A new online marketplace is reimagining traditional commercial real estate subleasing. Los Angeles-based Spacegrab has unveiled a platform that empowers tenants to trade their existing space before the lease term expires. The website also provides prospective tenants direct access to turnkey spaces.
Founded by David Hay, Spacegrab hopes to fill a void in the commercial real estate listing market, making it easier for tenants who are still under lease terms to unload space that is no longer needed. Hays claims his direct-to-consumer platform will provide transparency and convenience for transferring leases via sublease or assignment.
“Spacegrab is revolutionizing the perception of traditional commercial real estate leases by essentially introducing an ‘eject button’ for leaseholders,” said Hay, CEO of Spacegrab. “The reality is that businesses have to sign long term leases, even when they are unable to project their growth accurately. There is an inherent risk of requiring a structural shift to expand or contract a business. This is where Spacegrab provides a much-needed lifeline. It empowers all parties involved – the tenant is released from a commitment that is no longer effective, the landlord acquires a tenant who is better suited for the space and prospective tenants can find a turnkey location at an attractive price. It’s a win-win for all.”
Spacegrab’s unique platform solely focuses on the sublease and assignment segment, which currently relies on personal networks, word-of-mouth and backdoor channels. Embracing innovation, the company has built exclusive partnerships with notable industry leaders for users to receive a full spectrum of services from the website. These include Digsy for brokerage services, BizEquity for business valuations, SharpLaunch for marketing related services and Regus for executive suite space.
“The commercial real estate industry is ripe for innovation and Spacegrab is reshaping how sublet space will be found, viewed and leased on the open market,” said Jason Farahnik, chief marketing officer of Spacegrab. “Our team has spent countless hours forming partnerships within the industry to provide a seamless experience to our users and we are now ready to take on this market and help businesses.”
Spacegrab’s highly-streamlined process is designed to provide an economically efficient way not only for leaseholders to exit their unwanted lease terms, but also for potential tenants to find move-in ready spaces at favorable rates.
“Spacegrab provides the perfect platform for finding and offloading sublease space, which until now has been extremely challenging,” said Andrew Bermudez, Digsy CEO and co-founder. “With our latest partnership, we look forward to leveraging the innovative Spacegrab platform to provide users with free commercial real estate services on-demand.”
Spacegrab is a free-of-charge service that is currently exclusive to business owners and tenants in Los Angeles with plans underway to expand across the nation in the near future.