Is There A Slowdown In The Velocity Of Shared Office Leasing In Executive Suites?
We are receiving reports from several different sources that there has been a general slowdown in the velocity of transactions in various sectors of the shared office space vertical. This is being noticed by operators of Executive Suites as well as Law Firms who are advertising shared legal office space.
It is taking a little more time to get offices rented if you compare this Fall's results with last years. And, it is all the more reason to make sure that your inventory of offices available for sublease or license is advertised properly through a resource like LookingForSpace.com that will make your listing information visible to a large audience of Legal and other professionals who are looking for space offered within the premises of a law firm, in conjunction with amenities that are also shared.
The Co-Sharing or Co-Working suite operators are eating up available space in Manhattan at an amazing pace, which indicates that they are either flourishing - or using other people's money to finance growth that doesn't necessarily have fully supportive revenue from tenants (members). It is hard to say, because the co-working sites are very circumspect when it comes to sharing occupancy information, and the inventory visible on the internet is usually a generic offering as opposed to a live inventory of available offices or desks.
Providing "Live Inventory" in executive suites is exactly one way we differentiate ourselves online. When you look at offices in Law Firms, you are viewing actual offices that are actually available - with photos, dimensions, prices (unless the advertiser decides not to display pricing information) and contact information as well as the ability to send an email.
When Executive Suites advertise on LookingForSpace.com we try to get them to update their inventory once a month, so that the available offices displayed on the site are actually the offices that are for rent. With a constantly refreshed inventory, we offer a more accurate view of what our readers can actually rent.
We have seen some attorneys take advantage of the Co-Working trend - however for the most part attorneys seem to require space within a law firm or within another appropriate professional firm that will provide an environment suitable for client visits as well as facilities, services and amenities that are specific to law firm use. Additionally, attorneys are drawn to an environment that will meet the requirements for confidentiality that many law firms have, as well as potential opportunities for networking and referrals.
When a law firm advertises its offices available for sublease on our website they take advantage of a palette of automatic services provided by the site. First, they obtain a full page search engine optimized listing that has space for unlimited photos and text. Next, they take advantage of being in front of a nicely cultivated audience of attorneys and other professionals who are looking for exactly what is being offered. Further, the shared office space listings are offered in proximity to private space listings for office space available for sublease from law firms. The two types of listings go hand in hand in terms of fostering an important level of popularity in the search engines.
The temporary slow down in the velocity of closed transactions in this sector is all the more reason for your firm to advertise on our website. To add your Manhattan Listing Click Here.
If you are adding a listing from a different city, please choose your Market at the top of any page and click Add Your Listing. You will notice that our pricing is different in various cities because we establish pricing levels based on traffic. In a city where the traffic volume is lower, the corresponding listing fees are reduced as well.
We have a long track record of providing value added advertising services to Law Firms who want to promote their extra offices available for rent directly to Attorneys who are looking for space. You can add your listing online by yourself (and be up and running in 5 minutes - as long as you have at least 1 photograph of your office space or office building. It is a relatively simple process and our staff is available during business hours by phone and after business hours by email, to assist you with any technical or creative help that you need to get a good listing online fast.