CRE startup Truss launches in South Florida

Listings platform has 8.5M sf and 1,500 office listings in South Florida

TRD MIAMI /
Jul.July 26, 2018 06:00 PM

Andy Bokor and downtown Miami (Credit: Max Pixel)

Truss, a commercial real estate platform, has expanded to South Florida.

The Chicago-based online listings startup is launching its Miami site with more than 8.5 million square feet of office listings in the tri-county region, co-founder Andy Bokor said. The company, which incorporates artificial intelligence and virtual reality tours of properties, was founded in 2016 and has raised $9 million in Series A funding.

Truss hires a broker in each of its markets, which currently includes Chicago, Dallas, Austin, Houston, Washington, D.C. and San Francisco. Bokor said the company will be launching in Boston, Philadelphia and in more California markets.

In South Florida, it brought on Ken Silberling, who has worked for Capital Business Solutions, Brenner Real Estate Group, Danburg Management and other firms. The South Florida website now includes 1,500 office listings and 50 co-working locations. “It took us about four months to get the inventory,” Bokor said. “We won’t consider opening a market until we have a minimum of 80 percent of the available market.”

Truss is geared toward smaller tenants looking for under 10,000 square feet. “Traditionally, those tenants have not gotten a lot of attention by the brokerage community. This puts a lot of the power back into the tenant’s hands,” he added.

Truss doesn’t charge landlords to list their properties, but it takes the commission earned on the tenant side and shares 30 percent of that with the tenant, which can be used on furniture, moving, or other costs.

In Miami, the standard commission typically ranges from 3 percent to 4 percent of the deal, which includes operating expenses, a spokesperson for Truss said. In Broward and Palm Beach counties, it’s typically 4 percent to 5 percent of the net deal, excluding operating expenses.


Related Articles

arrow_forward_ios
Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

From left: 3225 Aviation Avenue and 3250 Mary Street; Roberto Susi and Jose Sasson (Credit: Google Maps)

Madison Marquette pays $47M for Coconut Grove office buildings

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

Home 61's Olivier Grinda

Home61 shuts down, to reopen as 100% commission brokerage

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

There were plenty of offices leased in 2019 (Credit: iStock)

South Florida’s biggest office leases of 2019

arrow_forward_ios
Loading...