SAN FRANCISCO–San Francisco's office vacancy rate has plummeted to single digits as tech firms have gobbled up available real estate, according to Socketsite. The problem is only expected to get worse, despite a wave of new commercial construction slated for completion in late 2015. Most of this space is already preleased by tech's biggest companies in off-market transactions.
In partnership with Jim Osgood, the owner of the OfficeFinder.com and Carl Bosse, the owner of Associated Realty of the Americas, TradeAddresses.com now offers businesses ways to trade office or industrial space for more desired space, which is made available by businesses looking to make a similar change in space. Offices may be traded either unfurnished or furnished, including all furniture and equipment in order to save time and money.
Hans Hansson, TradeAddresses.com's featured agent in San Francisco and the president, principal and founding partner of Starboard TCN Worldwide, tells GlobeSt.com: "TradeAddresses allows tenants to find space opportunities currently not in the market, while speeding up the ability to secure space and potentially reducing the overall costs of moving by trading everything from furniture to office equipment."
TradeAddresses.com's trade facilitators utilize a proprietary database to access off-market space, giving customers significant options in terms of size, location, duration of the sublease and find matches for current and desired space, while maintaining users' anonymity. A dedicated trade facilitator provides real-time information and answers to questions throughout the process.
The real estate licensee coordinates the sublease or assignment of lease, as well as additional property conveyed. The licensee's responsibilities include showing the space, quoting the lease terms, submitting formal offers to landlords, negotiating deal terms and all other activities required by the client.
“As the commercial real estate market evolves, so does TradeAddresses.com. This new offering is going to open doors for many businesses owners who have been in an eager search for an office space that better meets their needs, but who may not be able to compete with today's fast moving properties,” said Hansson.
TradeAddresses was founded in 1990 by a highly experienced group of San Francisco commercial real estate veterans. The TradeAddresses website has been generating commercial real estate transactions since 1999. TradeAddresses has traditionally focused strictly on commercial real estate listings and has offered no additional services to listing agents.
In 2009, Hansson decided to expand the site using a social media platform and combining commercial and high-end residential real estate listings within the same site. He enlisted Osgood and Bosse—a network of high-end residential and commercial agents throughout North America—to partner together to reinvigorate TradeAddresses.
As previously reported, office rents are getting top dollar in major CBDs, according to CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
