Finding the right office space can be an exciting challenge for a business. Once you've made the decision to seek your first or your next office, your instinct may be to ask Siri, Alexa, or Google search to "find office space".
Your results will be dominated by listings in free databases of office space (Loopnet, 42Floors, Officspace.com...), paid advertising listings from coworking firms and flexible office providers (WeWork, Regus, Knotel, Servcorp...), and likely some listings from commercial office brokers that represent landlords.
One of the biggest mistakes to avoid when looking for office space is not finding multiple, competitive alternatives. On the surface it may seem like your search has produced plenty of potential alternatives but in fact, the free databases, coworking and brokerage listings are populated and paid for by landlords and brokers representing landlords. Therefore, you are presented with the listings and information that benefit landlords and their brokers, not you the tenant.
Not every available office space is included in the free databases because of the cost to brokers and landlords. And, listings that are included often only quote a range of asking rents or in tighter markets, asking rents may even be WITHHELD.
Paid advertising listings from coworking firms and flexible office providers direct you to their websites to begin your deep dive into their plans, pricing, locations and FAQs.
There is nothing wrong with asking Siri, Alexa, or Google to find office space for an overview of the market through the eyes of a landlord and their brokers. But, the results are not comprehensive, lack key information and don't represent the true market condition for office space.
Consider hiring a broker that works exclusively as your tenant representative who will save you time normally spent researching space and provide the peace of mind that every opportunity in the market will be presented to you. Firms that specialize in tenant representation are only focused on finding value and multiple alternatives, many of which aren't found by asking Siri, Alexa, or Google search.
In commercial office lease transactions fees for the tenant representative are paid by landlords, not tenants. Even though tenant representatives are paid by the landlord, they work exclusively for you and unlike Siri, Alexa, or Google, have a fiduciary duty to represent your needs in everything they do.