The office leasing and operations industry is in desperate need of reform. Today the process is far too tedious, arduous, time-consuming, and costly. Tenants know this too but until now, there hasn’t been any alternative. extraSlice is developing an innovative corporate real estate platform designed to simplify the process of leasing office spaces to make the leasing process “as simple and convenient as shopping from Amazon,” thus providing a fast and frictionless end-to-end leasing experience.
Meet the Founders
Meghana Subramanian and Binu Reghunathan are the founders and leaders of extraSlice. Meghana has extensive experience in real estate and tech, ranging from tech startups to giants such as IBM. She is a thoughtful investor and innovation leader. Binu is a seasoned technology pioneer with a passion for real estate. His background spans over 20 years of working with startups and enterprises, including Oracle and Ericsson, and 15 years of real estate transactions, both domestic and international.
The Early Days of extraSlice
With Meghana as CEO and Binu as President, extraSlice entered the commercial real estate industry in Seattle, WA in 2016 after a significant struggle to find a building for what was initially a shared workspace business. They realized that most tenants were really looking for flexibility (not sharing) in an office space and lease. Subsequently, the company began to focus on providing flexible full-service single-tenant private suites ranging in size from single offices to full floors.
The extraSlice Experience
The new extraSlice platform provides an end-to-end experience for leasing and operating office spaces around the world that best fit tenants’ business plans and need turn-key offices with term flexibility. Landlords benefit too by completing more transactions faster than otherwise possible. The key is simplicity as extraSlice has compressed the process for tenants into 3 easy steps - search, sign, and work - including a wide variety of services and features. Tenants choose from 3 levels of fit-out: warm shell, standard layout, or premium layout. What’s more, the platform delivers dynamic recommendations based on current market conditions and pricing thresholds. Landlords get recommendations for rates that result in immediate contract acceptance while tenants receive an AI-driven short-list of office properties that best match their requirements. Deals coming together extremely fast so both tenant and landlord avoid wasted time, relentless communication exchanges, and paper shuffling.
Adapting to Changes in the Market
extraSlice knows the value of adaptability. For new business owners and entrepreneurs, Meghana has a piece of advice. “Be persistent, but be prepared to pivot as the market changes. Be ready to embrace change and innovate continually,” she says. “Today’s solution may not fit tomorrow’s situation.” extraSlice was hit hard at the beginning of the pandemic and the restrictions associated with it. Even before COVID hit, they were planning to disrupt the commercial office industry, but now, the pandemic itself has already brought about significant progress in that regard; extraSlice is looking to use this unique opportunity to bring their disruptive solutions to the market. Despite the struggles of the pandemic;extraSlice today is 100% occupied in all the buildings that operate in and growing fast. The team is lean, efficient, and resilient in execution.
Simplifying Corporate Real Estate
extraSlice’s ultimate mission is to bring office space leasing and operations to a state of simplicity and ease, providing a comprehensive solution so that companies can spin off their office space anywhere and at any time. The company’s next step in achieving this is a focus on tenants with a team size of 20 to 200 and a term length of 6 months to 3 years — which in most markets represents 80% or more of the transactions.
They hope to become market leaders in office leasing and operations. Binu concludes, “If all we do is deliver the best way for tenants to search, sign, and operate their office spaces, our success will be epic. And that’s precisely where our focus is today.”
extraSlice is running a crowd equity funding initiative on wefunder. The company is currently raising capital in private mode before it opens to the public. Check out the initiative here: https://wefunder.com/extraSlice.
Email extraSlice at contact@extraslice.com or visit their website.
Original Source of the original story >> extraSlice is Reshaping Corporate Real Estate
Published by: Aryan Shukla