a tech-enabled commercial real estate platform, to facilitate transactions by bringing the supply of available office, industrial and retail spaces together with qualified tenants actively searching for space. Listing agents have traditionally posted their available space on various websites and waited for tenants to contact them. CommercialEdge customers will now have the ability to view active requirements and submit listings for consideration.
“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,” says 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.”
CommercialEdge customers will have access to an Active Tenants page where they can filter requirements by size, property type and location. TenantBase will provide a feed of active requirements to initially populate it, and brokers will be able to add their requirements. The quality of an Active Tenant is far superior to a website lead. By qualifying and understanding their needs, TenantBase brokers are able to complete transactions in less than 60 days on average, compared to typical transactions that take 6 to 12 months.
“This is a great opportunity to help our customers lease their vacant space faster,” said Arjun Rao, director of global solutions at Yardi. “Active Tenants gives our customers a new, proactive way to prospect for the right types of tenants. Leasing agents understand all the ways they can configure space and they don’t want to list every possible option on a website. Understanding the aggregated demand provides powerful insight that can result in significant financial gains.”
TenantBase will initially be providing Active Tenant data feed in 10 markets that will expand rapidly to more major markets in 2021.
About CommercialEdge, powered by Yardi
CommercialEdge enables real estate professionals to research nationwide property data and active listings, all in one place. Powered by Yardi, the intuitive system covers all commercial real estate asset types — including office, industrial, retail and multifamily — with comprehensive property data, such as ownership, tenants, lease terms, transaction and debt information. Additionally, users can effortlessly manage listings and syndicate them within the CommercialEdge Listing Network that attracts more than 15 million monthly visits, as well as third-party platforms.
TenantBase is a technology-enabled commercial real estate platform built to revolutionize the search and lease negotiation process for companies seeking commercial space. TenantBase serves a unique segment of the CRE market by focusing on businesses that are often underserved in the traditional commercial real estate model. In doing so, TenantBase can offer a higher level of service to tenants seeking new office, industrial, warehouse, retail, co-working or medical space, while at the same time helping traditional brokers save time and provide innovative solutions to tenants in a more efficient way. More information is available at www.tenantbase.com.