Find Commercial Real Estate for Lease Better with CoStar
by Andy Thomas on August 5, 2021
Corporate and retail tenants find commercial real estate for lease better with CoStar market data + analytics information and management applications at their fingertips.
Finding ideal new space involves a matrix of factors. Everything from current costs and available square footage to future growth and demographics must be considered. Tenant real estate managers make more confident recommendations and are better prepared to discuss options and negotiate terms with the most complete and up-to-date information available from CoStar.
CoStar empowers tenant real estate managers with on-demand, unlimited and unfiltered access to market data and analytics on more than 6 million commercial properties. Once new deals are signed, CoStar streamlines access to critical lease information and automates portfolio operations with industry-leading management applications recommended by more service providers than any other.
Here are 5 ways tenant real estate managers find commercial real estate for lease better with CoStar:
1. Gain broader awareness of markets, submarkets and space alternatives.
Due to the dynamic nature of real estate, the key to securing new space at the right time and cost is to use CoStar to continually monitor market and submarket conditions – including lease comps, space availability, demographics and more – and to prompt team members to make decisions well ahead of critical deadlines. Obtaining a thorough list of space alternatives is also essential for evaluating current leases and comparing favorable options.
2. Secure stronger negotiating positions for new space.
Market knowledge is key to favorable negotiations, but so is understanding the financial implications to landlords for new tenants. Knowing how much landlords stand to gain by adding a new tenant relative to other building tenants puts tenant real estate managers in the driver’s seat during negotiations and help win back portions of landlord profits.
3. Provide clearer guidance to brokers.
Well-informed tenant real estate managers work more effectively with brokers when evaluating new lease proposals, reviewing alternative space options and securing the best deal outcomes.
4. Offer more value and cost savings to the business.
Tenant real estate managers provide more value to the business in finding new space by leveraging CoStar to review and make recommendations for employee amenities, space configurations, infrastructure, parking or transportation issues and more. Landlords may be willing to incur associated costs to update spaces, as well. Most importantly, new space recommendations are made more confidently knowing that the most comprehensive and reliable market data and analysis was used in the decision-making process.
5. Maintain better confidentiality for strategic planning.
Often companies want to keep real estate plans private and not signal to the marketplace or competitors their interest in moving locations or acquiring additional space. Having direct access to CoStar market information and applications ensures confidential strategic planning, as well as better alignment with real estate initiatives and overall corporate goals.
CoStar Market Information
Properties provides the most complete inventory of properties and spaces available as well as fully leased. View photos, aerials, maps, floor plans, stacking plans and more. Access true owner, broker and property manager information. Lease Comps offers up-to-date rent rates and concessions like escalations or free rent to negotiate with confidence. Plus see the most active brokers and make connections with local professionals. Lease Analysis calculates key metrics and cash flows to create lease proposal comparisons. Tenants Rosters shows competitor information and lease expirations, plus helps manage co-tenancy requirements. Market Analytics enables an understanding of historic property performance plus forecasts of rent growth, vacancy and demand.
CoStar Management Applications
Lease Administration streamlines portfolio details to better understand current use and occupancy, while integrated CoStar market information allows users to see lease details for other tenants within specific buildings associated with the portfolio. Transaction Management can be pre-configured with deal team projects that include workflows, tasks, milestones and document tracking. Portfolio Planning provides a strategic view of tenant portfolios that combines headcount, lease and market data into reports that enable data-driven decisions and guide actions to create cost savings.
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