Can You Use LoopNet to Find a New Office Space?
Before you embark on an office space search using LoopNet, it’s important to understand what the platform is and isn’t.
LoopNet is a widely accessible service, free for anyone to use. However, landlords must pay to list their properties. This crucial detail means that many landlords opt not to list their available spaces on LoopNet. Why? Because most tenants are represented by a commercial real estate broker, and landlords prefer to list their properties on broker-centric services like CoStar.
For a tenant relying solely on LoopNet, this translates to having access to less than 50% of the market’s available spaces. Given that office space is often one of a company’s most significant expenses, making such a critical decision without a comprehensive view of the market simply doesn’t make sense.
Furthermore, when you use LoopNet, you’ll be contacting the landlord or their agent directly. While a landlord’s agent can provide helpful information, remember that their primary responsibility is to represent the owner’s best interests. Having your own tenant representation is vital. An experienced commercial real estate specialist can help you understand all the costs involved in a lease, navigate the nuances of a term sheet, and identify other suitable space options in the market.
LoopNet can be a valuable tool for understanding general market pricing and gauging overall market trends. However, using LoopNet without engaging an experienced commercial real estate specialist to assist with the entire process is not advisable. This is especially true in markets like NYC, where landlords typically pay the brokerage fee for tenant representation.
I’d be happy to discuss your commercial real estate requirements and share my extensive experience in representing both tenants and landlords.
Paul Walker 212-984-7117
Paul.Walker@cbre.com
A commercial real estate broker specializing in all facets of office leasing for over 30 years, I’m also a proud native New Yorker with a deep love for this city. My commitment to my community is reflected in my founding of two real estate charity events and consistent involvement in professional organizations. Outside of work, I enjoy live music, movies, basketball, tennis, podcasts, and a continuous pursuit of knowledge, especially regarding history and the fascinating story of New York.