Brokers often reminisce about the “good old days” when landing a new client usually went hand-in-hand with a company who was eager to expand to lease bigger office space. That steady demand to gobble up more space was great news for brokers, landlords and developers. These days, office leasing is a lot more like musical chairs. Sure, companies are moving, but they don’t necessarily need more space, just different space.
There is a constant churn in the market of companies shifting locations. Some tenants are looking to trade up to better space or take advantage of a good deal on rent, or perhaps move to cheaper space as they tighten their belts on expenses. Other companies want a new image, a more convenient location or different bells and whistles in terms of building amenities. And yes, even though commercial real estate markets are improving across the country, there are still landlords working to steal tenants from neighboring buildings with a sweet deal.
That musical-chairs-scramble for space can vary widely from market to market. In most cities, there are still plenty of chairs to choose from and there is no risk of being left standing when the music stops. In other markets such as Austin, where the supply of space is shrinking, finding that right next move is getting tougher.
That is exactly why it is so important to have access to accurate, real-time data to reveal all of the available choices. Quickly and efficiently sorting through spaces makes a potential move more likely – making both senior company execs and brokers more likely to get a move accomplished and making those moves less expensive.