We are pleased to announce that PropTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout real estate technology companies, products and services around the globe, today announcedTenantBase, an online commercial real estate platform, has been selected as winner of the “Overall Commercial Marketplace of the Year” award in the inaugural PropTech Breakthrough Awards program.
The TenantBase platform is a tech-enabled commercial real estate marketplace that brings an on-demand service and delivery model to the commercial leasing process. This digital platform solution is purpose-built to provide tenants with a radically improved leasing experience, while helping property owners and commercial brokers connect to close more transactions.
The TenantBase experience gives tenants more control and visibility into the leasing process and creates a fast-moving environment for all participants. The data gained from thousands of occupiers and transactions reveal a dramatic reduction in the “search-to-signing” process for landlords and commercial brokers alike. Additionally, transactions on the TenantBase platform average less than 60 days.
By using TenantBase, tenants can review available spaces that meet their unique needs, as well as work with their brokers to reach out to landlords to schedule tours and begin negotiations. TenantBase now also provides the leasing community with a solution that allows them to upload available space at no cost and review tenants currently searching for space including their requirements. The platform incorporates precision-based tools designed to analyze immediate demand, while simultaneously targeting qualified tenants.
“As the commercial real estate leasing industry becomes more digitally and demand-driven, TenantBase is at the helm, driving this change with our firm belief that the market can thrive - but only if tenants, brokers and landlords have access to the right tools and solutions,” said Bennett Washabaugh, CEO of TenantBase. “TenantBase was developed to function as an online transaction solution, tailored to meet the needs of the commercial real estate community willing to embrace a new era of digital leasing. This award from PropTech Breakthrough signals we are not only achieving our mission but that we will continue our work in order to drive real change in the industry.”
The mission of the annual PropTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of the top technology companies, solutions and products in the real estate technology industry today. This year’s program attracted more than 1,350 nominations from over 12 different countries throughout the world.
To date, the company has completed $500 million in commercial lease transactions, and tenants save an average of 22% on quoted asking rates. TenantBase is currently in 35 markets across the U.S., having launched 20 in 2021 alone.
“Consumers searching for new homes can browse multiple marketplaces to explore options. Unfortunately, there hasn’t been a comprehensive equivalent for commercial tenants. Traditionally, landlords have promoted their property listings online, hoping an interested tenant would notice and inquire. Or tenants drove around town calling agents listed on the signs about a specific building. This is a very reactive business model,” said Bryan Vaughn, Managing Director of PropTech Breakthrough Awards. “TenantBase addresses the technology and client-focused solution gap in the market by providing a modern experience expected in today’s digitally enabled landscape. Their foresight and innovation has earned them our ‘Overall Commercial Marketplace of the Year’ award. Many congratulations.”
We are honored to be included in this year’s awards alongside many other great companies, and look forward to bringing continued innovation to the CRE industry.