NetStruxr thrives as economy slows.The downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the commercial real estate market is driving a dramatic increase in adoption of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technology among real estate companies. As in past downturns, property owners are offering BMWs and Hawaiian Hawaiian, member of the Polynesian group of the Austronesian family of languages. Of the fewer than 10,000 people who speak Hawaiian, only a few hundred are native speakers, but the language is taught in some Hawaiian schools and remains important as a symbol of vacations as broker incentives and ample tenant improvement allowances. However, an increasing number of property owners and brokers are now adopting Internet technology solutions to help fill increasingly hard to lease space. NetStruxr's SPACEdirect marketplace and transaction platform has seen a surge in use, as tenants want to see more deal alternatives and building owners seek additional channels to access high credit tenants. Since June, NetStruxr has added nearly 200 new members to its marketplace, including many of the largest property owners and major commercial brokerage firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This has brought the current transaction activity in the Marketplace to $1 billion in total lease dollar volume. Given the current economic environment, property owners and their agents are very focused on retaining existing tenants and attracting new tenants that are financially strong. "With the collapse of the dot-com (1) Refers to the period (dot) followed by the abbreviation of the commercial domain (.com) at the end of an Internet address. Since the .com domain is so widely used, the Internet became known as the "dot-com" world, and dot-com companies are those formed to offer services or economy, property owners see NetStruxr, with our growing community of Global 2000 companies, as one of the best and most viable sources of new potential tenants," says Greg Williams
As the only demand-based commercial real estate marketplace in the industry, NetStruxr has seen its company membership growth take off -- with total membership doubling since May and the number of new members joining at a growth rate of nearly 100 percent per month. Adds Williams, "The real estate industry has historically been slow to adopt new technology, but not surprisingly NetStruxr is seeing that access to an open marketplace with space demand from Global 2000 companies is the catalyst to gaining property owner and broker adoption." In addition to the 200 new owner/broker companies, 15 major corporations, including 2 of the Fortune 10, have joined NetStruxr since May -- bringing the total to 30 corporate real estate organizations. While the corporate real estate departments of these companies continue to add sublet sub·let tr.v. sub·let, sub·let·ting, sub·lets 1. To rent (property one holds by lease) to another. 2. To subcontract (work). n. space to the market, NetStruxr members are increasingly posting their new space requirements and renewal leases to the SPACEdirect marketplace and transaction platform. In the last three months, NetStruxr clients have posted 60 requirements for space of all sizes, types and markets -- from 165,000 sf of office space in Chicago to 100,000 sf for a call center in the SouthWest. Robert Patterson
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , said, "In this market, we want to close deals as quickly as possible in order to save time and money. Particularly with a renewal lease, NetStruxr enables us to make better deals by benchmarking our current lease against the market. NetStruxr's SPACEdirect application also streamlines the entire transaction process and enables our brokers to effectively move the process forward and cut the lease process time in half." |
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