Truss Launches New Brokerage Platform In Boston
A new listing platform launched Wednesday in Boston aims to inform tenant representative brokers of asking rents and hopefully return a coworking competitive advantage back to traditional landlords.
Truss is launching Truss CRE, a brokerage platform that will have full pricing details, including base rent, real estate taxes, operating expenses and utility costs.
The platform has more than half of Boston and Cambridge brokerage firms signed up, but Truss co-founder Tom Smith declined to divulge specific firms during an interview with Bisnow ahead of the launch.
“[Boston] is definitely much more of a tech-forward market, and the brokerage firms in Boston are unique to other office locations,” Smith said of the decision to launch Truss CRE in Boston. “They are really looking for a way to differentiate themselves and allow tenants to collaborate with them and be part of the transaction process.”
Truss CRE will be available to all brokers, but tenant rep brokers are expected to benefit by being able to get pricing information to their clients without having to actually tour a space. That will help smaller and midsize tenants who want to avoid wasting time seeing offices they most likely wouldn’t be able to afford, Smith said.
“It’s really hard to bring a qualified tenant forward unless they know asking rents,” Smith said. “Coworking brands know that helps them move transactions quickly with price transparency.”
Traditional landlords will be able to save time by not having to continuously field pricing and tour requests. Instead, rates are publicized and prospective tenant tours could be saved for only those who know they can afford the space.
Truss CRE will launch with 1,400 inventory suppliers that include brokerage firms, ownership groups and local owners. The platform also includes 225 coworking, flex and executive suite providers.
While the platform will start in Boston, Truss aims to expand to other markets quickly.