By: Gabe Vargas
“Renting” is a word that often brings a headache for tenants and property owners, with each assuming unforeseen risks and unpredictable surprises. Add dozens of employees, commercial real estate contracts, and unexpected expenses here and there, and it becomes clear how the world of office space renting is not pleasant.
Working in the workplace solutions market for years, Esther Corvil saw the issues that customers had with retaining reliable tenants and how out-of-the-blue costs made both tenants and property owners unhappy. Seeing an opportunity to “transform the office space market through innovation,” she decided to address the dilemmas in the workplace solutions industry to help make office space renting a more accessible and pleasant experience.
With the writing on the wall, Corvil founded SuddenlySpaces in late 2023, a company that aims to revolutionize how businesses and property owners work together to find flexible, coworking office space. SuddenlySpaces is not just another player in the market, though — it is a pioneering tool that fulfills the demands of tenants and office space owners in mutually beneficial ways.
What is SuddenlySpaces?
SuddenlySpaces is a workplace solutions software company that helps property owners rent office space to individuals or companies looking to rent their properties. Currently, when individuals or companies want to rent office space for their business, the business or individual looks for the location they want to be in, requests a tour and visits the space they see potential in — much like average residential renters do.
After deciding to sign a leasing agreement in most residential apartments or homes, property owners often request a background check and personal credit report. However, according to Corvil, legitimate background checks and credit reports are not the standard for commercial office space leasing.
Yet this presents a legitimate problem: Individuals and businesses take on office spaces they cannot afford, and property owners face the prospect of evicting their tenants. According to a case study conducted by SuddenlySpaces with 120 participants comprising businesses and property owners across the United States, 95% of respondents stated that they incurred over $180,000 or more in contested eviction costs. More alarmingly, Corvil has seen businesses account for expenses in this area “that can cost upwards of $600,000.”
Enter SuddenlySpaces, a software tool that aims to “address the high costs and risks in flexible office spaces with predictive tenant matching, risk forecasting, and data analytics.”
How does SuddenlySpaces work?
On SuddenlySpaces’s website, property owners can list and market their properties, providing prospective tenants with an easy way to find properties without having to find an intermediary. Combined with AI and other specific technologies, SuddenlySpaces also helps property owners assess the true risk of prospective tenants, mitigating the chance of tenant eviction and contested eviction costs.
As an all-in-one site, properties can be listed and marketed much like a Zillow or Redfin for commercial office space. Prospective tenants can directly contact property owners through the site without a broker.
SuddenlySpaces works on a low-cost subscription model, which provides an alternative to expensive broker fees incurred through the traditional model. Through their SuddenlySpaces account, property owners and operators can manage their entire real estate portfolio, quickly list their properties, and use risk mitigation tools with the help of data and AI to assess risk on potential tenants. On top of these features, SuddenlySpaces will also offer a unique data analytics tool to monitor individual and neighborhood listing performances, helping property owners determine consumer needs and preferences for office space.
When asked about SuddenlySpaces’ impact on the office space solutions market, Corvil explained that the company is “poised to revolutionize the $97 billion global flexible office space industry through its AI-driven marketplace solution.”
Future of SuddenlySpaces
After years of working in the industry and dedicating months of planning and research to her company, Corvil plans to officially launch SuddenlySpaces on July 1, 2024, across 32 global markets. Regarding investment opportunities, Corvil has stated projections that SuddenlySpaces could potentially bring in $1.8 million in FY24 to over $20 million by FY28, with the aim of reaching profitability by next year. To support continued investment on top of the $1 million signed letters of intent, convertible note offerings are being provided, with an estimated potential return on invested capital.
Beyond monetary investment, Corvil hopes that supporters of SuddenlySpaces “can leverage their networks to connect SuddenlySpaces with potential investors, industry influencers, and strategic partners.” Combining strategic partnerships and market expansion opportunities with asking SuddenlySpace supporters to “advocate for the company through social media and professional channels,” Corvil believes this can help fundraising efforts that encourage the company’s purposeful and go-getting growth strategy.
Beginning with a phone call during a flight from D.C. to Charlotte, Corvil told a friend about the idea, which garnered an unprompted $1,000 investment from him in the coworking office space. Recognizing her qualifications through various leadership roles in the coworking office solutions space and the idea’s immense potential, Corvil has turned an investment of what it costs for a security deposit on an office space into a revolutionary site that seeks to transform the office space industry.
Published by: Khy Talara
