U.S Real Estate: Firms Taking Advantage of Subdued Property Market To Sign New Deals

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Activities in the U.S real estate industry are heating up even as the country battles its biggest economic contraction in recent years owing to the COVID-19 pandemic. As investors use the opportunity to buy highly discounted properties, some companies have resorted to constructing new ones as others relocate to new office spaces. Likewise, some companies are using the opportunity to sign new lease agreements.

Office Space Demand

Block Real Estate Services is already experiencing a spike in demand for its office space. The company has already inked a deal that will see its third office tenant to date open doors. Nextaff is the tenant that has signed an agreement to lease 5,000 square foot, of first-floor space at the CityPlace Corporate center.

Nextaff is a temporary staffing and recruiting agency based in Louisville. The company intends to relocate into the new office spaces in January from its Overland Pack regional center. The staffing company is to join third-party logistics provider Worldwide Express that has already moved into the CityPlace Corporate Center after leasing 45,000 square feet of space across the third and fourth floors.

Block Real Estate Services now has about 70,000 square feet of space to fill. The company is currently marketing and fielding proposals for the space. Just like other real estate companies, the firm has had to contend with limited demand in the aftermath of people resorting to working from home owing to the COVID-19 pandemic. Office space demand has shrunk significantly.

Tomo Networks Settles In Austin

As Nextaff prepares to move to its new office space early next year, real estate and financial technology startup Tomo Networks has confirmed plans to move its headquarters to Austin. The Austin office will serve as the company’s mortgage headquarters. The company settled on Austin, given its wide pool of great talent in tech sales, real estate, and mortgage.

The startup founded by former Zillow executives seeks to make home-buying easier by providing an online platform that allows people to apply for mortgage upon choosing a home. According to the Chief Executive Officer, Greg Schwartz, the ultimate goal is to make the home buying experience far more joyful.

The unveiling of the Austin headquarter comes on the  heels of the company raising $40 million in a funding round led by Ribbit Capital and NFX and New York City-based VC firm Zigg Capital. Tomo networks is to use part of the funding to enhance the digital buying experience and hire lots of software engineers.

Tomo Networks has already inked deals with real estate agents and mortgage loan officers to make the home buying experience pleasurable for people.

Transwestern Relocating

In addition, Commercial real estate service company Transwestern has confirmed it is relocating its East Coast headquarters to the Buckhead office complex. The company is to move into a 17,000 square feet office space upon leaving its current home at Tower Place.

Transwestern, which has 140 employees stationed across metro Atlanta, generated $558 million in sales and leasing transactions last year. A switch to the Buckhead office is part of the company’s push to be at the center of Atlanta business and politics.

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