What we do.
Spacegrab.com is a web-based real estate listing site that allows commercial real estate tenants to trade their leases and potentially their businesses either through a sale and/or assignment, or sublease, in a marketplace without having to wait for their lease terms to expire.
Spacegrab.com effectively opens up potentially millions of square feet of usable space that would otherwise be inefficiently used.
About the market and how we can help.
The leasing market is inherently inefficient because of a lack of information and inflexibility. Once a space is leased, tenants are forced to remain locked in their leases until terms expire or they can negotiate terms with the landlord that may allow them to exit their lease. If the tenant is doing poorly and needs to downsize or shut its doors or is performing too well and wishes to expand, no marketplace is currently available that provides opportunities for a prospective tenant to replace them on agreeable terms. Currently, landlords must either negotiate down lease payments or commence legal action against tenants, which is not only time consuming but also expensive and a major opportunity cost. The thousands of businesses that would like to relocate or downsize or expand space are now left to fend for themselves with landlords that have limited choices.
Each year thousands of businesses desert their space or break their leases. Tenants may end up facing significant lease termination fees, and landlords are often left with a lost income stream and renovation tab once these tenants vacate the property. Thousands of other businesses, though, would have seized the opportunity to pick up where the former tenant left off either through an assignment, sale, or sublease. The market does not have information regarding the status of tenants because these existing leases are not advertised. Spacegrab.com effectively opens up potentially millions of square feet of usable space that would otherwise be inefficiently used. These tenants have nothing to lose and everything to gain by listing on spacegrab.com.