Jack Sitt’s subletting website ramps up commercial component

Ditch the Space entering market for incentivized, short-term office space

TRD New York /
Nov.November 12, 2015 05:55 PM

After launching online subletting platform Ditch the Space in 2013, real estate investor Jack Sitt is now ramping up the website’s commercial section, which offers incentivized short-term office leases to prospective tenants.

While Ditch the Space has garnered roughly 25,000 listings in the two years since launching, virtually all of those are residential, and Sitt says the platform is now focused on gearing up its commercial portion in an attempt to “redefine the way people think about leases.”

“This could be a trillion-dollar industry,” Sitt told Bisnow of the short-term residential and commercial leasing market that Ditch the Space operates in. When asked to elaborate, Sitt reiterated that belief.

“I’m not saying that it is today, but it could be over the next 10 years or so,” he added, citing the success of Airbnb, which was recently valued at more than $25 billion after one of the biggest private funding rounds ever.

At the same time, Sitt stressed that Ditch the Space’s residential component doesn’t focus on “the three-day rental, the seven-day rental that Airbnb does.” The platform also looks to separate itself from competitors like Leasebreak by “promoting incentives” like free rent.

“What I see is that people want to move their inventory, and so they’re pricing them well and putting in these incentives,” Sitt said. “If you have a six-month sublet and someone’s giving one month free, it’s huge. And then they’re also throwing in furniture, which saves people money and time.”

“I think other websites out there just focus on one sector or the other [residential or commercial],” he added. “We’re focusing on both.”

Sitt is a partner at Sitt Asset Management, whose holdings include the 11-story, 360,000-square-foot 2 Herald Square office and retail building in Midtown. [Bisnow] — Rey Mashayekhi


Related Articles

arrow_forward_ios
Marcus & Millichap CEO Hessam Nadji

Marcus & Millichap CEO predicts “exodus” from cities to last two years

Marcus & Millichap CEO predicts “exodus” from cities to last two years
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
HelloOffice CEO Justin Bedecarre

HelloOffice raises $20M in Series A funding

HelloOffice raises $20M in Series A funding
1300 Flushing Avenue (Google Maps)

Bushwick office building trades for $44M, sign of life for i-sales market

Bushwick office building trades for $44M, sign of life for i-sales market
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
Wall Street firms and their landlords are making plans to welcome a trickle of employees back into their buildings as New York slowly reopens. (Getty)

“Very gradual return”: Wall Street tenants, landlords lay out reopening plans

“Very gradual return”: Wall Street tenants, landlords lay out reopening plans
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...