Take it One Month at a Time: LiquidSpace Launches Monthly Rentals, New Legal Framework
SAN FRANCISCO, Oct. 14, 2015 /PRNewswire/ -- Forget everything you know about commercial real estate. LiquidSpace, the premier network for office space, today announces its launch of monthly rentals. This functionality extends the existing LiquidSpace network by enabling startups and growing teams to book their company's primary office space by the month. No lease. No hassle.
Currently, leases under 5,000 square feet represent the majority of office space transactions in the U.S.. More than 10% of all commercial office property sits vacant and hundreds of millions of square feet go unused in business offices annually. Meanwhile, startups and growing teams desperately search for viable spaces to accommodate their needs, while navigating an archaic and rigid process. LiquidSpace takes an aggressive hold within this market, targeting teams of 1-50 needing space between 100-5,000 square feet.
"As our hourly and daily workspace business has grown globally, it's become clear that longer-term small-team office space transactions need technology-driven, reimagined solutions," said Mark Gilbreath, founder and CEO of LiquidSpace. "The conventional lease model is failing everyone."
"Occupiers and customers, including startups as well as large enterprise clients, are increasingly seeking smaller office spaces on more flexible terms," said Mark Rose, Chairman and CEO of Avison Young, the world's fastest growing commercial real estate services company. "We are on the verge of a dynamic shift in commercial real estate and LiquidSpace is providing desperately needed technology to simplify this industry."
By developing sustainable solutions to revolutionize the rental process itself, LiquidSpace enables end to end transactions entirely within its platform. The first of these solutions is the DASH License, a radical replacement for the tired old lease.
DASH (Direct Agreement for Space Hosting) License is an entirely new legal framework that makes it simple to close on office space transactions quickly and cost-effectively. Built from transaction data within the platform and input from actual customers such as building owners, real estate attorneys, coworking and business center operators, startups and F500 corporations, DASH provides comprehensive terms in a simple format. No filler. No fluff.
"We developed the DASH License to be fair and transparent and to eliminate the excessive time and legal expense of lease negotiations and review," said Gilbreath. "DASH is landlord tested and there are no hidden or opaque terms. Lease review can take weeks and cost thousands of dollars. A DASH License can be executed with a click. Moreover, we've put it in the public domain to be used whenever and wherever simple office space transactions are conducted, even beyond the LiquidSpace network."
The DASH License is already being implemented in transactions, providing automation and process standardization. DASH is also available as an entirely standalone document, offering suppliers and companies a valuable resource.
Finding and booking office space takes minutes on the LiquidSpace platform and is incorporated directly into the service's innovative new network experience. Built within the existing LiquidSpace infrastructure, this network empowers space providers to create and manage custom profiles as well as communicate directly with growing companies and manage all aspects of their transactions.
"LiquidSpace actually makes us money," said Eran Pilovsky, CFO of Splice Machine. "Not only are we monetizing the excess space in our office, but we're saving time and money. With LiquidSpace, we don't worry about marketing. We don't worry about collecting the rent. We don't worry about negotiating the lease. We don't worry about legal fees. And with month to month tenants, we don't worry about our growth plans."
LiquidSpace's technology-driven model for commercial real estate, combined with its new legal framework and exclusive network is fundamentally solving many of the complexities in this market.
LiquidSpace surpassed 1 million transactions on its platform last year with members from more than 42,000 companies booking workspaces across the U.S., Canada and Australia. LiquidSpace serves a wide range of companies and their employees, from startups like Handy, Uber, TaskRabbit and Chegg to large enterprises like AT&T, Apple, Accenture and Autodesk.
Currently, monthly space is available in San Francisco, New York, Los Angeles, Orange County and Boston with plans to roll out monthly office space across the global LiquidSpace network by the end of 2015.
About LiquidSpace
LiquidSpace is the network for office space where startups and growing teams connect directly with real estate owners, operators and companies that have space to share. The LiquidSpace network transforms the entire commercial real estate process. Our online tools simplify the discovery and transaction of office space, and our reimagined legal framework eliminates the cost and complexities of traditional leasing. Office space is now yours with a click. Pay by the month. No lease, no hassle. LiquidSpace is backed by leading investors and partners including Greylock Partners, Floodgate Fund, Shasta Ventures, Roth Capital, GPT Group, Black Diamond Ventures, Lucas Venture Group, Steelcase, CBRE and Avison Young.
SOURCE LiquidSpace
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